13 May, 2024 @ 13:15
1 min read

Rental nightmare in Spain: Average tenant spends almost HALF their salary on rent – with HUGE differences between certain provinces

housing

RENTING is fast becoming untenable in some parts of Spain as it gobbles up an increasingly large proportion of the average salary. 

Tenants spent an average of 43% of their gross salary on rent in 2023 – the highest percentage in the last five years – but the figures belie huge regional disparities.

The most desirable provinces of Spain devour almost two thirds of gross pay, with Barcelona leading the way at a barely-believable 65%.

This is according to a study that crosses the average salaries of job offers on job portal Infojobs and the average rental prices of rental website Fotocasa, for an average 80-square-metre home.

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Some renters in Spain are paying out nearly two-thirds of their salaries to their landlords. Image by Schluesseldienst from Pixabay

Renters in the Balearics and Madrid follow closely behind, handing over to their landlord 63% and 62% of their salaries respectively.

Malagueño renters and the heavy expat population will wave goodbye to almost half of their earnings (49%) each month for a roof over their head.

The price of rental housing in Spain ended last year with an annual increase of 5.7% to €11.66 per square metre per month.

Meanwhile, the average gross salary in Spain at the same period stood at €26,245 (€2,187 per month).

The top ten most expensive provinces was concluded with Guipúzcoa (60%); Las Palmas (53%); Vizcaya (52%); Valencia (50%); Santa Cruz de Tenerife (50%); Malaga (49%) and Gerona (48%).

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On the other hand, among the provinces where less gross salary is splash on rent are Ciudad Real (19%); Jaén (21%); Cáceres (21%); Ourense (23%); Albacete (23%) or Badajoz (23%), among others.

In Malaga, rent at the end of 2023 is €13.92 per square metre per month, while the gross salary is €27,418 per year (€2,285 per month). 

The annual cost of rent, according to Fotocasa, is €13,363.

They claim the price of rent is at historical highs with the most substantial increases in the last 17 years and well above the 30% target set by rental control bodies.

“At this time, it is more than ten points above the figure of ten years ago, so inaccessibility has skyrocketed,” María Matos, Fotocasa spokesperson said. 

“Practically throughout Spain, with the exception of just two communities, rental costa are at harmful levels.”

InfoJobs, which published 2.5 million vacancies in 2023, has blamed the rebound in inflation – especially in 2022 on ‘reducing purchasing power and [it] continues to mark the living conditions of workers’.

Walter Finch

Walter Finch, who comes from a background in video and photography, is keen on reporting on and investigating organised crime, corruption and abuse of power. He is fascinated by the nexus between politics, business and law-breaking, as well as other wider trends that affect society.
Born in London but having lived in six countries, he is well-travelled and worldly. He studied Philosophy at the University of Birmingham and earned his diploma in journalism from London's renowned News Associates during the Covid era.
He got his first break in the business working on the Foreign News desk of the Daily Mail's online arm, where he also helped out on the video desk.
He then decided to escape the confines of London and returned to Spain in 2022, having previously lived in Barcelona for many years.
He took up up a reporter role with the Olive Press Newspaper and today he is based in La Linea de la Concepcion at the heart of a global chokepoint and crucial maritime hub, where he edits the Olive Press Gibraltar edition.
He is also the deputy news editor across all editions of the newspaper.

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