Cost of rent in Alicante surges by 10% in a year: British tourist hotspots are the most affected

THE cost of renting property has gone up by nearly 10% in a year in Alicante province- with Benidorm the most expensive area.

Real estate portal Idealista puts the average charge at €11 per m2 in January- a 9.6% hike in 12 months.

It means around €1,100 per month is needed to rent a 100 m2 home, putting it out of the range of many people, especially those who live alone.

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Rents have gone up so much, that getting a mortgage often works out cheaper.

In January 2020, the average price per m2 was €7.10, meaning that charges have risen by nearly 55%.

The most expensive areas for rental homes are in coastal and tourist areas.

The British tourist hotspot of Benidorm has the biggest charges coming in at €15.30 per m2, meaning that a 100 m2 home ends up costing €1,530 per month.

In the same area, l’Alfas del Pi has an average charge of €14.20 per m2 and Finestrat is on €13.70 per m2.

Inland areas of Alicante province are the places to go to for bargain prices with Alcoy and Elda on €6.80 per m2.

It therefore means that on an identical property, you can save €850 a month in Elda as opposed to Benidorm.

Also below the provincial average is the city of Elche on €8.4 per m2 and Mutxamel on €9.5 per m2.

Analysts say there is no imminent respite with prices set to continue climbing over the coming months as rental stock in popular areas continues to be at a premium.