Shared flat supply has increased by 43% year-on-year during the first quarter, meaning that the price has only risen by 3%, to €400 per month, according to a report published by idealista, southern Europe's leading real estate marketplace.
There is currently a greater supply of rooms available compared to a year ago in all provincial capitals, except four: Palencia (-7%), Huesca (-7%), Segovia (-3%) and Soria (-2%). The greatest increase in supply was in Albacete (249%), Castellón de la Plana (169%), Córdoba (132%), Alicante (123%) and Almería (102%), the only ones where the available supply had more than doubled in one year.
Among the most dynamic markets, after Alicante, the biggest increase in available supply was in Valencia, where the stock of rooms is 96% higher than a year ago. It is followed by Seville (63%) and Malaga (52%), Barcelona (50%), and below the national average, San Sebastian (40%), Palma (35%), Madrid (21%) and Bilbao (14%).
As for movements in available supply and rental price rises, prices in the capitals have been mostly upward, and have only fallen in San Sebastian (-5%) and remained stable in Cuenca. The biggest increase, meanwhile, was in Ciudad Real, with a rise of 33%, followed by A Coruña (23%), Albacete, Pontevedra, Zamora and Cáceres (22% in the four capitals).
Among the large markets, the biggest increases were in Alicante (17%), Barcelona (10%), Palma (10%), Valencia (8%), Seville (7%), Malaga (7%), Bilbao and Madrid (5% in both cases).
Barcelona has the most expensive room rent in Spain, reaching an average of €550 per month. It is followed by Madrid (€525), Palma (€440) and San Sebastian (€410). In six capitals, the price is €400 per month: Santa Cruz de Tenerife, Vitoria, Girona, Valencia, Malaga and Bilbao. In Pamplona, rent remains at €395.
Palencia and Jaén are, on the other hand, the cheapest cities for renting a room: €205 per month in Palencia and €210 per month in Jaén. Badajoz at €215, is in third position, followed by Zamora and Cáceres at €220.
People interested in each room
The impact of the significant increase in supply was limited by a demand that continued, in general terms, to grow in parallel, which allowed prices to continue to rise.
The number of people interested in each room has remained stable at a national level (with a minimal decrease of 1%), but it has increased in 34 capitals. The biggest increase was in Zamora, where the number of people interested in a room increased by 239%, followed by Palencia (98%), Ceuta (97%) and Ávila (94%).
Among the large markets, the number of people interested in each room grew considerably in Bilbao (41%), while the increase was more moderate in Madrid (31%), San Sebastian (13%) and Palma (2%). However, this volume has fallen in Alicante (-39%), Valencia (-31%), Barcelona (-29%), Seville (-22%) and Malaga (-8%).
The biggest fall was in Albacete (-50%), followed by Melilla (-46%), and Castellón de la Plana (-45%).
Supply hot spots
More than 60% of the rooms for rent (61%) are located in towns surrounding the main cities, Madrid (31% of the total), Barcelona (20%) and Valencia (10%). The sum of the 30 provincial capitals with the fewest rooms available would only account for 7% of the total available stock.
Data compiled and analysed by idealista/data, idealista's proptech, which provides information for a professional audience to facilitate strategic decision-making in Spain, Italy and Portugal. It uses all the idealista database parameters in each country and other public and private data sources to offer valuation, investment, recruitment and market analysis services.
Spain's permanent rental supply falls by another 15% while seasonal soars by 56%
Seasonal rentals keep gaining relevance in the real estate market to the detriment of permanent rentals, as a consequence of the successive policies that are driving this phenomenon. In the first quarter of 2024, this type of rental accounted for 11% of the market, with a year-on-year increase in supply of 56%, while the permanent rental supply fell by 15% in the same period.