Spain Rental Prices: Over €1,500 Monthly
- A growing number of rental properties in Spain are becoming unaffordable for the average worker,exacerbating the country's housing crisis.
- According to a study by the Spanish property search engine pisos.com,37 percent of rental homes in Spain now cost more than €1,500 per month,a sum exceeding the monthly...
- The latest data from the National Institute of Statistics (INE) shows that the average gross salary in Spain is €2,337.19.
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Spain’s Rental Crisis: Rising Costs Outpace Wages
Table of Contents
A growing number of rental properties in Spain are becoming unaffordable for the average worker,exacerbating the country’s housing crisis. Recent data reveals a significant gap between rental costs and typical salaries, leaving many Spaniards struggling to find suitable housing.
According to a study by the Spanish property search engine pisos.com,37 percent of rental homes in Spain now cost more than €1,500 per month,a sum exceeding the monthly wages of millions of Spaniards.
The latest data from the National Institute of Statistics (INE) shows that the average gross salary in Spain is €2,337.19. However, the most common salary among Spanish workers in 2024 was €15,575 gross per year, equating to €1,297.91 gross per month. This means a significant portion of the workforce cannot afford a third of available rentals.
Rental Cost Breakdown
| Rental Price Range (€) | percentage of Total Rentals |
|---|---|
| < 700 | 12% |
| 700 – 1,000 | 27% |
| 1,000 – 1,500 | 24% |
| > 1,500 | 37% |
In 2024, Spaniards dedicate an average of 47 percent of their gross salary to rent, up from 43 percent in 2023, according to the study “Relationship between salaries and rental housing in 2024” based on data from InfoJobs and photo house Real Estate Index.
Regional Disparities
The cost of rentals varies significantly across Spain. The Balearic Islands are the most expensive, with 86 percent of properties priced above €1,500 per month. This is largely driven by demand for vacation rentals, making housing “practically unaffordable for average incomes”. There are virtually no rentals below €700 in the Balearic Islands, and only 2 percent fall between €700 and €1,000.
Despite the high rental costs, the average annual salary in the Balearic Islands is €27,537 (€2,294.74 per month),placing them sixth among Spanish regions in terms of earnings.