The average rental price in the province of Girona has experienced an increase of 48.47% in the last five years, standing at 11.43 euros per square meter in January 2024, compared to 7.70 euros in January 2021. This increase has raised the monthly cost of a 90-square-meter apartment in the province from around 700 euros to over 1,000 euros, which represents a difference of more than 300 euros per month and nearly 4,000 euros additional per year.
The impact on the city of Girona and the equalization with the province
In the city of Girona, the average rental price has risen by 21.1% in five years, going from 9.35 to 11.33 euros per square meter. A 90-square-meter apartment that in 2021 cost 841 euros per month now demands 1,020 euros, representing an increase of 179 euros each month. Until recently, living in the capital meant paying about 140 euros more per month than the provincial average. Currently, that difference has been eliminated and the price is similar throughout the province.
Factors driving the rise and warnings from the sector
Pisos.com attributes the increase in rental prices to the scarcity of housing available for rent, the boost in tourist rentals, growing demand, and stagnant wages. The increase in rent even surpasses that of owned housing, according to the platform's spokesperson.
"The rise in rental prices even exceeds the increase in purchase prices and places thousands of households at an impossible crossroads, where renting has become prohibitive" - Ferran Font, spokesperson for Pisos.com
Comparison with Catalonia, Spain, and other provinces
In Catalonia, the price of rent has risen by 63.7% in five years. A 90-square-meter apartment now costs 1,478 euros, compared to 903 euros in 2021. In Spain as a whole, the average price for a home of this size has gone from 884 to 1,291 euros per month, 46% more. The province of Barcelona also reflects a strong increase a 90-square-meter apartment has gone from 1,075 to 1,692 euros per month.
In the province of Madrid, the average rental price stands at 21.81 euros per square meter, which amounts to about 1,963 euros per month for a 90-square-meter apartment. The Balearic Islands reach 1,680 euros per month for the same surface area. In the capitals, Barcelona reaches 30.08 euros per square meter and Madrid 29.66, placing the rent for a 90-square-meter apartment at around 2,707 euros in Barcelona and 2,669 euros in Madrid.
"In Madrid and Barcelona we are already talking about figures completely disconnected from Spanish salaries" - Ferran Font
The spokesperson warns of the social consequences of this phenomenon.
"This is generating a massive expulsion of population towards the metropolitan periphery and creating pockets of housing poverty in the center of large cities. It is urgent to increase the stock of affordable rental housing and adequately regulate tourist activity"
Exceptions and more affordable areas
In Soria, the price of rent has gone from 4.28 to 9.23 euros per square meter in five years. A 90-square-meter apartment that cost 385 euros now costs 831 euros. Despite the increase, Soria remains one of the most affordable areas in the country.
"They remain some of the most affordable areas in the country" - Ferran Font
There are some exceptions to the drop in rental prices, such as Ourense, Navarra, and Jaén, although they are a minority in the overall market.