The cost of renting a house in Spain continued to decline in September and reached a level of €6.99 per sq.m per month, which is 1.8% less than in the previous month, according to ee24.com citing news.kyero.com.
The cost of rent is reducing in Spain for the last nine quarters. The last time the rate was increased is the second quarter of 2011 (by 1.3%). Since then, the rent continues to decline, and the September decline of 1.8% in fact was the biggest drop since the third quarter of 2011, when it amounted to 3%.
In the third quarter of this year, rents fell in almost all regions of the country, with exception of Extremadura (increased by 0.5% to €4.53 per sq.m) and Madrid (increased by 0.2% to €9.19 per sq.m). The most expensive rent is fixed in the Basque Country (€9.73 per sq.m), Madrid (€9.19 per sq.m) and Catalonia (€8.43 per sq.m).
Of the 234 Spanish municipalities in 77% (179 municipalities) the decrease in the rate in the third quarter was observed, in 1% (3 municipalities) the rate remained at the same level, and in the remaining 22% (52 municipalities) the rent rose in price.