The glut of homes for sale is weighing down heavily on the rental market, latest figures confirm. Average rental prices in Spain fell by 9.8% over 12 months to the end of June, according to figures published by the real estate portals Facilisimo and Idealista. As a result, the average rent for a flat of 70m2 is now 525 Euros a month.
Rents are falling even as demand for rented accommodation surges, suggesting that the supply of new rental properties is outstripping demand.
By region, rental prices fell the most in Zaragoza, down 30%, and Castellon, home to the Costa Azahar, where rents are down 21%, say Idealista.
In Barcelona, rents are down 12% compared to June last year.