2023-06-09 07:42:58
59% of the current supply of two-bedroom apartments for rent in Spain has a price that exceeds the threshold of reasonableness. This means that it is not accessible for a family with an average income that does not allocate more than 30% of it to payment: they would have to pay a maximum of 767 euros per month, while the median price of a 2-bedroom apartment was in May 2022 at 830 euros per month.
Even so, the distribution of these reasonable rents is not homogeneous and their scarcity is especially striking in large markets, with Malaga in the lead. In the capital of the Costa del Sol, only 14% of the two-bedroom apartments are financially suitable for a family with an average income in the city: the reasonable price of renting is 755 euros per month, while the price of market for a two-bedroom apartment in the city reaches 905 euros.
Then it is located Palmaalso with 14% of the flats with prices below the reasonable limit, and Barcelona, with only 20% of the park eligible for reasonable rents. Fourth place goes to the city of Alicantewhere the average income would be enough to rent 32% of the houses, and then we find Madrid with 33%. With percentages below 50% are the cities of Valencia (34%), Bilbao (38%), San Sebastián (40%), Las Palmas de Gran Canaria (43%), Cádiz (45%), Salamanca (47% ) and Seville (48%).
On the opposite side, is the city of Teruel, where 100% of the two-bedroom apartments would be accessible to a medium-income family. They are followed by the cities of Zamora. Ávila and Ciudad Real (99% in the 3 cases), and Palencia, Jaén, Cáceres and Ourense with 97% of their park.
Reasonable prices
The financial consensus advises that a family does not allocate more than 30% of its income to the payment of a home (to rent in this case), but income is not homogeneous in all Spanish capitals, so the limit of this reasonable rent varies from one to another. idealista/data has used the household income data published by the INE for each provincial capital and with this figure has calculated what would be the maximum rental price that could be paid in each of them (what we call reasonable rent).
The city with the highest reasonable rents is San Sebastián, where a reasonable budget of 1,092 euros per month is reached. they follow him Madrid (1,075 euros/month), Barcelona (1,011 euros/month), Girona (980 euros/month), Toledo (946 euros/month), Bilbao (929 euros/month), Palma (913 euros) and Pamplona (906 euros/month).
On the opposite side, where reasonable rents are lower, are Zamora (723 euros/month), Huelva (729 euros/month), Salamanca (742 euros/month) and Alicante (744 euros/month).
Market prices
According to INE data, Spanish households are made up of 2.4 people on average, so a two-bedroom apartment would be the minimum unit in which a family should settle. In this case, the floors that meet this characteristic have a current market price of 1,457 euros per month in Barcelona, followed by 1,276 euros in Madrid, 1,230 euros in Palma, 1,200 euros in San Sebastián and 1,003 euros in Valencia. Below 1,000 euros are Bilbao (925 euros), Malaga (905 euros) and Las Palmas de Gran Canaria (853 euros). At the bottom, on the other hand, we find Ciudad Real, where a 2-bedroom apartment has a current cost of 462 euros per month.
As for the difference between reasonable price and market price, Barcelona shoots up against the rest, since the market rent is 446 euros more expensive than reasonable. Below are the differences between Palma (317 euros more expensive), Madrid (201 euros), Malaga (150 euros), Valencia (144 euros), San Sebastián (108 euros), Alicante (106 euros), Seville (44 euros) and Las Palmas de Gran Canaria (17 euros). In all other capitals, the median price for a 2-bedroom apartment is below reasonable rent. In Ciudad Real the market rent is 396 euros cheaper than reasonable, followed by Teruel (349 euros cheaper), Toledo (301 euros cheaper), Palencia (285 euros) and Soria (276 euros).
effort rate
The cities in which the differences between the reasonable price and the market price are higher are those that also require a greater effort from families who live in rent. Barcelona leads the rate of effort to rent a 2-bedroom home: families in Barcelona must allocate 40% of their income to rent, a rate that far exceeds the 30% set by experts. The cities of Palma (37%), Malaga (33%), Madrid (33%), Valencia (33%), Alicante (32%) and San Sebastián (31%). In other large cities, the necessary effort is close to the limit, but has not yet exceeded it: Seville (29%), Las Palmas de Gran Canaria (28%), Bilbao (28%) and Santa Cruz de Tenerife (27%). On the contrary, the lowest rate of effort occurs in Ciudad Real (15%), Teruel (16%), Palencia (17%) and Ourense (18%).
Methodology
Housing price type
Median of the prices of two-bedroom apartments published in each area analyzed. Taking into account a current average size of 2.4 people/household in Spain according to data published by the INE, a typical two-bedroom dwelling is analyzed as the minimum necessary to establish a home.
Net Family Income and Household Effort Rate (%) for rent
The effort rate measures the weight of the home on the purchasing power of the home. In particular, in the case of rent, we measure the effort rate as the annual share of average household net income that is used to pay the rent for a typical two-bedroom dwelling.
The rental values come directly from the idealist data source, which has prices for each city. On the contrary, the data on net family income come from the National Institute of Statistics (INE). For Spain, the latest data available is 2021 and for the provincial capitals, 2020.
stock (offer)
Number of properties that have been active during the period analyzed (May 2023).
Demand
Indicator that measures the pressure of demand on supply through the average leads (contacts or interactions) generated by published ads.
#rentals #exceed #recommended #effort #middleincome #families #idealistanews