Valencia rentals are steadily rising, but substantial increases, according to statistics from Barcelona, have yet to be seen.
Although the local government is attempting to come up with innovative strategies to keep home rental costs from rising, it is failing. This year, Valencia rentals are less reasonable than last year, but this is not a local trend; it is occurring throughout Spain.
Property rental costs are outpacing average income. According to a recent report released by Idealista, people renting their houses in Valencia province must allocate more of their income this year than they did last year. Families looking to rent outside of the city would need to set aside 32,9% of their household income (up from 31.2 percent last year), while those residing in the capital will need to set aside 30.8 percent of their income (up from 26.2 percent last year).
Valencia is the most costly of the Community’s three capitals. People in Alicante need to pay 26,8% of their income in rent, whereas those in Castellon must spend 25%.
Despite the government’s efforts and the announcements of new restrictive property regulations that would further exacerbate the issue, recent data reveals that rental rates are increasing, regardless of anything put in place to stop this.
However, when compared to the rest of Spain, Valencia remains inexpensive. According to the report, a family in Barcelona would have to set aside 47.6 percent of their household income solely to pay rent, while a family in Madrid would have to set aside 37.8 percent. Barcelona also had the largest price increase, jumping from 31.3 percent to 47.6 percent in only a year. It’s even more concerning to consider that rental rates in Barcelona are regulated by the local government, and that the new Property Law, which is set to take effect, may have the same impact on all other provinces, and it might affect Valencia rentals too.
With 47.6 percent, Barcelona tops the list of the most costly provincial capitals in terms of household income, followed by Bilbao (38.4%), Madrid (37.8%), San Sebastián (35.5%), Vitoria (34.4%), Segovia (33.9%), and Las Palmas de Gran Canaria (33.9%). (33.9 percent ). Valencia is still not among the “top ten” most expensive capitals in Spain.
The lowest effort rate, on the other hand, is found in Ourense (20.5%), Lugo (21.2%), Ciudad Real (22.3%), Pontevedra (22.6%), Cáceres (22, 6%), Toledo (22.7%) and Albacete (22.7%).