Rents soar: in 2024 they rose three times more than wages

While the average salary barely grew by 3.8%, to 27,559 euros gross per year, the price of rent soared by 11.56%, reaching 13.02 euros per square metre, according to the INE e Idealista. This means that renting increased three times faster than wages.

The imbalance has raised households’ effort rate: an 80-square-metre flat stood at around 1,042 euros per month, representing 45% of the average salary, well above the 30% recommended by official bodies. By comparison, the figure was 40.5% in 2022 and 42.2% in 2023.

The situation has become the main public concern, according to the CIS. Funcas warns that the strained market could curb both labour mobility and growth through immigration, directly affecting the economy.

The Government is preparing subsidies for social developers within the Plan Estatal de Vivienda to expand the affordable rental housing stock, although experts estimate that the housing deficit — estimated at 600,000 homes — will not begin to shrink until 2027, and will not disappear before 2037.