More than Half of Rentals in Alicante Now Cost Over 1,000 Euros per Month

Rental prices in the province of Alicante continue to soar and are at an all-time high. According to the latest data from Idealista, the cost per square metre is around 11.8 euros, the highest in history. On average, an 80 m2 apartment costs 944 euros per month, with some areas like Benidorm seeing prices rise to over 1,300 euros for the same property.

There is a dwindling supply of affordable housing. The lack of available properties on the market, coupled with high demand, has driven prices to the upper segments in the province of Alicante, according to a report by Pisos.com.

Only 12% of rental properties cost less than 700 euros per month. This situation contrasts with the other extreme, where more than half of the market's properties exceed 1,000 euros.

In fact, across the market, 24% of rentals in the province of Alicante are priced above 1,500 euros per month, a significant percentage compared to many provinces, although still behind other dynamic markets like Barcelona or Palma de Mallorca, where they exceed 76% and 86% respectively.

Regarding the division of the rental market in the province by price range, two out of three apartments are priced between 700 and 1,000 euros per month, while 28% of the entire housing supply is between 1,000 and 1,500 euros monthly.

According to Ferran Font, director of studies at Pisos.com, the gap is widening between coastal and tourist provinces and those inland. For example, in cities like Barcelona, "it is almost impossible to find rentals for less than 1,000 euros, while in much of Castilla y León or Extremadura, offers are more affordable."

Focusing even more on provincial capitals, "these replicate the same dynamics locally that we see nationally," Font has stated, highlighting that "major cities and tourist capitals concentrate higher prices, while medium-sized inland cities offer much more affordable options." A reality "that is increasingly influencing geographic mobility decisions," Font notes.