The average cost of renting a room in the Balearic Islands closed 2024 with a 17.5% annual increase, reaching 574 euros per month, according to data from Fotocasa. However, this figure does not reflect the reality in Ibiza, where the situation is far more challenging. A quick glance at the platform shows that the cheapest room available—amid a limited supply—costs 650 euros per month and is located in Sant Carles. Most listings exceed 1,000 euros, as shown on the website.
National Trends: Full Housing Rentals vs. Rooms
Across Spain, the rise in rental prices for entire homes (14%) has outpaced the increase for rooms (11%), driven by a significant rise in room availability. Yet, this supply has not kept up with demand, as more tenants are turning to shared housing to manage their housing expenses.
“The highest prices are found in the most stressed cities,” explains María Matos, Director of Studies and spokesperson for Fotocasa.
The Balearic Islands Among the Most Expensive Regions
In 2024, Andalusia experienced the highest annual increase in room rental prices (21%), followed by the Basque Country (18.8%), the Balearic Islands (17.5%), the Valencian Community (12.8%), and the Canary Islands (11.8%). Other regions with notable increases include Castilla y León (10.6%), Catalonia (9.3%), and Madrid (8.2%).
Meanwhile, some regions saw more moderate growth, such as Castilla-La Mancha (7.2%), Galicia (6.8%), Asturias (6.0%), Murcia(4.9%), Extremadura (3.6%), and Aragón (0.7%). Two regions—Navarra (-0.6%) and Cantabria (-0.1%)—even experienced slight declines in room rental prices.
Regional Rental Costs: December 2024
Four autonomous communities ended 2024 with average room rental prices above 500 euros per month:
- Catalonia: 636 euros/month
- Madrid: 586 euros/month
- Balearic Islands: 574 euros/month
- Basque Country: 573 euros/month
The high prices and limited availability in Ibiza highlight the ongoing challenges for renters during the winter months.
For the full article, please visit Diario de Ibiza website here.