Real estate portals offer higher-than-average rental prices

17/05/2019 - 09:19

Housing. The Metropolitan Housing Observatory presents a study in Construmat on rent in the Barcelona metropolitan area

The stand of the Municipal Institute of Housing and Renovation of Barcelona (IMHAB) at Barcelona Building Construmat, held at the Fira of Barcelona convention centre, was the scene of the presentation of data on rent supply and demand in the Barcelona metropolitan area. Data was collected by the Metropolitan Housing Observatory of Barcelona (O-HB) in collaboration with Fotocasa and Habitaclia.

The presentation was given by Carme Trilla, president of the O-HB, and Beatriz Toribio, director of studies for Fotocasa. As they explained, the prices of the rental market (as offered on the real estate portals) and the amount that is actually paid differ by 36.4% in the city of Barcelona and 29.05% in the metropolitan area.

According to the study, the average price of the Habitaclia portal in the second quarter of 2018 stood at 1443 euros per month in Barcelona, ​​while the price registered by Incasòl, based on the deposits from contracts, was 916 euros per month, a difference of 36.4%. The average price of Habitaclia compared to the rest of the municipalities in the metropolitan area averaged 1019 euros per month, while that of Incasòl fell to 732 euros (29.05% less).

The study was carried out as a result of the collaboration agreement between the OHB and the Habitaclia real estate portal with the Fotocasa team. By virtue of this agreement, the supply data published on Habitaclia was analysed according to queries made by its users. The data analysed corresponds to the period from the second quarter of 2017 to the second quarter of 2018. “Work was done on multi-family housing, and single-family homes were discarded,” Trilla said.

 

Rental prices have gone down in Barcelona, ​​but increased in the metropolitan area

In addition, the study notes that rental prices have gone down by 3% in the city of Barcelona, ​​while they have increased by 9% in the municipalities in the metropolitan area.

In some towns the increase was lower, such as Sant Cugat del Vallès, Sant Feliu de Llobregat, Sant Just Desvern, Viladecans, El Prat de Llobregat and Castelldefels.

 

74% of the demand is below 1,000 euros per month 

In the city of Barcelona, ​​the most requested rent prices were around 900 euros. Specifically, 74% of the demand was below 1,000 euros per month, while 32% of the supply corresponds to this price. In the rest of the metropolitan area, 92% of the demand was below 1,000 euros per month and the supply within this price limit was 70% of the total.

“Through our studies, we have seen the difficulty in access to rent that Spanish society experienced in 2017 and 2018. Demand fell by 40%,” added Toribio.

 

The duration of the announcements allows an analysis of supply and demand

A key element to analyse the degree of correspondence between supply and demand of rental housing is the duration of time that the ads are published. The offers with prices that are more adjusted to the demand go very quickly.

For example, in Barcelona, offers with an average price of €772 per month are only active between two and seven days.

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