According to the research service of Idealista portal, the number of rentals has decreased over the past year in Catalonia. Since the new law came into force in September last year, rents in Barcelona have decreased by 8.2%, less than in Madrid (-9.3%). However, in Barcelona, rents began to fall in 2019, even before the pandemic. The portal notes that rental prices have decreased in other cities where they previously experienced significant growth, such as Palma (-5%) or Seville (-1.7%).
According to real estate experts, Catalan rent law slowed down rent declines as landlords are more reluctant to agree to rent cuts given that they will not be able to raise rents again in future contracts, even if the economy improves or inflation rises.
Thus, the number of houses offered for rent in the city of Barcelona on the portal has decreased by 42% compared to September last year and is 10,900 houses. It is much more than in other capitals: the decrease in supply compared to last year was 22% in Madrid, 14% in Palma de Mallorca and 25% in Seville.
Over these two years, in all major cities, there was an increase in the number of apartments for rent due to the transfer of tourist housing to regular rent, the reduction of student apartments due to online classes, the return home of young emancipated people, the decision of people with unstable incomes to share apartments and the lack of international mobility, preventing the arrival of workers or students from other countries. Thus, the growth in rent for housing compared to September 2019 is 62% in Madrid, 64% in Palma and 59% in Seville.