Disclaimer: Covid-19 may have impacted the rental prices in a way that is not yet reflected in this analysis.
Madrid | Spain overview
Spain has been a popular expat destination for years. The main reason is the excellent quality of life it offers. The international bank HSBC has a yearly league table that ranks countries on a number of factors such as quality of life, ease of settling in, physical and mental well being, average income, job prospects, and quality of schools. In 2019, Spain jumped 14 spots in this league table. It is currently ranked the 4th best country in the world for expats.
Rents in Spain have been increasing by between 5% and 9% every year since 2014
Average rental price in Madrid
The average size of an apartment in Madrid is 75 m2, but this number varies greatly depending on the house type and neighborhood. For example, in El Viso (Chamartin district) the average size of apartments for rent is 168 m2, while the smallest apartments are in Embajadores, Bellas Vistas, Numancia, and Zofio with the average size of 58 m2.
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Apartment Rent Ranges
Average Price per m2 by Neighborhoods
On average, prices for top 10 are twice as much as for bottom 10.
The most affordable neighborhoods in Madrid are Orcasitas, El Pardo, Santa Eugenia, and Aguilas, where the average rental price is between € 800 and € 900 per month, and average price per m2 is €9-€11.
And the most expensive neighborhoods are Recoletos, Justicia, Castellana, Almagro, and Trafalgar. Prices range between €20-€25 per m2.
Madrid | Rent Comparison by Neighborhood
How Madrid Compares to Other European Cities
According to the survey of 18 leading European cities in the fourth quarter of 2019 Madrid was the tenth based on the rental prices. London was the most expensive city to rent a furnished one-bedroom apartment among those 18 cities surveyed.
Source: https://www.statista.com/
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