Rental prices are rising again in Barcelona and across Catalonia despite the cap.

BarcelonaThe price of new rental contracts in Barcelona has risen again after four consecutive quarters of decline. This is the first significant increase in the value of new regulated rental contracts—all those that are not tourist, seasonal, or room rentals—since the price cap was implemented 18 months ago, according to the latest deposit data from Incasol. Specifically, in the second quarter of this year, the cost of renting a new home in the Catalan capital rose to €1,135.55 per month. The average value of new rentals is now 4.44% higher than in the first three months of this year, but at the same time, it is only 0.33% more expensive than a year ago, when it reached €1,131.75 per month. This is explained by the fact that prices had been decreasing since the cap came into effect. This trend has now broken, and the same has happened across Catalonia: the price of new contracts has risen by 3.25%, to €854.7, still below the historical peak of €868 recorded last year.

The Minister of Territory, Housing and Ecological Transition, Sílvia Paneque, announced the new data this Wednesday in the Catalan Parliament. "We now have the published data for the second quarter. And the trend towards containing rental prices continues, with a cumulative reduction of 4.9% in Barcelona city and 1.9% across all municipalities declared as areas of tight residential markets," stated the councilor, who in this case highlighted the cumulative variation since the first quarter of 2024. Regarding seasonal rentals, 2,103 deposits were paid for new contracts in Barcelona during the second quarter, 10.4% fewer than in the first three months of the year. Of all new contracts signed in the Catalan capital, seasonal rentals have decreased from representing 23.5% to 22.1%. Nationwide, the percentage remained close to 11%. The rental housing stock continues to grow.

In fact, the number of new rental contracts signed in the Catalan capital fell by 2.67% in the second quarter, to 7,411. Despite this drop, the figure is higher than the number of terminations, which fell by 1.79% compared to the previous quarter, to 7,063 contracts. Thus, the difference between new contracts signed and those terminated—that is, the net change in contracts—is 348, indicating that the number of active rental contracts in Barcelona continues to grow, albeit at a slower pace than in previous quarters. In Catalonia as a whole, the net change in regulated rental contracts was also positive, at 2,285 units, as was the number of seasonal rentals, which increased by 201 contracts.

Furthermore, not only has the price of new contracts increased, but the price per square meter of rental property in Barcelona has also risen again, marking three consecutive quarters of increases: from €15.74 in the third quarter of 2024 to €16.56, a 5.3% increase. This figure, however, is still below the €16.73 recorded in the first quarter of 2024. A few months ago We explained that a counterintuitive dynamic was taking place in BarcelonaWhile the prices of new contracts continued to fall, the price per square meter of rent rose again. This behavior can be explained by the fact that since the cap came into effect, the average size of apartments in new regulated rental contracts in the Catalan capital has been decreasing, from 75 square meters in the first quarter of 2024 to 71 square meters. This figure, which remained unchanged in the second quarter, is the lowest in the last eight years and the second lowest figure on record.

"The most important thing now is to analyze how the sample has changed by price bracket: whether the number of expensive homes has increased compared to the previous sample, meaning that low-rent contracts have likely decreased, driving prices upward," the manager of the Barcelona Chamber of Urban Property explained to ARA. "There may be more turnover and increased leasing in the high-price range because those are the ones with the greatest purchasing power and can consider buying. Those paying 600 euros because they can't afford more aren't moving," Gorgues added.

Paneque also highlighted that since the first quarter of 2024, the last without rent control, "prices have increased by 6.6% in municipalities not included in the declaration of a tight market." However, if we return to the comparison with the previous quarter, the price of new regulated rental contracts in municipalities not declared as a stressed area has risen by 4.46% from April to June, a figure almost identical to the price behavior in the city of Barcelona.