Madrid (EFE) market, according to a study prepared by the real estate portal Fotocasa and the employment platform InfoJobs.
With regard to the last five years, the rise in rents has been 35.3%, while that of wages has been reduced to 4.6%.
Likewise, in 2022 the rental price became more expensive by 7.4%, while wages fell by 0.7%, according to this study, which underlines that the gap between wages and house prices is widening every once again.
According to Fotocasa, the rental price has become more expensive at a frenetic pace in the last decade, and after the recovery from the economic crisis in 2014, rental housing was promoted as the main housing option, which caused demand to be increasing in the face of a very scarce supply.
At the moment, explains the spokeswoman for Fotocasa, María Matos, rental prices are at all-time highs, since the volume of rental homes has dropped very abruptly that has resulted in a “stock” at a minimum.
wages do not grow
While the cost of rent grows, salaries do not do so at the same rate, forcing citizens to have to make a salary effort of 43% to pay their rent.
During the last 10 years the average salary in Spain has grown slowly, however, it is far from countries like Germany or France and Spanish workers have been the most affected by the loss of purchasing power.
The salary increases agreed between employers and unions between now and 2025, together with the containment of inflation, are focused on alleviating this situation and maintaining employment, they point out from InfoJobs.
The community most affected by the decrease in wages in 2022 was the Canary Islands, where its workers went from earning 21,897 euros/year, 5.1% less, while the rent rose 16.9% to 11.26 euros /m2 per month.
The Balearic Islands was the community in which it became more expensive
On the other hand, the community in which rental housing became more expensive in the last year was the Balearic Islands with 18.2%, and 45.9% since 2017. In the last 10 years, the Balearic Islands have gone from paying 7 16 euros/m2 per month to 14.16 euros in 2022, 97.9% more.
To this is added that average salaries in this community fell by 1.2% in the last year, but increased by 7% in the last 5 and 10 years (they went from 21,760 euros/year in 2012 to 23,292 euros/ year in 2022).
By provinces, the workers most affected by the decrease in wages in 2022 were those of Las Palmas with 21,726 euros/year, while rents became more expensive by 16.6% with 11.61 euros/m2 per month.
On the other hand, the province in which the price of rental housing became more expensive in the last year was Malaga with 25.8% more and 12.73 euros/m2, while salaries rose 0.8%. up to 23,693 euros.
Toledo was the only province that benefited from the rise in the average provincial salary and the drop in housing prices in the last year (2022). On the other hand, in Palencia and León there were decreases both in wages and in the annual rental price.