Average monthly rent in Madrid by neighborhood.
Because of the European Union rules, moving to new places in Europe is pretty easy and it is also becoming easier to invest in property in most of these. One of the best cities to now buy property in – either as an investment or to rent out for profit – is Madrid in Spain. Long term rentals Madrid are becoming very hot right now and there are a huge range of properties within the city. Overall, luxury apts, apartment in Madrid for rent are highly available, but is Madrid expensive?
Madrid is the capital city of Spain, and is divided into 21 districts (distritos), which are further subdivided into over 120 different neighborhoods (barrios). These can vary quite considerably in terms of property prices, based on a number of factors. These factors include location, the availability of public services, and how desirable an area with penthouses for rent are. You can make moves like this much easier by using an experienced relocation company.
A lot of these changes can be traced back to what is known as the Airbnb effect. Because Madrid doesn’t have as many hotels as places like London, Paris, Berlin, or even Rome, there has been a lot of investment in Airbnb Madrid there to cope with tourism needs. Most Airbnb’s are one or two-bedroom flats in the center of the city. Because short term rentals Madrid are expensive, we suggest that you should look for medium-term and long-term flat rents in more residential areas.
What is the average monthly rent in Madrid?
In general, despite property investment rental, monthly rents in Madrid are relatively cheap when compared to many other European cities, and within Spain itself. This is even after the strong price run-up seen in recent years. The average monthly rent in Madrid apartments increased 31% over the last four years and now is an ideal time to buy for an investment.
Compared to many other European cities, Madrid apartments are in a greater number of premium districts, and there are many penthouses to rent. Because of this, they attract much higher rents than comparable apartments in London, Amsterdam, and Paris. This is also a product of the fact that Madrid apartments are spread over a range of standards from premium to affordable. To make some kind of distinction between the Madrid rentals, it is best to consider these in terms of their social classification.
Premium neighborhoods.
It makes sense that the best parts of the city are in the middle. Sol, Salamanca, and Chamber are some of these. The average rent per square meter in the center was 19.0€. If you are buying to rent, you could expect to pay around 5,000 € per square meter for Madrid apartments in the premium areas. And because the center also has some larger properties, both short term rentals Madrid and outright purchase can be very expensive.
Property costs are driven to some extent because a lot of the city’s busy nightlife is also in this area. In these areas, luxury apts, apartment in Madrid for rent are seen as being premium. Because visitors love these areas, we don’t think you should pay the high rents unless you really want to live in a place like Malasaña, which is known as a party place and can get quite loud at night. However, because of the potential of the area, prices continue to rise and rental costs follow suit.
Affordable central neighborhoods.
There is a lot of diversity in the costs of Madrid rentals, and there are a number of centrally-based suburbs that are more affordable. The suburbs of Chamartín and Retiro are included in this group. Despite being in the same price range, they couldn’t be more dissimilar. Chamartín is known as a party district, but Retiro, as the name suggests, is a more tranquil neighborhood with fewer clubs and bars. The average rent in both neighborhoods is roughly 16.2€ per square meter. Chamartín is well-served by the public transport system and has a good range of shopping. Retiro is less-well-connected and if you choose to rent here, it is probably better to have a car.
Up and coming neighborhoods.
Less centrally-based, these include the still fairly affluent areas of includes Moncloa, Arganzuela and Tetuán. These neighborhoods are up and coming due to the effects of increased restoration in the whole city, and have seen increased property investment rental. But is Madrid expensive in these areas?
Moncloa rents averaged 15.5 € per square metre. Moncloa is home to a huge number of students due to the proximity of numerous schools and universities. This means that there are a large number of student apartments Madrid in this area. This raises pricing. Except in the streets adjacent to La Latina, rents in Arganzuela averaged 15.1 € per square metre, and the majority of the buildings are conventional 19th and early 20th century structures. Rents are slightly higher because of the finer architecture. Rents in Tetuán average 14.8€ per square meter, making it one of the least expensive central suburbs, and long term rentals Madrid are easier.
More affordable neighborhoods.
Hortaleza and Ciudad Lineal are included in this neighborhood category. Although technically in Madrid, they feel far from the city center and are not always easily accessible by Metro or other modes of city transportation. However, because they are not typically popular with tenants, you can get a wonderful flat for a low price. Furthermore, both neighborhoods are relatively affluent. Hortaleza rents averaged 13.1 € per square meter. Rents in Ciudad Lineal averaged 12.9 € a month, making them both quite affordable if you want to live in the city.
Madrid rentals can vary considerably, but you can get help. Employing a Madrid relocation company like Moving2Madrid can take all the pressure off finding your ideal property in Spain. A professional relocation company, Moving2Madrid can help with all the essentials of moving as well as legal documentation, connecting to utilities, and schooling your children. Many people are now investing in Madrid properties with Airbnb Madrid being a major growth factor. Because of this, rents are rising, so it is best to get in quickly.