Renting in Madrid: The best neighborhoods for those on a moderate budget
This article explains what is considered a moderate budget for those renting in Madrid and tells you the most popular neighborhoods in this price range.
What is a moderate budget for those renting in Madrid?
One of the biggest problems people face when looking for a rental apartment in Madrid is budget. People confuse current rental prices with historical property prices, not realizing two things:
1–Due to its limited apartment stock, Madrid has never been a city of “cheap rents”
2–Rents rose steadily from 2013 to 2019
Taken together, these two facts mean that most people need to have a realistic idea of what a moderate budget is when renting in Madrid. According to our rental partner, 1500-2000€ per month is a reasonable price to pay if you want to rent an apartment in Madrid for you and your family.
What are the best neighborhoods for renting in Madrid on this 1500-2000€ budget?
There is a great deal of variation, by neighborhood, for rental prices in Madrid.
If you want to live in the Center, we recommend looking for an apartment in Chamberí. It is a traditional neighborhood that is undergoing a bit of a renaissance. Like New York City’s Upper West Side, people have moved further and further uptown as rents in the lower part of the neighborhood increased.
Neighborhoods like Trafalgar and Almagro have been popular for years. In fact, Almagro is now so elegant that many blocks feel more similar to Paris than Madrid. Now that these neighborhoods have become premium neighborhoods, gentrification is moving north. Older, very traditional demographics like Arapiles and Vallehermoso are seeing an influx of younger residents.
New restaurants and boutiques open almost every day. Amenities that used to be hard to find in Madrid, such as organic restaurants, ethnic restaurants and gourmet food stores are becoming common place. This, combined with the broad number of activities for children, makes the upper part of Chamberí a very attractive place for renters with families.
Majadahonda and Pozuelo de Alarcón
If you don’t mind living outside of the city center, the neighborhoods of Majadahonda and Pozuelo de Alarcón are both excellent options. They are very affluent suburbs. For example, Pozeulo de Alarcón has the third highest per capita income in all of Spain, according to the Spanish newspaper El Pais. Many Real Madrid football players live in Pozuelo.
Both Pozuelo and Majadahonda have excellent shops and many facilities for kids. They have the advantage, compared with many other Madrid suburbs, of having excellent public transport connections to the Center of Madrid. If you have a car, you can get to anywhere in Madrid in 25 minutes.
The best part about these suburbs is that your rental budget will go far. In Chamberí, your 1500-2000€ budget will get you, on average, a two bedroom apartment in a classic building. In the suburbs, you can easily get a four bedroom, new apartment within a luxury apartment complex with parking and an outdoor pool.
Would you like help finding an apartment in one of these neighborhoods? If so, arrange a FREE CONSULTATION with our rental partner today.