The best neighborhoods to find cheap apartments for rent in Madrid
Read this article to see our shortlist of the best neighborhoods with cheap apartments for rent in Madrid and learn average rental pricing* for each neighborhood.
Recommended monthly apartment rental budget
Due to its limited apartment stock, and high percentage of locals that rent, Madrid has always been a city that favors landlords, as opposed to renters. Compunding this, rental prices in Madrid increased sharply from 2015-2017. They stabilized in 2018, but Madrid still has some of the highest rental yields of any European capital city. (Note for people not familiar with real estate markets: high rental yields are great for landlords, but bad for tenants).
For this reason, we recommend that you be realistic if you are searching for cheap apartments for rent in Madrid. According to Moving2Madrid’s rental partner, a minimum budget of 1300-1400€ is realistic if you are looking for a one or two bedroom apartment. Please keep in mind, the size of the apartment available within this budget is very neighborhood dependent.
Best neighborhoods for cheap apartments for rent in Madrid
The most expensive place to rent an apartment in Madrid is in the Center. The average price per square meter in the Center is 19€. To put this in perspective, a 90 square meter apartment will cost over 1700€ per month. The Center is very pricey because it tends to attract a number of short-term renters, which is the most expensive way to rent a property. If you want to get a decent sized apartment for 1300€ or under, you need to cast your net further, into the more residential neighborhoods. In general, the further you get from the Center, the cheaper the rents tend to be. Most people from abroad focus on the premium neighborhoods of Salamanca and Chamberí, but they are not much cheaper than the Center. The rental price per square meter in Salamanca is 18.6 € and it is 18.4€ in Chamberí. We recommend going futher out.
Here is our short list of the best neighborhoods for cheap apartments for rent in Madrid:
Average price per square meter: 15.5€
Moncloa is in the northwest of Madrid. Because so many colleges and universities are in the neighborhood, a large number of students live in Moncloa. But it is also a very traditional neighborhood with lots of green spaces. All of the students means Moncloa also has a lot of bars and reasonably priced restaurants and boutiques. Moreover, it is relatively international (much more so that neighboring Chamberí) and there tends to be a good deal of English spoken. It is also a good option if you have a car and like to explore the northern mountains because the A-6, which is the main highway to access the northwest, begins in Moncloa. If you want to learn more about this neighborhood, read our Moncloa Neighborhood Summary.
2– Chamartín/Nueva España
Average price per square meter (Chamartín): 16.2€
The Central Business District (CBD) of Madrid is in the north of the city, in Chamartín. It is also a very residential neighborhood. Although prices in Chamartín increased a lot in 2018, you can still get a much larger apartment here than you can find in the Center or Chamberí. There is also excellent shopping in Chamartín. Many of the big interntational brands have flagship stores around the Metro stop Nuevos Ministerios.
This is an excellent neighborhood for longer term rentals. The further east you get from Paseo de la Castellana, the more expensive the rents get. The cheaper apartments are found to the north and west. Although Nueva España ranks as the eight wealthiest neighborhood in Spain, Castellana the ninth and Chamartín the tenth, you can still get good rental prices here because there are no tourists in the neighborhood and most Spaniards here prefer to buy, rather than rent.
If you work in the CBD, you can have a very comfortable life in Chamartín or Nueva España. Moreover, they are very quiet at night since they are such daytime, business focused neighborhoods. If you want to learn more about this area, read our Chamartín Neighborhood Summary.
3–Ciudad Lineal/Arturo Soria
Average price per square meter (Ciudad Lineal): 12.9€
This area lies to the east of posh Salamanca. It starts at the Ciudad Lineal Metro station and runs north, along Calle Arturo Soria, to the M-11. It is one of the nicest areas in Madrid and is an excellent place to look if you want a free standing house with a garden.
Because it is so wealthy it has excellent shopping. It also has a collection of high end restauarants, many of which are international. If you want to learn more about this neighborhood, read this Arturo Soria neighborhood summary.
Do you want to learn more about rental properties in these neighborhoods, and how to find cheap apartments for rent in Madrid? If so, arrange a FREE CONSULTATION TODAY with our rental partner. Mention this post and she will tell you about the special offers she gives to Moving2Madrid clients.
*Note: All pricing data in this article is from January, 2019.