Renting an apartment in the Balearic Islands costs around 620 euros per month, on average, making it the third most expensive Community in the State, after Madrid at 780 euros and Catalonia at 650 euros and well above the average of 400 euros charged in Murcia, which is the cheapest region.
By island, the average cost of renting a flat ranges from 350 euros a month in Ferreries and Es Migjorn Gran in Minorca to 921 euros in Montuïri in central Majorca, according to the State System of reference indices of rental prices, a tool which was presented by the Minister of Transport, Mobility & Urban Agenda, José Luis Ábalos on Tuesday.
The objective of the new tool is to establish a system that provides reliable, verified information about the residential rental market to guarantee transparency and measure the evolution of the housing rental market," said Minister Ábalos.
It contains 11.2 million pieces of data on leases between 2015 and 2018, and will be updated annually with information from 1.7 million properties and 33,662 census sections.
It will also contain information from the Tax Agency, Real Estate Cadastre, National Statistics Institute, Property Registry, Bank of Spain, Autonomous Communities and Real Estate Agents.
The Balearic Islands, Madrid, Barcelona, Malaga, Valencia and the Canary Islands were identified as the most "stressed" areas, but Public Administrations don’t plan to regulate prices in the immediate future, even although that was one of the purposes of launching the index.
The Ministry says it wants to wait and see how the market evolves after the Covid-19 crisis.
Apartment rental prices in the Balearic Islands increased by nearly 15.6% between 2015 and 2018, particularly in Palma.
During the same period, rental prices went up by 13% in Catalunya and 11.4% in Madrid.