The municipality of Belmonte, in the district of Castelo Branco, is considered the cheapest area to rent a house, while Lisbon is classified as the most expensive city in the country. Data are from the National Statistics Institute and refer to 2022
The rental market in Portugal rose between 2019 and 2022, according to data published by the National Institute of Statistics, INE, in which this body points out that median rents increased by 23% during the years indicated, settling at the average value of 6.52 euros/m2.
This report, whose analysis runs until the end of 2022, also reveals that in relation to the fourth quarter of 2021, during the past year, the highest rents in the country and which grew the most (increased) were for properties located in the Metropolitan Area Lisbon, Algarve, Porto Metropolitan Area, and Madeira Autonomous Region.
Prices on the rental market consider the median value of the square meter and Lisbon leads the table with values of 12.88 euros/m2. After all, in average terms and following the figures released by INE, a property with 60 square meters, in 2022, had a median rent of €772.80. However, it must be borne in mind that these are average values and within the scope of the rental market, there are other factors that determine the value of the monthly rent, including location, construction date, whether it has a lift and /or garage, if it has been refurbished and the facilities around it.
The most expensive municipalities to rent a house:
- Lisbon
- Cascais
- Oeiras
- Porto
- Almada
- Amadora
- Matosinhos
- Odivelas
- Lagos
- Loures
*Data from the National Institute of Statistics, for the year 2022
If on the one hand, in large urban centres, the rental market is more complex, on the other hand, and according to INE, there are locations in Portugal where renting a house is affordable. In the ranking of this table, of the cheapest places to rent a house, the municipality of Belmonte, in the district of Castelo Branco, stands out.
According to published data, in average terms, in the second half of 2022, renting a property in the municipality of Belmonte, had a value of 2.45 euros/m2 which, in practical terms, symbolizes that a house with 100 square meters could have a monthly income of €245.
The cheapest municipalities to rent a house:
- Belmonte – Castelo Branco
- Celorico de Basto – Braga
- Castro Daire – Viseu
- Melgaço – Viana do Castelo
- Valpaços – Vila Real
- Sátão – Viseu
- Borba – Évora
- Moimenta da Beira – Viseu
- Macedo de Cavaleiros – Bragança
- Mirandela – Bragança
*Data from the National Institute of Statistics, for the year 2022
The report presented by the National Institute of Statistics underlines that, although the median values have risen in urban centers, the reality reveals that in 2022, 92,664 lease contracts were signed, without specifying the terms of the same. However, these figures reveal a 6% increase in the rental market in the country, compared to 2021 and increases of 16% compared to 2020 or 24% compared to 2019 data.
The growth of the rental market in Portugal, observed over the last few years, can be found in its various causes, the search for a house by both citizens of foreign nationality and digital nomads. However, given the lack of real data, some real estate specialists point out that the difficulties in accessing housing credit, combined with an unstable economy, lead citizens (Portuguese or foreign) to the traditional rental market.