In the last decade alone, the number of rented houses in Portugal increased by 16%, according to data from the 2021 Census. But this increase in demand for a structurally scarce supply has tipped the balance, creating an upward trajectory in housing rents month after month.
At the end of November, renting a house in Portugal cost 12.5 euros per square meter (euros/m2) in median terms, 2.9% higher than in October, according to the idealista price index. In relation to the quarterly and annual variation, the increase was 7.9% and 16.3%, respectively.
In November, house rents jumped by 13.1% in Aveiro, 7.5% in Santarém, and 7.4% in Porto. Houses for rent also became more expensive in Lisbon (3.4%), Braga (3.1%), Leiria (2.4%), and Setúbal (0.8%).
But there were also district capitals where there was a decrease in house rents, as was the case in Viana do Castelo (-4.7%), Funchal (-3.8%), and Faro (-2.0%). In Coimbra, the price of houses for rent remained stable between October and November.
Lisbon continues to be the capital of the district where it is most expensive to rent a house: 17.3 euros/m2. Porto (13.4 euros/m2) and Funchal (10.9 euros/m2) occupy the second and third places, respectively. Aveiro (10.6 euros/m2), Setúbal (9.5 euros/m2), Faro (9.3 euros/m2), Coimbra (8.2 euros/m2) and Viana do Castelo (8.0 euros/m2).
The cheapest cities to rent a house are Santarém (6.5 euros/m2), Leiria (6.7 euros/m2), and Braga (7.5 euros/m2).
Property rents continue to rise
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