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RENTING

Where can I rent a studio for a good price in Spain in 2024?

Want to rent your own place in Spain but not sure if you can afford regular apartment prices? This breakdown of the monthly rental costs for studio apartments in Spain's 50 main cities will help you know where to get a good deal.

Published: 17 January 2024 09:28 CET
Updated: 20 January 2024 07:03 CET
Where can I rent a studio for a good price in Spain in 2024?
Find out where you can rent a studio in Spain without breaking the bank. (Photo by Anthony WALLACE / AFP)

In Spain, it’s seen as a luxury to be able to afford to live on your own in a studio, rather than in a flatshare. Many young people still live at home because they can’t afford to move out, while others have no choice but to share accommodation with others.

A report by NGO Ayuda en Acción in 2023, revealed that 64 percent of young people between the ages of 18 and 34 in Spain continue to live with their parents.

Recent data from property portal Idealista shows that the average cost of a room in a shared flat was €380 for November 2023 compared to an average of €700 a month for a studio. This means that living alone in Spain is on average 84 percent more expensive than sharing. 

The price of renting a studio in Spain increased by 12 percent last year while renting a room rose by 9 percent. 

To be clear, a studio apartment is a flat consisting of a single large room serving as bedroom and living room and often kitchen, with a separate bathroom. They’re cosy but they can still serve as comfortable homes in central locations for people wanting independence.

READ ALSO: What will happen to rents in Spain in 2024?

Despite the difference in prices, the supply of studios in Spain has been reduced by 7 percent over the past year, while demand has increased by 39 percent. The supply of rooms, on the other hand, has grown by 38 percent.

If you want to live on your own in Spain rather than a shared property, it’s important to consider where to base yourself, so that you can make sure your budget will cover your rent. 

Thankfully, there are still many places in Spain where renting a studio is more affordable than others.

The most affordable cities in Spain to rent a studio

The cheapest city to rent a studio in is Ciudad Real at €350 per month, followed by Lleida in Catalonia (€390), then Palencia in Castilla y León and Teruel in Aragón (both €425). Coming in joint fifth place are Caceres in Extremadura and Oviedo in Asturias (€430).

The next five cheapest places to rent a studio are Cuenca and Murcia (€435), Jaén, Salamanca and Zamora (€450).

The most expensive places in Spain to rent a studio

Surprisingly, the most expensive city to rent a studio in Spain isn’t the capital of Madrid, it’s the Basque city of Vitoria i Gasteiz at €1,000 per month.

This was followed by Barcelona at €960, Valencia at €935, then Palma de Mallorca, Madrid, San Sebastián and Bilbao at €850.

The next four most expensive places were Málaga (€760), Alicante (€750), Pamplona (€720) and Las Palmas de Gran Canaria (€700). 

The difference in price between renting a studio vs renting a room

The biggest difference between rooms and studios was again in Vitoria i Gasteiz, where studios are 176 percent more expensive. They were followed by Zamora (165 percent more expensive), Badajoz (151 percent), Valencia (147 percent), Albacete (140 percent) and Segovia (131 percent).

The smallest differences were found in Lleida (studios are only 37 percent more expensive than rooms), Santa Cruz de Tenerife (51 percent) and Murcia (55 percent).

Here is a breakdown of average monthly rents for estudios (studios) compared to habitaciones (rooms) in Spain’ 50 provincial capitals.

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For members

BANKING

EXPLAINED: How to change bank accounts in Spain

Deciding to change bank accounts can feel like a big decision. Fortunately in Spain the process is incredibly quick and easy if you know what you're doing.

Published: 24 June 2024 12:36 CEST
EXPLAINED: How to change bank accounts in Spain

So you want to change bank accounts in Spain. Maybe you’re fed up of the customer service and branch opening hours. Or maybe you’ve had enough of paying the various extra charges and commissions many Spanish banks charge account holders. 

Whatever the reason, changing bank accounts can feel like a big decision. For many people, it can be something we put off despite knowing that we could be saving ourselves time (and even money) in the long run.

This could be because it feels like a hassle, or perhaps because you’re well versed in the difficulties that can arise when trying to get anything administrative done in Spain.

READ ALSO: The Spanish bank accounts with no extra charges in 2024

Fortunately, the process of changing bank account in Spain is surprisingly easy, and very quick.

This is because the Banco de España did a review in 2022 and changed the rules on switching accounts to make it easier for customers, putting the onus on banks themselves to actively collaborate.

This was also done to better allow customers to move between banks in order to benefit from the best offers on the market, and the banks should complete the account transfer within a period of 13 days.

READ ALSO: Can you pay taxes in Spain with a foreign bank account?

How to change bank accounts in Spain

It really is very simple (and entirely free) to change bank accounts in Spain.

All you need to do is, firstly, choose your new bank and open an account there. Once you’re registered customer there, you’ll need to request an account transfer with your new bank. In Spanish this is known as a traslado de la cuenta.

You’ll also need to choose a date.

Then, after that, the banks take care of everything. Your old bank will transfer your balance, bills and even any direct debits out standing orders that you had set up on your old account. You can specify which ones you do or don’t want transferring over.

All of this is free, according to Banco de España regulations, as long as both banks are in Spain. It really is that simple!

There’s a handy video guide by Banco de España below that walks you through the process:

The steps to change banks accounts in Spain

So, in summary, the steps are:

  1. Open account at new bank.
  2. Ask for account transfer at new bank.
  3. Indicate the date you want to make the change.
  4. The banks take care of the rest!

READ ALSO: LISTED: The Spanish bank accounts you can open with just a NIE number

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