Rental prices in Portugal continue to rise in Portugal in 2021 in spite of the COVID-19 pandemic, although at a slower pace than in recent months. How much does it cost to rent a house in the country's two main cities? What are the cheapest and most expensive areas to rent in Lisbon and Porto? In Lisbon, the highest prices are over 13 euros/m2, well above the 5.61 euros/m2 registered nationally. In Porto, renting a house can cost up to 9.50 euros/m2. Let's have a closer look at rental prices in Porto and Lisbon in 2020-2021.
Rental prices in Lisbon
"In the second half of 2020, 2 of the 24 Lisbon parishes recorded median values in housing rental contracts higher than 13 euros/m2: Santo António (13.83 euros/m2) and Misericórdia (13.40 euros/m2). On the other hand, Santa Clara (7,95 euros/m2), Marvila (10,00 euros/m2) and Lumiar (10,24 euros/m2) had the lowest values. In this period, 22 of the 24 parishes of Lisbon registered negative year-on-year rates of change, with the parishes of Penha de França (+5.0%) and Beato (+3.5%) being the exceptions," reads the bulletin published at the end of March 2021 by the National Statistics Institute in Portugal (INE).
According to INE, the parishes of Santo António, Campolide and São Domingos de Benfica registered rental averages above the municipality of Lisbon (11.46 euros/m2) and rates of change, in comparison with the same period of the previous year, greater than that verified in the municipality of Lisbon (-4.2%).
"The parishes of Santa Clara, Marvila, Lumiar, Alcântara, Alvalade and Belém registered, in the second semester of 2020, rental values and year-on-year rates of change lower than those of the municipality of Lisbon. In the second semester of 2020 (last 12 months), as in the previous quarter, Arroios registered the highest number of new lease contracts (704 contracts signed) and Marvila the lowest (57)", INE indicates.
Rental prices in Porto
Regarding Porto, the union of parishes of Aldoar, Foz do Douro and Nevogilde registered the highest rental prices for new contracts (9,50 euros/m2), amongst the 7 parishes of the municipality.
"Paranhos registered a value (8.48 euros/m2) below that of the municipality of Porto (8.83 euros/m2) and a year-on-year rate of change (-3.7%) lower than that of Porto on the whole (-1.5%). As in the previous semester, the parish of Campanhã registered, simultaneously, the highest year-on-year rate of change (+4.4%) and the lowest median rent (7.54 euros/m2) in the municipality of Porto. The Parish Councils of Aldoar, Foz do Douro and Nevogilde (9,50 euros/m2) and the Parish Councils of Cedofeita, Santo Ildefonso, Sé, Miragaia, São Nicolau and Vitória (9,40 €/m2) simultaneously presented a median value of rents above the value of the municipality of Porto (8.83 euros/m2) and a year-on-year variation rate (-4.9% and -2.9%, respectively) lower than that recorded in Porto (-1.5%)", concludes INE.
It should also be noted that Bonfim and the Union of parishes of Lordelo do Ouro and Massarelos stand out for presenting median rents and year-on-year rates of change higher than those recorded in the city of Porto.
With regard to the number of contracts signed in the parishes of the municipality of Porto in the second semester 2020, it varied between 1,016 in the parish of Paranhos and 210 in the Union of the Parishes of Aldoar, Foz do Douro and Nevogilde.