Renting a home has been getting more expensive in Portugal since at least 2017. In a context of supply pressure and a shortage of property for rent in Portugal, the value of rents has not stopped rising in the last five years and reached 6.25 euros per square metre (euros/m2) in the last 12 months. The point is that this figure is 42% higher than that found in 2017, when the rent of the houses cost, in average terms, 4.39 euros/m2. What the most recent data from the National Statistics Institute in Portugal (INE) also shows is that in metropolitan areas this increase in house rents was even greater in this period: in Lisbon they rose 53% and in Porto 49%. We have all the details about rental prices in Portugal in 2022, and how monthly rent has increased by 42% since 2017.
In 2017 it was possible to rent a house in Portugal of 100m2 for the average price of 439 euros per month, according to INE data. But since then, the prices of houses for rent in Portugal have started to grow, registering half-yearly rises between 3 and 6%. As a result, renting a house in Portugal has become 42% more expensive. And now, a family will have to pay, on average, 625 euros per month for the rent of a house (+186 euros/month).
Those who rented a house between August 2021 and July 2022 also paid 7.4% more than those who did so in the same period, when the average value of the rent of the house was 5.82 euros/m2. Already compared to the same period before the pandemic, in the first half of 2019 (12 months), house rents increased by 25%.
What the INE data also reveal is that in the large urban centres of Lisbon and Porto - which concentrate more than 50% of new rental contracts - the price of houses to rent has risen much more in the last five years:
- Lisbon: compared to the median price observed in 2017, of 6.06 euros/m2), house rents have taken a 53% jump, settling at 9.29 euros/m2 in the last 12 months ending in July this year. In other words, before it was possible to rent a 100 m2 dwelling in the Lisbon area for 606 euros per month, and now a family will have to pay almost 333 euros more.
- Porto: five years ago the average rent in Greater Porto stood at 4.58 euros/m2, a value that rose to 6.82 euros/m2 in 2022. This means that the monthly rent for a 100 m2 house went from 458 euros to 682 euros in Porto (+224 euros).
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