Rental Prices in Lugo 2023
Rental price statistics in the province of Lugo - GALICIA
Ranking
#52 of 50 provinces
Variation 2023
+4.4%
Median rent (Collective housing)
4.02€/m²
Median amount/month
350.00€
Collective housing
2023
Median rent
4.02€/m²
Median amount
350.00€
Median area
97 m²
Contracts
12,263
Single-family housing
2023
Median rent
2.45€/m²
Median amount
300.00€
Median area
194 m²
Contracts
1,561
Historical rent evolution
Price evolution
| Year | €/m² | €/month | Contracts | Variation |
|---|---|---|---|---|
| 2011 | 3.22 | 300.00 | 6,926 | - |
| 2012 | 3.21 | 300.00 | 7,078 | -0.3% |
| 2013 | 3.15 | 300.00 | 7,127 | -1.9% |
| 2014 | 3.13 | 300.00 | 7,436 | -0.6% |
| 2015 | 3.13 | 300.00 | 7,981 | - |
| 2016 | 3.21 | 300.00 | 8,399 | +2.6% |
| 2017 | 3.28 | 300.00 | 8,884 | +2.2% |
| 2018 | 3.31 | 300.00 | 9,506 | +0.9% |
| 2019 | 3.55 | 305.00 | 10,277 | +7.3% |
| 2020 | 3.61 | 320.00 | 10,715 | +1.7% |
| 2021 | 3.72 | 325.18 | 11,116 | +3% |
| 2022 | 3.85 | 342.21 | 11,547 | +3.5% |
| 2023 | 4.02 | 350.00 | 12,263 | +4.4% |
The rental housing market in the province of Lugo, located in the autonomous community of Galicia, presents a unique landscape characterized by affordability and stability. As of 2023, the average rent in Lugo stands at an appealing 2.4 €/m², translating to an average monthly rent of approximately 300 euros. This pricing positions Lugo as an attractive option for tenants, particularly when compared to other provinces across Spain. With 1,561 registered rental contracts in the province, Lugo demonstrates a moderate level of activity in the housing market. This figure indicates a steady demand for rental properties, which is crucial for potential tenants seeking options in a region that balances rural charm with urban amenities. The price ranking of #102 out of 52 provinces highlights Lugo’s affordability, especially in contrast to more competitive urban centers like Madrid or Barcelona, where rental prices can be significantly higher. In the broader context of Galicia, Lugo's rental prices remain competitive. While neighboring provinces may experience fluctuations in rental costs, Lugo's stability offers a refuge for those looking to escape the rising prices in larger metropolitan areas. For tenants, this means more opportunities to find suitable housing without stretching their budgets excessively. The affordable rental rates in Lugo can be particularly beneficial for families, students, and young professionals starting their careers, allowing them to allocate their finances to other essential areas of life. Furthermore, the Lugo rental market, with its low average rents, attracts a diverse demographic, including both locals and newcomers seeking a quieter lifestyle. The province's natural beauty, historical sites, and cultural richness contribute to its appeal, making it an ideal location for those who value quality of life alongside affordability. As we look to the future, the Lugo rental market may face challenges similar to those experienced nationally, such as rising demand and potential regulatory changes. However, the current data suggests that Lugo will likely maintain its position as a budget-friendly option for renters in Galicia. Investors and property owners in the province may find this an opportune time to enter the rental market, given the steady demand and favorable pricing environment. In conclusion, Lugo's rental housing market stands out for its affordability and stability, offering tenants a viable alternative to the escalating costs found in larger urban areas. As the province continues to attract a mix of residents, its rental landscape is poised for growth, making it an essential area to monitor for anyone interested in the dynamics of the Spanish housing market.