Rental returns in Spain continue to rise, underlining the growing strain on the country’s housing market.
According to new figures from property portal pisos.com, gross rental yield reached 6.98% in November 2025, up sharply from 5.90% a year earlier and slightly higher than October’s 6.91%.
The data is based on a standard 90-square-metre property with an average purchase price of €217,800 (around €2,420 per square metre).
With average monthly rents standing at €1,267, landlords are generating annual gross income of €15,206, pushing yields close to the 7% mark.
Most profitable cities for landlords
Tarragona topped the rankings with a rental yield of 8.14%, followed by Sevilla (7.64%), Jaen (7.42%), Avila (7.32%) and Huesca (7.16%).
They are joined in the top ten by Castellon de la Plana (7.03%), Barcelona (7.01%), Murcia (6.99%), Segovia (6.97%) and Cordoba (6.97%), all offering returns well above the national average.
Coastal and high-demand cities lag behind
At the other end of the scale, yields remain far lower in some of Spain’s most expensive and supply-constrained cities.
San Sebastian recorded the lowest return at 3.84%, followed by Palma (4.37%), Cadiz (4.59%), A Coruña (4.66%), Pamplona (4.67%) and Salamanca (4.76%).
Other cities with relatively modest rental profitability include Bilbao (4.85%), Logroño (4.88%), Málaga (4.92%) and Santander (4.93%).
Ferran Font, Director of Research at pisos.com, warned that the figures reflect a market under severe pressure.
‘The rental market in Spain is in a critical situation, marked by a serious lack of supply and growing uncertainty for landlords,’ he said.
‘Access to decent housing has become one of the country’s main social problems.’
