CSN News reports that the cost of renting in Alicante has risen by 10% over a period of a year. The most affected areas are British tourist hotspots.

The cost of renting a property in Alicante has risen by almost 10% in the last year, with Benidorm being the most expensive.

Real estate portal Idealist puts the average charge at €11 per m2 in January- a 9.6% hike in 12 months.

It means around €1,100 per month is needed to rent a 100 m2 home, putting it out of the range of many people, especially those who live alone.

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Rents have risen so much that it is now cheaper to get a home loan.

In January 2020, the average price per m2 was €7.10, meaning that charges have risen by nearly 55%.

Most expensive rental areas are coastal and tourist areas.

The British tourist hotspot of Benidorm has the biggest charges coming in at €15.30 per m2, meaning that a 100 m2 home ends up costing €1,530 per month.

In the same area, l’Alfas del Pi has an average charge of €14.20 per m2 and Finestrat is on €13.70 per m2.

Inland areas of Alicante province are the places to go to for bargain prices with Alcoy and Elda on €6.80 per m2.

It therefore means that on an identical property, you can save €850 a month in Elda as opposed to Benidorm.

Also below the provincial average is the city of Elche on €8.4 per m2 and Mutxamel on €9.5 per m2.

Analysts believe there will be no immediate respite as prices are set to rise over the next few months, due to the high demand for rental stock in hot areas.