All of Palma’s neighbourhoods pay more than 1,000 euros per month. These are stressed areas: the rent exceeds 30 percent of the household income. It is usual for the price of housing to account for 50, 60 or even 90 per cent. In fact, the average for the whole municipality is 50 per cent. This is according to a report by the consultancy Atlas Real Estate Analytics, which analyses the rental market, as well as the annual income of its inhabitants by postcode. In the area of Sant Jordi and s’Aranjassa, the effort rate is 90.86 percent. The average household income is 36,319 euros per year, while the rental price in 2022 was 2,750 euros.
Pere Garau, La soledat, Ciutat Jardí and Coll d’en Rebassa
In this area, the average rental price was 1,600 euros last year. Thus, the average income per household was 29,591 euros. This represents a 64.88 per cent outlay on housing for families. Furthermore, if in 2017 the square metre for rent was 10.8 euros, in 2022 it rose to 13.9.
Son Armadans and Son Dureta
Here rents are at 1,750 euros, while the income of the family unit is 36,882 euros a year. The effort for a family to pay for their accommodation is 56.94 percent.
Rents do not go below 1,000 euros
Not a single area of Palma is free of rents below 1,000 euros. According to the Atlas Real Estate Analytics study, rents reach 1,600 euros per month in Pere Garau, La Soledat, Ciutat Jardí and Coll d’en Rebassa. As well as 1,750 in Son Armadams and Son Dureta or 1,375 in Son Sardina, s’Indioteria and Son Espanyol.
The cheapest rents
The cheapest postcode is 07008, which includes Can Capes, El Vivero and Son Gotleu. The average rent is 1,000 euros and the average income is 30,379 euros. However, it must be taken into account that there are 50,414 inhabitants in this area and this is an average income per family.
Petra and Sant Josep de sa Talaia, the most expensive
As a striking fact, in Petra the effort rate is 182 percent, with an annual income of 32,159 euros. The average rental price is 4,900 euros. In Sant Josep de sa Talaia, the rate is 188.49 per cent, with rents at 5,250 euros.