Rents shot up 20.4% in 2023

The price of renting a home in Portugal skyrocketed 20.4% in 2023, costing on average €15.5/m2.

Coimbra saw the greatest rent rises at 31.8% (€10.6m/2) while the cost of renting in the capital exceeded the €20m/2 rate for the first time with an increase of 17.4%.
The price increases were based on data for December and compared like-for-like figures in December, 2022 according to the Annual Rental Report from Idealista.
According to the index, renting had an average cost of €15.5 per square metre at the end of December, 2023, and taking into account the monthly variation, the cost of renting went up by 0.8% and 0.9% quarter-on-quarter.
The towns and cities in Portugal that saw the biggest rent rises were: Lisbon (€21/m2) followed by Porto (€16.9/m2) and Funchal (€14.5/m2) coming in second and third place, respectively. Then came Faro (€12.4/m2), Setúbal (€11.6/m2), Évora (€11.5/m2), Aveiro (€11.4/m2), Coimbra (€10.6/m2) and Braga (€8.6/m2).
The cheapest places to rent on mainland Portugal are Santarém, (€7.5m/2), and Leiria (€8.1m/2).
All of the districts and islands in Portugal analysed saw price increases for houses to rent in 2023 with the exception of Vila Real where prices fell 9.3%.