The Most Expensive And Cheapest Places To Rent A Property In Portugal

Here’s an overview of the most expensive and cheapest places to rent a property in Portugal; are you ready to pick your favorite?

Article by Viv Europe

01 05 2021

Living in Portugal, Real Estate

It’s like a neverending list of stunning cities that take you a second to fall in love with! There are pretty expensive options; well, they’re expensive, at least for the Portuguese. And then there are the cheapest options. But we don’t equate cheap with inferior quality; you’d be surprised! This article will sum up all the most expensive and cheapest places to rent property in Portugal. 

For an expat with limited information about Portugal, choosing where to move after relocation can get confusing. Lisbon, the vibrant capital city, is known for its high rental prices, making it one of the country’s most expensive places to rent. But cheaper options are also available, so it’s essential to consider factors such as location, property size, and amenities before settling for a place to rent.

Let’s dive into the details and fill you in on the challenges of finding a property, whether the higher price adds to the value, and where you can find the best bang for your buck. Happy reading!

The challenges of finding a property to rent in Portugal

Finding a property to rent in Portugal as an expat comes with its own set of challenges. One of the main difficulties is the high demand for rental properties, especially in popular cities like Lisbon and Porto. To be fair, they’re the first names you can think of, even if you don’t know much about Portugal. 

This often leads to limited availability of suitable rental options, causing competition among prospective tenants. So, starting the process early and being prepared to be patient during your search is essential. We promise you; it will be worth the wait.

If you’re looking to rent here during the summer months, you’ll also have trouble finding a good deal. That’s because demand for rentals is incredibly high during those months since Portugal hosts thousands of tourists every year. 

Working with an experienced local real estate agent who can provide guidance and assist with negotiations is also recommended to work around these challenges. 

From cosy studios to spacious multi-bedroom units, many places offer newly constructed kitchens, living areas, and sometimes balconies or terraces. And if you have a different taste, preferring villas or townhouses, then Portugal has got you covered in that regard too. 

All these rentals can be availed for short-term or long-term use, but finding a long-term rental may be more challenging. This is why we will go over the highlights of all you need to know from the most expensive and cheapest places to rent property in Portugal. 

Rent prices in Portugal rise every year

It’s important to know that rent prices may change over time. Portugal has become an increasingly popular destination for tourists, so property owners have taken the opportunity to capitalize on short-term rentals. This has led to decreased available long-term rental properties and increased prices.

For example, on average, rent prices have increased by around 5-10% across different regions in Portugal. The average rent rose 23% between 2019 and 2022, settling at an average of €6.52/m2. For fancier neighbourhoods, prices can go up to €15/m2.

The country’s improving economy also plays a role in rising rent prices. As the economy strengthens, the demand for housing increases and puts pressure on the rental market. 

Portugal has experienced steady economic growth and improved employment rates, attracting more people to live and work in Portugal.

Also, the area attracts many investors who purchase properties for short-term rentals or resell at a higher price. This further reduces the supply of available rental properties and increases the rent. 

On the bright side, many regions in Portugal still offer a good lifestyle on a budget, making renting there worthwhile. Here are some estimates of rent prices in the most expensive and cheapest places to rent a property in Portugal:

Let’s start with the most expensive: 

Then, let’s move on to the cheapest: 

Is it worth renting a house or apartment in Portugal?

As an expat, renting provides flexibility and allows you to explore different neighbourhoods and cities before finalizing a long-term property purchase. It also offers convenience, as most rentals come fully furnished, saving you the hassle of purchasing and transporting furniture.

But really, the best thing about renting is it allows expats to experience the local lifestyle without the long-term commitment and financial obligations of buying a property. It provides the opportunity to immerse oneself in the community and better understand the area before making a permanent choice.

Still, it’s essential to consider rental prices, location, and availability. Expats should also know the local rental market dynamics, including demand and legal regulations. But you don’t need to worry too much about this; if you’re ever stuck and can’t decide, Viv Europe will guide you every step of the way. 

If you love the privacy that comes with renting a house, or if you have a large family that requires space, renting a house will be a great option for you. You’ve seen the prices in the most expensive and cheapest places to rent a property in Portugal, so you can probably tell it’s easy to find something in your range.

To find the 5 cheapest places to rent a property in Portugal read the full article here