The new reference index published this Tuesday by the Ministry of Housing sets the maximum price for a 90-square-meter apartment, built between 1947 and 1980, in good condition and with an elevator, in Somera Street, in the heart of Bilbao's Old Town, at 1,026 euros. For a similar property in Deusto, the maximum rent is 1,223 euros; in San Francisco, 845 euros; in Rekalde, 1,015 euros; in Amezola, 1,078 euros; and in Indautxu, 1,658 euros. In the Basurto neighborhood, the maximum cost reaches 1,034 euros, and in Zorrozaurre, 1,112 euros.

These examples confirm that the average rental price in Bilbao is approximately one thousand euros per month across the city. The country's main real estate portal offers very few properties below this threshold in the Vizcayan capital. According to data available yesterday on the platform, out of 490 rentals, only 140 were for long-term stays. The rest were for temporary rentals, a modality not subject to the price limitations outlined in the 2023 Housing Law. Although these flats traditionally targeted students or temporary workers, an increasing number of owners are opting for this modality to circumvent regulations.

The indicator, which came into force yesterday after a year's delay, exhausts all mechanisms provided by national law to control the price of the free rental market in cities declared as stressed areas. The aim is to curb rising prices that make housing access difficult for young people and vulnerable sectors, as well as the middle classes. In Bizkaia's case, the measures currently affect Bilbao, Barakaldo, and a district of Galdakao, although the Basque Government is already analyzing the inclusion of new localities on the list.

In these municipalities, owners will not be able to market their flats at any price they wish, but must adhere to various indicators. On one hand, there is the Ministry's price index, which sets the maximum range at which a flat can enter the market. This only applies to homes that have never been rented, have not been rented in the last five years, or are managed by large landlords. Its impact on the market is therefore smaller. The Basque Government estimates that this index only affects 10% of contracts signed in Euskadi. Nevertheless, it argues that despite its limited effect, it is the indicator that allows "to push rental prices down," as by not allowing increases, it "neutralizes" the cost of properties and "humanizes" the market.

The remaining owners – 90% – must adhere to the index updated monthly by the INE when renewing their contracts. It is currently set at 2.47%. This is the maximum percentage by which they can increase the rent. Despite the difference between the two, the sector states that "every time the price of flats is limited, the supply falls." An example of this is the reduced number of available flats for a demand exceeding 30,000 people in Bilbao.