Did you know that there are currently more than 46 million people living in Spain? Many of those people live in Madrid which is by far one of the largest and most populated cities in all of Spain. This is not to mention that Madrid is filled with all sorts of interesting things to see and do.
However, if you’re thinking of getting an apartment in Madrid, you might be wondering how much it will cost you. While the cost of living in Spain is generally lower compared to other countries and especially when compared to the United States, you still do have to consider that Madrid is a bustling metropolis.
Keep reading and learn more about the cost of apartment living in Madrid, Spain.
Understanding the Cost of an Apartment in Madrid
There are various things that will affect the cost of living in Madrid. For one, the cost of apartments in Spain will vary according to your location. For example, you could get an apartment for an extremely cheap price if you decided to look for one in a smaller city like Valencia or Gijon.
However, because Madrid is a major hub and the place where everyone wants to go, it only makes sense that apartments there are quite a bit more expensive compared to the rest of Spain. In a way, Madrid is the New York City of Spain. But this is not to say that all the apartments in this city are ridiculously expensive.
On the contrary, there are some relatively affordable apartments in certain parts of the city, but in general, the prices are more expensive compared to the rest of Spain. One of the main factors that will determine the price of an apartment is where the apartment is in Madrid.
For example, one of the most expensive places to live in Madrid is in the downtown area. The downtown area, of course, is the most sought-after place in the entire city. There, you can easily walk to everything you need whether it’s a tasty restaurant, a nightclub, a museum, or something else.
Many people don’t even bother with cars or taxis in the downtown area since it is so easy to walk to every place. Meanwhile, the price of apartments will start to decrease the farther away you get from this part of the city. For example, if you decide to get an apartment on the outskirts of Madrid, you will only have to pay a fraction of the price compared to what you would pay for an apartment in the heart of the city.
The size of the apartment will also determine the cost. Of course, smaller apartments will be a bit cheaper than larger ones. In the heart of the city, you will find that only smaller apartments are mainly available. This is because downtown Madrid is so compact and there isn’t a lot of room for larger apartments.
On the other hand, the farther away you get from the centre, the larger apartments you will be able to find, but be prepared to pay more money for them.
How Much Does It Cost?
Suppose that you want to rent an apartment that only has one bedroom near the heart of Madrid. This sort of apartment will typically cost you around €900 to €1,000. This may sound unusually expensive, especially for Spain and especially for only a one-bedroom apartment.
But as mentioned before, Madrid is a major hub and most apartments there are quite expensive. Of course, you can save some money by renting a studio apartment instead, but this may not have the space that you need or want. If you are intent on living in Madrid and saving money at the same time, then you’ll have to drift away from the downtown area and instead live on the outskirts.
In that case, you might only need to pay around €700 for a one-bedroom apartment. This, of course, is significantly cheaper but you won’t have the convenience of being able to walk everywhere as you would when you’re in the downtown area. If you don’t have that kind of money to rent an apartment, you can cut costs even more by renting a single room rather than an entire apartment.
What You Need to Know
In that case, you will only need to pay around €400 or so. This would allow you to save a large chunk of money, but of course, you would have to sacrifice a lot of space and you wouldn’t have the entire apartment to yourself. And what about the cost of utilities?
Some apartments in Spain include the cost of utilities in the cost of the rent. Some, however, don’t do that. In that case, you can expect to pay around €150 in utility costs. As long as you factor in all of these cost variations, it shouldn’t be too hard for you to find a place in Madrid that fits your budget.
But of course, if you’re planning on living in Madrid, you also have to think about the other factors that may affect your cost of living such as the price of food, transportation, entertainment, and so on.
The Cost of an Apartment in Madrid
The cost of an apartment in Madrid will depend on where in Madrid you want to live, how large the apartment is, and so on. Once you got all of that figured out, you can start to narrow down your options.
To learn more about living in Spain, click here.