Rent price in Palma
Illes Balears · Illes Balears
Estimated rent · IPVA 2023
Net income
16.2k€
per capita/yr
Unemployment
4.3%
SEPE
Population
435k
residents
In 2023, the estimated rent in Palma is €819/month (INE IPVA index), a +3.4% annual change and 9.3% higher than in 2020. Estimated provincial average in Illes Balears: €792/month.
Full guide: living in Palma
Monthly budget, required salary and mortgage estimate
Idealista
Rental flats in Palma →
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National market context
National rank
#143
out of 748 municipalities
vs Illes Balears
+27€
region avg: €792
Trend vs Spain
+1.1%
avg: 2.3%
Trend vs region
+0.2%
region avg: €3.2
Palma ranks 143 out of 748 municipalities in the INE rent price index. It is close to the Illes Balears average (€792/month).
Rent price evolution
Estimated monthly rent in Palma (€/month). Source: INE IPVA.
Income and housing effort
Net income per capita
16.181€
per year · INE Atlas
Average household income
45.745€
per year
Rent-to-income ratio
60.7%
of per capita income
Average gross salary
29.075€
per year · Illes Balears
Rent-to-salary ratio
33.8%
of annual gross salary
The national average effort is 55.4% of per capita income. Palma is 5 points above that average.
Source: INE Atlas of Household Income Distribution · INE Survey of Wage Structure (op.140). Gross salary is the Illes Balears average.
Registered unemployment
Estimated unemployment rate
4.3%
of estimated active population
Registered unemployed
11,731
people
Annual change
-7.2%
vs same month previous year
Source: SEPE (Spanish Public Employment Service)
How much do you need to earn to live in Palma?
With rent at €819/month, the recommended salary (30% rule) is €48,500 gross/year.
Recommended salary
48,500€
gross / year
Rent
819€
/ month
Real avg income
16,181€
net / year
Enter your gross annual salary to see what rent in Palma means for your budget.
What would a mortgage cost in Palma?
For a €165,000 property (estimated from current rent), the monthly payment would be €661 over 25 years at 3.5%. You need €49,500 for the down payment and costs (20% + 10%). Based on average incomes in Palma, saving that amount would take around 3.6 years.
What does it cost to live in Palma?
Rent is €819/month. With average food, transport and utilities, the estimated cost of living is €1,589/month. Adjust each category to your situation.
Estimated expenses based on national averages. Adjust to your lifestyle.
Climate
Monthly max & min temperature (°C) · 2015–2024 normals
Source: Open-Meteo · ERA5 reanalysis (ECMWF)
Rent index evolution
| Year | INE IPVA Index | Estimated rent |
|---|---|---|
| 2023 | 125.996 | 819€ |
| 2022 | 121.822 | 792€ |
| 2021 | 117.467 | 764€ |
| 2020 | 115.301 | 749€ |
Frequently asked questions
How much does it cost to rent in Palma?
The estimated rent in Palma is €819/month in 2023, according to the INE Housing Rental Price Index (IPVA).
Have rents gone up or down in Palma?
Rent in Palma has risen by 3.4% compared to the previous year, per the INE IPVA index.
Is Palma expensive to rent compared to the national average?
Yes, rent in Palma (€819/month) is 26% above the national average (€648/month).
How much do you need to earn to live in Palma?
Applying the 30% rule (rent should not exceed 30% of net income), you need approximately €33000 net per year to live in Palma with a rent of €819/month.
What would a mortgage cost in Palma?
For an estimated property price of €165,000 in Palma (based on current rent of €819/month), the monthly mortgage payment would be €661 over 25 years at 3.5% APR. Down payment and purchase costs amount to approximately €49,500 (20% down + ~10% costs).
Illes Balears province
View all municipalities and compare prices
Other municipalities in Illes Balears
Municipalities with similar rent
Municipalities in Spain with a similar rent to Palma (±10%)
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Want to compare Palma with another municipality?
Rent, income, population and more, side by side.
Official source
Instituto Nacional de Estadística
Organismo estadístico oficial del Estado español
www.ine.es View source →Methodology
Data comes from the Housing Rental Price Index (IPVA) published by Spain's National Statistics Institute (INE), with base 100 in 2015. The estimated rent is calculated by applying the index to the median reference price for the province in 2015.
Source: INE IPVA base 2015=100 · INE code: 07040