2025 RENTAL EVIDENCE · AGTP RESEARCH NOTE
Where Did Rents Rise or Fall in Portugal in 2025?
Editorial analysis: The American’s Guide to Portugal · Updated
Average contracted monthly rents rose in 10 of the 13 Portuguese municipalities we track in 2025. Faro, Lisboa and Cascais declined. Loulé and Vila Nova de Gaia recorded the largest increases in this selected group. These are annual averages in euros, not a national index or December asking prices.
What changed in each market?
Each regional label below groups municipalities for reading; it is not a calculated regional average. Scroll horizontally on smaller screens.
| Municipality | 2024 | 2025 | Change |
|---|---|---|---|
| Lisbon Area | |||
| Lisboa | €1,648 | €1,588 | -3.6% |
| Cascais | €1,865 | €1,861 | -0.2% |
| Oeiras | €1,484 | €1,551 | +4.5% |
| Sintra | €1,148 | €1,221 | +6.4% |
| Setúbal Area | |||
| Almada | €1,148 | €1,172 | +2.1% |
| Setúbal | €1,124 | €1,181 | +5.1% |
| Porto Area | |||
| Porto | €1,218 | €1,229 | +0.9% |
| Matosinhos | €1,183 | €1,243 | +5.1% |
| Vila Nova de Gaia | €952 | €1,074 | +12.8% |
| Northern & Central Cities | |||
| Braga | €918 | €976 | +6.3% |
| Coimbra | €825 | €895 | +8.5% |
| Algarve | |||
| Faro | €1,229 | €1,135 | -7.6% |
| Loulé | €1,431 | €1,626 | +13.6% |
Source: Confidencial Imobiliário, SIR, 2024–2025 annual observations, all property types, bedrooms and conditions. Changes calculated by AGTP. © IMOESTATISTICA – TODOS OS DIREITOS RESERVADOS.
Does a falling average mean every home got cheaper?
No. The homes leased in one year are not necessarily the same homes leased in another. Changes in size, property type or location can affect the average. The published series does not provide sample counts or the data needed for a constant-quality comparison.
Faro’s decline therefore does not establish that a particular apartment should rent for 7.6% less. Equally, Loulé’s increase is not a forecast of the next lease. These figures are context for comparing places, not a valuation or negotiating entitlement.
Did slower growth restore earlier affordability?
All 13 annual averages remained above 2020. Across the municipalities, the median annual increase eased to 5.1% in 2025, compared with 6.4% in 2024 and 29.6% in 2023. The middle municipal change gives every municipality equal weight; it is not Portugal’s national rent growth rate.
For someone who began planning a move several years ago, slower growth may still leave a substantial gap between the original budget and today’s options. Compare the full 2020–2025 history.
What should an American renter do with this?
Start with a recent benchmark for the municipality, then narrow the comparison to the type and size of home required. Check current listings and the actual condition and location of each property. If income is in dollars, consider exchange rates separately from euro rent changes.
Compare the latest published rental benchmarks, or read how exchange rates change the dollar cost of rent.
Read the rental methodology. These selected-market observations and historical illustrations are not a nationally representative index, an individual valuation or a forecast.