Overview
- EMAL, which counts security deposits filed with the Basque Government as a proxy for new leases, reports a 61% drop in Gipuzkoa and 53% in San Sebastián.
- The average rent for newly signed contracts reached €921 for leases that began in the third quarter of 2025, the latest period available.
- In San Sebastián, the average price on new leases fell 2.6% quarter over quarter, easing from €1,190 to €1,159.
- The data show fewer new agreements even as prices for the smaller pool of new contracts remain high, which can mean fewer moves and tighter choices for renters.
- Officials and reporters note that lower deposit filings can reflect fewer deals, slower reporting, or shifts in landlord and tenant behavior, and they say more study is needed to judge if this is a short-term blip or a lasting change.