With September’s CPI at 4.9% and the IRAV at a record 2.54%, many landlords will see their rent frozen this autumn: from 8 October until 31 December 2027, if the rent is above the Serpavi limit it cannot rise at all, and if it is not, it can only rise by whatever is newly agreed or, without agreement, by 2% at most. In the province of Malaga, the Government estimates that the freeze affects 32,100 contracts, 28.9% of those covered.
The change comes with Royal Decree-law 29/2026, just as inflation hits its highest level since February 2023, and it does not affect a city flat and a coastal villa in the same way.
How much can rent go up from 8 October 2026?
The rule is in the sixth final provision of the decree, published in the Official State Gazette (BOE) on 7 October. It covers residential leases under the Urban Leases Act whose annual update falls between 8 October 2026 and 31 December 2027, whether the landlord is a small owner or a large one, and whether the contract is linked to the CPI or capped by the IRAV.
| Your situation | What you can apply at the update |
|---|---|
| The rent is above the Serpavi upper limit | No increase: the rent is frozen |
| The rent is at or below the limit | Whatever is newly agreed with the tenant; without agreement, 2% at most |
| Serpavi gives no value for your home | The same rule: a new agreement or, without one, 2% at most |
| The contract has no update clause | The rent is not updated |
With the IRAV at 2.54%, the 2% cap bites even for recent contracts, and for those linked to the CPI it cuts almost three points. A larger increase is only possible if the rent does not exceed Serpavi and the tenant accepts it. Tourist lets are outside the rule because they are not subject to the Urban Leases Act.
What is Serpavi and how do you know if your rent exceeds it?
Serpavi is Spain’s State Rental Price Reference System. For each home it calculates a rent range from what landlords declare to the tax authorities, now using 2024 data, and from Cadastre information, depending on the census section, the floor area and extras such as a lift, parking or a communal pool. Until now its upper value only limited new contracts in stressed areas, and Andalusia has not declared any. With the decree it now decides whether a rent is frozen, and the Government applies it outside those areas too.
But not every home has a reference value. The current methodology, dated March 2026, only calculates it for flats of 30 to 150 m² of built area, in residential apartment buildings completed before 2022 and in census sections with enough data. Houses, villas, flats over 150 m² and new builds are left out: for them, a new agreement or the 2% applies, but not a freeze. According to the Government, that is the case for 112,500 contracts in Andalusia.
- Find the property’s cadastral reference: it appears on the IBI property tax bill.
- Enter it in the Ministry of Housing’s rent calculator or in the Serpavi search, together with the home’s features, and compare the upper value of the range with the current rent.
- Notify the update in writing, stating the percentage applied and the new rent in euros, and keep a copy.
How many contracts are frozen in Málaga?
The Government estimated the reach by province with the first decree, 26/2026, which Congress struck down and which 29/2026 brings back with the same rule. In Andalusia the limit covers 406,000 market-rate leases, home to 954,600 people.
| Area | Contracts covered | Frozen | % frozen | Median tenant saving with a frozen rent |
|---|---|---|---|---|
| Málaga province | 111,300 | 32,100 | 28.9% | €25.9/month |
| Cádiz province | 53,800 | 16,900 | 31.4% | €20.4/month |
| Almería province | 35,300 | 10,600 | 30.1% | €16.7/month |
| Seville province | 83,800 | 23,800 | 28.4% | €22/month |
| Granada province | 61,300 | 13,000 | 21.2% | €19.6/month |
| Andalusia | 406,000 | 110,900 | 27.3% | €21.4/month |
Málaga is above the Andalusian average, although Cádiz and Almería freeze an even larger share, and it accounts for 35% of the estimated saving in the region, €21.5 million a year. For the landlord, that saving is income forgone: €25.90 a month in the median household with a frozen rent, about €311 a year. Across Spain, the Government speaks of more than one million frozen contracts.
Which homes on the Costa del Sol fall outside Serpavi?
The Costa del Sol is full of exactly the kind of homes that Serpavi does not cover. We measured it in our portfolio: of the 8,286 homes for sale in October 2026, 64% would have no reference value if rented out.
| Municipality | Houses and villas | Flats outside the size range or new builds | Total outside Serpavi |
|---|---|---|---|
| Marbella | 40.8% | 22.7% | 63.5% |
| Benahavís | 45.9% | 18.2% | 64.1% |
| Estepona | 36.4% | 25.7% | 62.1% |
| Mijas | 46.3% | 16.9% | 63.2% |
| Fuengirola | 12.3% | 40.7% | 53.0% |
| Malaga | 31.0% | 24.7% | 55.8% |
| Whole portfolio | 42.3% | 21.7% | 64.0% |
It is a floor, because some census sections also lack enough data. For the owner of a villa in Marbella or a new flat in Fuengirola, the rent is not frozen, but until the end of 2027 it cannot rise by more than what is agreed or, without agreement, by 2%.
How much income does a landlord lose with a frozen rent?
An example at market prices: in Marbella rents were advertised in September at €23.6/m² a month, according to idealista, so an 80 m² flat would be around €1,888. With the CPI it would have risen by €92.51 a month; with the IRAV, by €47.96; with the cap, by €37.76. Frozen, the landlord receives €1,110 less a year than with the CPI; in the city of Málaga, at €16.5/m², it would be €776. Meanwhile, market rents are rising 5.7% a year across the province, almost three times the cap, so the gap between existing and new contracts is likely to widen while the limit lasts.
Does buying to let on the Costa del Sol still pay off?
It can, but the numbers change. In Andalusia the initial rent of a new contract is freely agreed; what the decree limits is how much it grows afterwards, and a contract signed now will have its first update in autumn 2027, still within the period. Of the 603 homes we offer for long-term rent, 61% fall outside Serpavi, mostly villas and large flats.
- Set the starting rent carefully using local data: it will barely be able to grow until 2028.
- If you buy a home that is already let, check its Serpavi value first: if the rent exceeds it, it will not rise until 2028.
- Work out the yield assuming a flat rent: with the CPI at 4.9%, a frozen rent loses almost 5% of its purchasing power in a year.
- Bear in mind the decree’s extraordinary extension: if the contract’s extension period ends before 31 December 2028, a tenant who is up to date with payments can ask for up to two more years on the same terms. And if you sell, the buyer takes over the contract.
What happens if the Standing Committee does not validate the decree?
As of 15 October 2026, the decree is in force but awaiting validation, and because Parliament was dissolved for the general election on 29 November, the vote falls to the Standing Committee of Congress (Diputación Permanente). It is no formality: in early October Congress struck down the two previous versions, and in April the 2% cap approved in March had already lapsed. If it is not validated, the general rule returns: whatever the contract says, with the IRAV as a ceiling for contracts signed since 26 May 2023.
In short: can I raise the rent this year?
If your contract’s update falls between now and the end of 2027, forget the CPI and the IRAV and check Serpavi first: above its limit the rent is frozen, and below it, or if the home has no reference value, it rises by whatever you agree with the tenant or, without agreement, by 2%. At EVS PROPERTY GROUP we help owners and investors set a realistic rent, check a home’s Serpavi value before buying and calculate its yield in Málaga and on the Costa del Sol. If you are weighing up your case, let’s talk.
This article is for general information only and is not a substitute for a lawyer’s advice on your specific case.
Frequently asked questions
Can I raise the rent by 4.9% with September’s CPI?
Not if the update falls between 8 October 2026 and 31 December 2027: the rent is frozen if it exceeds the Serpavi limit and, if it does not, it rises by whatever is newly agreed or, without agreement, by 2% at most.
What happens if my home has no Serpavi value?
It cannot be frozen on that basis and the other rule applies: a new agreement with the tenant or, without one, 2% at most. This is the case for houses and villas, flats over 150 m² and new builds.
Does the freeze also apply to contracts signed before 2023?
Yes. It applies to all residential leases under the Urban Leases Act whose annual update falls within the period, whether they are linked to the CPI or capped by the IRAV.
How long does the rent limit last?
It covers updates due up to 31 December 2027, provided the Standing Committee validates the decree; if it does not, the limit lapses sooner.
What next? The most useful thing after reading is to look at the real market: browse properties by city or tell us on WhatsApp what you are looking for — area, budget, timing — and we will prepare a tailored selection, with no obligation.
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