Official INE seriesLast figure published 15 September 2026
The IRAV, month by month
The IRAV is the legal ceiling on annual rent updates for Spanish home leases signed from 26 May 2023. The latest figure is 2.47% for August 2026, while inflation (IPC) was 4.30%.
Annual change, %
Source: INE. Hover or use the arrow keys for each month.
| Month | IPC | IRAV | Gap, pts |
|---|---|---|---|
| August 2026 | 4.30% | 2.47% | 1.83 |
| July 2026 | 3.60% | 2.49% | 1.11 |
| June 2026 | 3.20% | 2.44% | 0.76 |
| May 2026 | 3.20% | 2.48% | 0.72 |
| April 2026 | 3.20% | 2.40% | 0.80 |
| March 2026 | 3.40% | 2.47% | 0.93 |
| February 2026 | 2.30% | 2.16% | 0.14 |
| January 2026 | 2.30% | 2.14% | 0.16 |
| December 2025 | 2.90% | 2.32% | 0.58 |
| November 2025 | 3.00% | 2.29% | 0.71 |
| October 2025 | 3.10% | 2.25% | 0.85 |
| September 2025 | 3.00% | 2.22% | 0.78 |
| August 2025 | 2.70% | 2.19% | 0.51 |
| July 2025 | 2.70% | 2.15% | 0.55 |
| June 2025 | 2.30% | 2.10% | 0.20 |
| May 2025 | 2.00% | 1.99% | 0.01 |
| April 2025 | 2.20% | 2.09% | 0.11 |
| March 2025 | 2.30% | 1.98% | 0.32 |
| February 2025 | 3.00% | 2.08% | 0.92 |
| January 2025 | 2.90% | 2.19% | 0.71 |
| December 2024 | 2.80% | 2.28% | 0.52 |
| November 2024 | 2.40% | 2.20% | 0.20 |
How INE calculates the IRAV
The IRAV is the lowest of four figures for the month: the annual IPC; the annual core IPC (which leaves out energy and unprocessed food); and two “adjusted” rates that pass on inflation in full up to 2% but only half of anything above it.
IRAV = min( IPC, core IPC, 2% + 0.5 × (IPC − 2%), 2% + 0.5 × (core IPC − 2%) )
So with inflation at 4.3% and core inflation near 2.9%, the IRAV lands near 2.47%: half of the 0.9-point excess of core inflation over 2%, added to 2%. The two parameters (0.5 and 2%) were proposed by the housing and economy ministries and can be changed by the government. See INE’s methodology note.
When is the next figure published?
INE publishes each month’s IRAV together with the final IPC, around the 12th–15th of the following month. The figure for September 2026 is expected around 14 October 2026. A rent update uses the latest figure published on the update date.
Which contracts it applies to
Only leases of a home that is the tenant’s permanent residence, signed on or after 26 May 2023, for updates from 1 January 2025. For those contracts the IRAV is a ceiling: if the contract’s own index (usually IPC) is lower, the lower figure applies. Contracts signed before 26 May 2023 follow their own clause, and seasonal, room and commercial leases are not covered at all.
IPC history since 2019
Annual change in the general consumer price index, for contracts that update by IPC. Fuente: INE.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.3 | 2.3 | 3.4 | 3.2 | 3.2 | 3.2 | 3.6 | 4.3 | — | — | — | — |
| 2025 | 2.9 | 3.0 | 2.3 | 2.2 | 2.0 | 2.3 | 2.7 | 2.7 | 3.0 | 3.1 | 3.0 | 2.9 |
| 2024 | 3.4 | 2.8 | 3.2 | 3.3 | 3.6 | 3.4 | 2.8 | 2.3 | 1.5 | 1.8 | 2.4 | 2.8 |
| 2023 | 5.9 | 6.0 | 3.3 | 4.1 | 3.2 | 1.9 | 2.3 | 2.6 | 3.5 | 3.5 | 3.2 | 3.1 |
| 2022 | 6.1 | 7.6 | 9.8 | 8.3 | 8.7 | 10.2 | 10.8 | 10.5 | 8.9 | 7.3 | 6.8 | 5.7 |
| 2021 | 0.5 | 0.0 | 1.3 | 2.2 | 2.7 | 2.7 | 2.9 | 3.3 | 4.0 | 5.4 | 5.5 | 6.5 |
| 2020 | 1.1 | 0.7 | 0.0 | -0.7 | -0.9 | -0.3 | -0.6 | -0.5 | -0.4 | -0.8 | -0.8 | -0.5 |
| 2019 | 1.0 | 1.1 | 1.3 | 1.5 | 0.8 | 0.4 | 0.5 | 0.3 | 0.1 | 0.1 | 0.4 | 0.8 |