Quarterly report · Q4 2026 edition
Rents in Portugal: Aluseg quarterly rent report, Q4 2026 edition
Rents on new leases rose 10.2% in a year, almost four times the 2.56% cap on rent increases for existing leases in 2027. INE figures for the country and its regions, the 24 largest municipalities and every municipality over the last 12 months, with the data as CSV.
- Source: INE
- Data up to Q2 2026
- Published October 2026
Q2 2026
The quarter in four numbers
- National median rent on new leases in Q2 2026 (INE)
- €10.17/m²
- Change on Q2 2025 (INE), up from +9.1% in Q1
- +10.2%
- New leases signed in the quarter, +0.4% year on year (INE)
- 35,407
- of municipalities with reliable data (155 of 176): T2 rents rose above 2.56%, the 2027 legal cap, over 12 months
- 88%
Five numbers from the quarter
Ready-to-quote sentences, with the source of each figure.
- The median rent on new leases in Portugal reached €10.17/m² in Q2 2026, up 10.2% on a year earlier. Growth picked up from Q1 (+9.1%). Source: INE.
- The market is rising almost four times faster than the law allows for existing leases: +10.2% on new leases, against a 2.56% rent update cap for 2027. Source: INE; Aviso n.º 24199/2026/2.
- In 155 of the 176 municipalities with reliable data (88%), the rent of a T2 rose by more than 2.56% in the 12 months to Q2 2026. In the median municipality, rents rose 9.3%. Source: Aluseg, based on INE data.
- Lisbon is still the most expensive municipality (€17.79/m²) but rose 5.1%, half the national pace. For a T2, Aluseg's estimate is €1,473 a month (+2.1%), the smallest rise of the 22 large municipalities with reliable data. Source: INE; Aluseg estimate for the T2.
- Prices are rising on stable volumes: 35,407 new leases in the quarter, +0.4% on Q2 2025. Source: INE.
Part 1
The quarter: Q2 2026
The country and its regions, with INE figures for all property sizes, and the 24 municipalities with more than 100,000 inhabitants, with Aluseg's estimate for a T2.
Portugal
The median rent on new leases was €10.17/m² in Q2 2026: +10.2% on the same quarter of 2025 (up from +9.1% year on year in Q1) and +7.5% on Q1 2026. 35,407 new leases were signed, 0.4% more than a year earlier.
The most expensive regions (NUTS III)
| NUTS III | Median rent (Q2 2026) |
|---|---|
| Grande Lisboa | €15.24/m² |
| Madeira (autonomous region) | €12.78/m² |
| Península de Setúbal | €11.99/m² |
| Algarve | €11.56/m² |
| Porto metropolitan area | €10.83/m² |
| Portugal | €10.17/m² |
Among the 24 municipalities with more than 100,000 inhabitants, Lisbon has the highest level (€17.79/m², +5.1%) and Guimarães the largest year-on-year rise (+20.7%). Figures for all property sizes.
Source: INE (Statistics Portugal), release of 29 September 2026 on housing rents in Q2 2026 (INE document, in Portuguese). Figures quoted as published.
Large municipalities: one-year change in the rent of a T2
Median rent of a T2 on new leases, Q2 2026 vs Q2 2025. The line marks the 2027 legal cap (2.56%): only Lisbon falls below it.
- Santa Maria da Feira+20.7%
- Funchal+18.0%
- Loures+14.2%
- Vila Nova de Famalicão+10.0%
- Braga+9.9%
- Sintra+9.3%
- Vila Franca de Xira+8.9%
- Maia+8.8%
- Amadora+7.9%
- Cascais+7.3%
- Gondomar+7.2%
- Seixal+6.9%
- Matosinhos+6.8%
- Oeiras+6.7%
- Setúbal+5.9%
- Coimbra+5.7%
- Almada+5.7%
- Leiria+5.1%
- Porto+4.3%
- Vila Nova de Gaia+4.1%
- Odivelas+3.7%
- Lisbon+2.1%
Guimarães and Barcelos are not shown: in Q2 2026 there were too few T2 leases for a reliable figure.
The 24 municipalities with more than 100,000 inhabitants
Median rent of a T2 on new leases in Q2 2026 (Aluseg estimate for 85 m²), €/m² of a T2 (INE) and change on Q2 2025. From most to least expensive.
| # | Municipality | T2 rent (Q2 2026) | €/m² | Year on year |
|---|---|---|---|---|
| 1 | Lisbon | €1,473 | 17.33 | +2.1% |
| 2 | Cascais | €1,417 | 16.67 | +7.3% |
| 3 | Oeiras | €1,331 | 15.66 | +6.7% |
| 4 | Funchal | €1,246 | 14.66 | +18.0% |
| 5 | Almada | €1,166 | 13.72 | +5.7% |
| 6 | Odivelas | €1,125 | 13.23 | +3.7% |
| 7 | Amadora | €1,123 | 13.21 | +7.9% |
| 8 | Porto | €1,109 | 13.05 | +4.3% |
| 9 | Loures | €1,100 | 12.94 | +14.2% |
| 10 | Matosinhos | €1,048 | 12.33 | +6.8% |
| 11 | Sintra | €1,000 | 11.76 | +9.3% |
| 12 | Setúbal | €995 | 11.71 | +5.9% |
| 13 | Vila Franca de Xira | €989 | 11.63 | +8.9% |
| 14 | Seixal | €982 | 11.55 | +6.9% |
| 15 | Vila Nova de Gaia | €881 | 10.37 | +4.1% |
| 16 | Maia | €828 | 9.74 | +8.8% |
| 17 | Coimbra | €811 | 9.54 | +5.7% |
| 18 | Gondomar | €785 | 9.24 | +7.2% |
| 19 | Braga | €766 | 9.01 | +9.9% |
| 20 | Leiria | €684 | 8.05 | +5.1% |
| 21 | Santa Maria da Feira | €659 | 7.75 | +20.7% |
| 22 | Vila Nova de Famalicão | €658 | 7.74 | +10.0% |
| – | Guimarães | sample too small | – | – |
| – | Barcelos | sample too small | – | – |
This table is for a T2 (INE quarterly series by property size). The INE figures quoted above (Lisbon €17.79/m², Guimarães +20.7%) cover all property sizes, which is why they differ. Full data: CSV of the 24 municipalities.
Part 2
The last 12 months (to Q2 2026): every municipality
For the other municipalities, INE publishes a rolling 12-month median. We compare the 12 months to Q2 2026 with the 12 months to Q2 2025, for a T2.
Of the 221 municipalities in the 12-month series, 176 have a high or medium-confidence estimate. Across those 176 municipalities:
- the rent of a T2 rose more than 2.56% (the 2027 legal cap) in 155 (88%);
- it rose 10% or more in 78;
- it fell in 13;
- the median municipality saw +9.3%.
The rankings below only include the 120 municipalities with at least 100 new leases over 12 months (high confidence), so that thin samples do not dominate the list.
The largest swings are mostly in small markets with low starting rents and few leases, where a few tens of euros weigh heavily in percentage terms. The 24 large municipalities have their own quarterly series (Part 1) and are not in this list.
The 10 largest rises
| # | Municipality | District | T2 rent (12 months to Q2 2026) | €/m² | Year on year |
|---|---|---|---|---|---|
| 1 | Sines | Setúbal | €1,367 | 16.08 | +29.1% |
| 2 | Coruche | Santarém | €608 | 7.15 | +23.6% |
| 3 | Soure | Coimbra | €517 | 6.08 | +21.4% |
| 4 | Câmara de Lobos | Madeira | €673 | 7.92 | +20.6% |
| 5 | Nelas | Viseu | €442 | 5.20 | +17.9% |
| 6 | Gouveia | Guarda | €316 | 3.71 | +17.5% |
| 7 | Marco de Canaveses | Porto | €427 | 5.03 | +17.0% |
| 8 | Óbidos | Leiria | €767 | 9.02 | +16.7% |
| 9 | Ribeira Grande | Azores | €503 | 5.92 | +16.7% |
| 10 | Mira | Coimbra | €552 | 6.50 | +16.7% |
Sines stands apart: at €1,367 for a T2, it is the most expensive municipality in the whole 12-month series (which excludes the 24 large municipalities), and still one of the fastest risers (+29.1%).
The 10 largest falls
| # | Municipality | District | T2 rent (12 months to Q2 2026) | €/m² | Year on year |
|---|---|---|---|---|---|
| 1 | Sobral de Monte Agraço | Lisbon | €628 | 7.39 | −4.8% |
| 2 | São Brás de Alportel | Faro | €570 | 6.70 | −4.7% |
| 3 | Oliveira de Frades | Viseu | €429 | 5.05 | −2.5% |
| 4 | Arganil | Coimbra | €397 | 4.67 | −2.2% |
| 5 | Alcácer do Sal | Setúbal | €708 | 8.33 | −1.7% |
| 6 | Salvaterra de Magos | Santarém | €545 | 6.41 | −0.4% |
| 7 | Santa Comba Dão | Viseu | €444 | 5.22 | +0.5% |
| 8 | Santo Tirso | Porto | €451 | 5.31 | +0.9% |
| 9 | Tábua | Coimbra | €400 | 4.70 | +1.0% |
| 10 | Estremoz | Évora | €470 | 5.53 | +2.4% |
Municipalities with at least 100 new leases over 12 months only (high confidence). Linked municipalities have their own page with rents by size and the trend. Every municipality: rents by municipality and the full CSV.
What it means for landlords
On an existing lease, the 2027 update is capped at 2.56%; on a new lease, the rent follows the market, which has risen far more. Before you set or update a rent, check your municipality's figures.
Rental market simulator
Estimate the market rent of your property by municipality, size and floor area.
Estimate the rentThe 2027 rent update coefficient
1.0256: how much the rent of an existing lease can rise in 2027, and the deadlines.
See the coefficientRental income tax calculator
How much tax you pay on rental income in Portugal, with the flat rates and the lowest rate that applies.
Calculate the taxRents by municipality
What a T2 costs to rent, municipality by municipality, with rents by size and the district comparison.
See the municipalities
For journalists
"New leases are rising almost four times faster than the legal cap. With rents from real contracts, not listing prices, we want landlords to know how much they can ask and update, and tenants to know whether they are paying a fair price. That is the role of a trusted third party in Portugal's rental market."
Paulo, Aluseg
How to cite: "Source: Aluseg quarterly rent report, Q4 2026 edition, based on INE data." In Portuguese: «Fonte: Relatório trimestral de rendas Aluseg, edição T4 2026, a partir de dados do INE.»
Licence: CC BY 4.0. The data and charts in this report can be reproduced and adapted without asking, with the citation above and a link to this page.
Data downloads (CSV, UTF-8, comma-separated, decimal point; column names in Portuguese):
- Every municipality, 12 months to Q2 2026: estimated T2 rent, €/m², rent a year earlier, year-on-year change, confidence of the estimate and the municipality's Aluseg page.
- The 24 municipalities with more than 100,000 inhabitants, Q2 2026: the same fields, against Q2 2025.
Low-confidence values are left blank in the files: we do not publish them.
Contact and custom cuts (district, municipality, property size): hello@aluseg.com.
Aluseg is a Portuguese platform for landlords: tenancy agreements, rent collection and yearly updates, tenant solvency checks and a rent simulator. aluseg.com
Methodology and sources
Edition and period. Q4 2026 edition of the Aluseg quarterly rent report, published in October 2026. The data runs to Q2 2026, the latest quarter published by INE at the time. Each edition keeps its numbers; the next one gets a new page.
Sources. (1) INE (Statistics Portugal), release of 29 September 2026 on housing rents in Q2 2026 (INE document): national, NUTS III and 24-large-municipality figures for all property sizes, quoted as published. (2) INE, local housing rent statistics, through the database of the Aluseg rent simulator (extracted 7 October 2026): figures by municipality. These are rents on new lease contracts, not asking prices from listings.
Municipality figures. Unfurnished apartments, at municipality level. INE publishes the median €/m². The monthly rent of a T2 (2-bedroom) is an Aluseg estimate: the €/m² applied to an 85 m² reference floor area. In the 12-month series, the municipality's €/m² is adjusted by the NUTS III ratios by property size; in the quarterly series of the 24 large municipalities, INE publishes the €/m² by property size. The year-on-year change compares the rent of a T2 with the same period a year earlier (Q2 2025, or the 12 months to Q2 2025). Same data and method as the municipality pages.
Confidence. Each estimate has a confidence level (high, medium or low) based on the number of leases. Rankings only include high-confidence estimates (at least 100 new leases over 12 months). National counts also include medium confidence (30 to 99 leases). Low-confidence values are not published.
Legal cap. The 2027 rent update coefficient is 1.0256 (2.56%), set by Aviso n.º 24199/2026/2. It applies to existing leases, not to new ones.
More series in the Aluseg Rent Index.
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