A report titled The cost of rentierism for wages and the productive economy, produced by the Economic Cabinet of the Confederation of Trade Unions (CCOO), reveals the economic and social consequences of a real estate model that allows housing prices to rise significantly faster than wages and the productive economy's capacity to generate wealth.
The report warns that rentierism has become a barrier to improving living conditions for a large segment of the working class and to fostering an economic model based on productive activity, investment, and job creation. An increasing portion of working families' income is being allocated to housing costs, while rising commercial rents are elevating expenses for small businesses and self-employed individuals.
This dynamic presents an increasingly evident contradiction: while wages should enable a decent living and businesses need to invest, innovate, and develop their activities, soaring property rents are absorbing resources that could be directed towards consumption, wage increases, productive investment, and job creation.
Housing costs outpace wage growth
The data shows a widening gap between housing costs and wages. Between the second quarter of 2013 and the same period in 2026, the price of purchasing a home increased by 108%, while the average wage rose by only 30%. This means that housing prices have surged 3.6 times faster than wages, pushing millions of workers further away from homeownership.
Moreover, for those who can buy a home, the financial burden has also significantly increased. Currently, an average of 7.1 annual salaries is required to purchase a 90-square-metre home, compared to just 3.1 salaries in 1985. This figure does not include the necessary savings for the down payment, taxes, and other expenses, which represent approximately 30% of the total price.
Challenges in the rental market
For those unable to purchase a home, renting is not a viable alternative either. Between 2015 and 2024, new rental contracts saw a 37% increase, while the average wage rose by only 21%. Consequently, improvements in wages achieved through collective bargaining and minimum wage increases are being negated by the rising cost of housing. It is impossible to ensure sustained improvements in purchasing power if an increasing share of salaries ends up in the hands of property owners.
Impact on the productive economy
The challenges extend beyond the finances of working families. The rising cost of commercial spaces directly impacts businesses, particularly small enterprises and self-employed individuals. According to data from the Tax Agency included in the study, commercial rents increased by 5.8% in 2021, 8.3% in 2022, and 4.5% in 2023. These expenses drain resources from businesses, raise entry barriers for new ventures, and threaten the sustainability of existing establishments.
Additionally, high property returns create growing competition between maintaining economic activity and allocating properties for rental income. In 2025, the gross return on investment in housing was 16%, while the ordinary return on business equity was only 7%, according to data from the Bank of Spain. This rentierism pits property profitability against the profitability of producing goods and providing services.
Potential benefits of reducing housing costs
Housing expenses consume a significant portion of household budgets, leaving less money for other goods and services. The report cites an estimate from CCOO's Economic Cabinet suggesting that a 30% reduction in housing costs could generate an additional €21 billion to €26 billion in aggregate demand and create between 330,000 and 411,000 jobs over five years, based on the simulation's assumptions.
Upcoming general strike for dignified wages and housing rights
The findings of the report bolster the rationale behind the general strike called by CCOO and UGT for 11 November, which prioritises access to decent and affordable housing, improved wages, control of essential goods and services prices, and the defence of quality public services. CCOO argues that housing should not function as a mechanism for extracting rents that impoverish working families and harm the economy as a whole. The union insists on the need to address both wages and housing prices.
In the short term, the union proposes extending rental contracts and moving towards their indefinite conversion, as well as regulating seasonal, room, and tourist rentals to prevent them from being used as loopholes to evade regulation and drive up prices. In the medium to long term, CCOO suggests mobilising resources equivalent to 1.5% of GDP annually to create a permanent stock of 1.5 million affordable homes over the next decade through construction, acquisition, and capture of properties.
The general strike on 11 November also advocates for a different economic model: one where living on a salary allows access to decent housing, where producing and working is more attractive than speculation, and where economic growth translates into well-being for the majority.
