Apartments for Rent in Portugal: Your Guide to Pricing and Property Types

Portugal offers much more than an exceptional quality of life, it offers affordability unlike most other Western European countries – it’s possible to rent an apartment for as little as €500 per month.

Finding apartments for rent in Portugal will most likely be the first item on your to-do list when relocating. Demand for housing in some parts of Portugal outweighs the supply, so the prices of rental apartments can be quite high, especially in the city centers of Lisbon, Porto, and Faro in the Algarve region. As such, affordable options get snapped up quickly.

We’ve put together a brief guide that will help you in your search and help you find the best apartments in the perfect location.

Can a foreigner rent an apartment in Portugal?

The simple answer is yes, foreigners can rent an apartment in Portugal. In order to sign your tenancy contract, you will need a Portuguese NIF number (tax number) and an ID document. You can get a NIF number at your local Finançes Office or remotely, such as working with our residency and citizenship division, Global Citizen Solutions.

You may also need your last pay stub or tax return, depending on whether you are renting short- or long-term. If you are unable to provide these documents, you may be asked for a guarantor who can.

Your contract will usually state the lease period, the amount of rent to be paid month to month and when, the notice period you need to give before moving out, and when the rent can be reviewed. It should also include information about the tenant and landlord, such as nationality, date of birth, and information about the apartment.

Sometimes, for apartment rentals in Portugal, a less formal agreement (with no contract) can be entered into when dealing directly with a landlord. This instance is common among landlords who do not have a rental license for the property. To avoid being scammed, we recommend you view the apartment before paying any deposit fees or signing any promissory notes. You should also ensure you have a formal contract, as this provides legal cover in case of any disputes, particularly if there is a language barrier between you and the landlord.

How much does it cost to rent an apartment in Portugal?

If you are considering renting in Portugal, the country’s dynamic real estate market offers a great variety of housing types to choose from. The cost of living is generally affordable, particularly in comparison to other Western European countries. However, the cost of renting in Portugal has increased in recent years, particularly in popular cities like Lisbon, Porto, and Faro.

The cost of apartments in Portugal for rent will depend greatly on the type of rental you are looking for and where the property is located, as well as whether it is an unfurnished or furnished apartment. Our cost of living in Lisbon and cost of living in Porto guides offer more insight into the detailed rental prices in these popular Portuguese cities.

Affordable rentals in Lisbon

According to Numbeo, a one-bedroom apartment in Lisbon city center averages at €1,384 per month while a three-bedroom apartment can cost around €2,623 a month (or €1,761 outside the center). Renting long-term is also more affordable than renting short term across the country. If your heart is set on Portugal’s capital, you can find out more in our article on long term rentals in Lisbon.

Affordable rentals in Porto

In Porto, it is possible that one-bedroom flats outside the city center cost around €835 per month, while this rises to €1,032 in the city center .

Apartments for Rent in Portugal For As Little As €550 Per Month

The cost of renting an apartment is lower in regions like the Algarve, Braga, and Coimbra. In these regions, a one-bedroom apartment outside of the city center will cost you €850, €618, and €550, respectively, rising to €1,000, €797, and €666 in the city center.

If you are looking to rent an apartment in Lagos, in the Algarve, you’ll find several options that come with stunning ocean views, and where a one-bedroom apartment in the city center will set you back around €1,000 per month. Lagos is proving increasingly popular among American expats.

Some of the districts with the lowest average rental prices per month include Guarda, Portalegre, Castelo Branco, Vila Real, and Santarém. These are top locations to consider should you be seeking rental properties in Portugal in stunning locations that offer affordable real estate options.

The number of expats renting in Portugal continues to increase, particularly in the most popular cities. The most affordable option when seeking affordable Portugal apartments for rent is to share an apartment. This is a common practice among students and young professionals. It is also important to check with your landlord or leasing agency whether your rental price includes utilities like water, gas, internet, and electricity. If these costs are included, they will often come with a fair usage amount.

Goldcrest: Who We Are and How We Can Help You

Goldcrest is a buyer’s agent based in Lisbon, Porto, and the Algarve. We provide expert, impartial advice on real estate investments and how to buy property in Portugal. Looking to find your perfect apartment for rent in Portugal? We are here to help with our property search service.

Goldcrest offers a rental service that helps expats who are ready to relocate find their ideal rental. Our team of skilled experts is available to solve all your real estate doubts, offering insightful expertise and strategic advice. We are focused on securing the best deal for you.