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INE data · September 2026

IRAV September 2026: the rent update index stands at 2.54%

The IRAV (reference index for the annual update of residential leases) is the cap that Spain's Urban Leases Act (LAU) places on yearly rent increases for homes. Here is the latest figure, the full series, how it compares with CPI and how to apply it.

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Latest figure

IRAV for September 2026

Annual change, as a percentage, published by INE on 14 October 2026.

2.54%

IRAV

The most a residential rent can rise at its annual update (art. 18 LAU).

4.9%

Headline CPI

Annual CPI change for September 2026, for comparison.

2.36%

Difference

Points between CPI and the IRAV in the same month.

What it is

What the IRAV is and where it comes from

The IRAV comes from the eleventh additional provision of Spain's Urban Leases Act (Law 29/1994), added by Law 12/2023 on the right to housing. It tasked the National Statistics Institute (INE) with defining, before 31 December 2024, a reference index for the annual update of residential leases to act as the cap for the purposes of article 18 of the Act, in order to prevent disproportionate rent increases.

INE has published the IRAV every month since the November 2024 figure. Under its methodology, the IRAV is the lowest of four rates: the annual change in headline CPI, the annual change in core CPI (excluding unprocessed food and energy) and the adjusted average annual rates of both, which compare each month's inflation with a medium-term expected inflation parameter and correct it with a moderating coefficient. In practice, when CPI spikes, the IRAV rises far less.

The latest figure is for September 2026: 2.54%. In the same month, headline CPI rose by 4.9%. With the IRAV, therefore, the maximum rise for a residential rent stays clearly below inflation.

Historical series

IRAV month by month, against CPI

Every figure published by INE, newest first. The month is the index reference month, not the publication month.

IRAV and headline CPI: annual change (%)
MonthIRAVHeadline CPICPI minus IRAV
September 20262.54%4.9%2.36%
August 20262.47%4.3%1.83%
July 20262.49%3.6%1.11%
June 20262.44%3.2%0.76%
May 20262.48%3.2%0.72%
April 20262.40%3.2%0.80%
March 20262.47%3.4%0.93%
February 20262.16%2.3%0.14%
January 20262.14%2.3%0.16%
December 20252.32%2.9%0.58%
November 20252.29%3.0%0.71%
October 20252.25%3.1%0.85%
September 20252.22%3.0%0.78%
August 20252.19%2.7%0.51%
July 20252.15%2.7%0.55%
June 20252.10%2.3%0.20%
May 20251.99%2.0%0.01%
April 20252.09%2.2%0.11%
March 20251.98%2.3%0.32%
February 20252.08%3.0%0.92%
January 20252.19%2.9%0.71%
December 20242.28%2.8%0.52%
November 20242.20%2.4%0.20%

Source: INE, series IRAV1 (IRAV, annual change) and IPC290750 (headline CPI, annual change, base 2025). This page updates itself when INE publishes a new figure.

When it applies

When the IRAV applies to a lease

Only if the lease provides for a rent update

Article 18.1 of the LAU says that, during the lease, rent can only be updated on each anniversary of the contract, on the terms agreed by the parties. If the lease says nothing, there is no update. If the parties agreed to update it without naming an index, the rent is updated by the annual change in the IRAV.

And, in any case, the increase cannot exceed the result of applying the IRAV. Even if the lease says «CPI», the rise of a residential rent is capped by the IRAV. The index used is the latest one published on the lease update date: if the anniversary falls on 1 November, it will normally be the September figure, because October's will not be out yet.

Also for leases signed before 2023

That wording of article 18.1 comes from Royal Decree-law 29/2026 of 6 October, in force since 8 October 2026 and pending ratification by the Spanish Congress. The same decree-law amended the fourth transitional provision of Law 12/2023: leases signed before that law came into force are also updated within the cap of the eleventh additional provision and the new article 18.1. INE's page states that the IRAV applies to leases signed after 26 May 2023; with this reform, the cap also reaches earlier ones. For anniversaries before 8 October 2026, the previous wording of article 18 applies.

Temporary 2% cap until 31 December 2027

The sixth final provision of Royal Decree-law 29/2026 adds a temporary cap. If the anniversary of a residential lease falls between 8 October 2026 and 31 December 2027, the tenant may negotiate the update with the landlord on these terms:

  • If the rent exceeds the maximum price under the reference price index system, no increase applies.
  • In all other cases, the rise is whatever the parties newly agree.
  • Without that new agreement, the rise cannot exceed 2%.

Commercial premises and other non-residential uses

Article 18 sits in Title II of the LAU, on housing. Leases for other uses, such as a shop or an office, are governed by what the parties agree (article 4.3). There, the update is whatever the lease says, usually CPI, and the IRAV does not act as a cap.

IRAV or CPI

IRAV vs CPI: how they differ

  • What it measures. CPI tracks consumer prices. The IRAV does not measure prices: it is built from CPI and core CPI to moderate rent increases.
  • What it is for. The IRAV is the legal cap on the annual update for homes. CPI can still appear in the lease as the agreed index, but for housing it can never produce a larger rise than the IRAV.
  • How it behaves. As the lowest of several rates, the IRAV usually stays below CPI when inflation picks up, and comes close to it when inflation is low and stable.
  • Where it applies. The IRAV, to residential lettings. For shops and offices, the agreement rules, which is usually CPI.
Example

How to calculate an update with the IRAV

A flat let at €900 a month, with a clause updating the rent by the IRAV. The anniversary falls on 1 November 2026. On that day, the latest published IRAV is the September 2026 figure: 2.54%.

  1. Multiply the rent by the index: 900 × 2.54% = €22.86.
  2. Add it to the rent: the new rent would be €922.86 a month.
  3. Give written notice of the update, stating the percentage applied. The new rent is payable from the month after notice (art. 18.2 LAU).

But that anniversary falls within the temporary cap period. Unless tenant and landlord agree otherwise, the rise stays at 2%: rent goes up to €918.00, €18.00 more a month and €216.00 more a year.

If the lease says «CPI», the calculation is the same with the CPI figure, but for housing the result cannot exceed the one obtained with the IRAV. To skip the maths, use our rent update calculator: it applies the right index and the legal caps, and gives you the text of the notice to the tenant.

If you manage many leases, in the FixrOS Portfolio module the CPI or IRAV update is calculated and proposed by the system with the INE index; you confirm it and the tenant gets the notice in their portal.

Open the rent update calculator

Next steps

Tools and guides for lettings

Rent update calculator New rent by IRAV or CPI and the notice for the tenant. View Rent receipt generator PDF receipt with the current rent broken down. View Rent updates in FixrOS The system proposes the rise and notifies the tenant. View Rental management software The full Portfolio module. View

IRAV FAQ

What is the IRAV for September 2026?

The IRAV for September 2026 is 2.54%, published by INE on 14 October 2026. It is the annual change that caps residential rent updates.

Which index do I use if the anniversary falls this month?

The latest one published by INE on the contract anniversary date. INE usually publishes the previous month's figure around mid-month, so for an anniversary early in the month you normally use the index from two months earlier.

Does the IRAV apply even if my lease says CPI?

For housing, yes, as a cap. Article 18.1 of the LAU says that, in any case, the rise cannot exceed the one resulting from the IRAV. If CPI is lower than the IRAV, the agreed CPI applies.

Can I raise the rent by more than 2% in 2027?

Only with a new agreement with the tenant. For anniversaries between 8 October 2026 and 31 December 2027, without a new agreement the rise cannot exceed 2%, and none applies if the rent is above the reference price index limit (sixth final provision of Royal Decree-law 29/2026).

How do I notify the tenant of the rise?

In writing, stating the percentage applied and, if the tenant asks, with the INE certificate. A note on the previous month's receipt is also valid. The updated rent can be charged from the month after notice (art. 18.2 LAU).

Does the IRAV apply to commercial premises?

Not as a legal cap. Article 18 governs residential lettings; shops and offices are governed by what was agreed (art. 4.3 LAU), usually CPI.

Information checked on 18 October 2026 against Law 29/1994 on Urban Leases (BOE, consolidated text), Royal Decree-law 29/2026 and INE's IRAV page. Index figures are read from INE and update automatically. Like every royal decree-law, 29/2026 must be ratified by the Spanish Congress (art. 86 of the Constitution), and an earlier one with the same change, 26/2026, was repealed: check the BOE before applying an update. This is not a substitute for professional advice.

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