A replay of the show on BFM TV
The context
When it comes to investing in a college town, several questions inevitably arise, both in France and in Spain.
The first is, of course, to know where the students are located. Which cities have the largest student populations—and therefore offer strong and stable demand for rental housing?
But having a lot of students isn't enough: we also need to look at the balance between the housing supply and this demand. Is it easy to find housing in these cities, or is it a race every year?
Next, of course, is the question of price. How much does it cost to rent a room? And how much does it cost to buy an apartment?
And it is by combining these last two figures that we obtain the most useful information for an investor: the actual rental yield.
It is these various perspectives—which we will examine one by one—that allow us to make a meaningful comparison of the opportunities available in major French and Spanish university cities.
2026 Ranking: French Cities with the Largest Number of Students
France has approximately 3 million students enrolled in higher education.
Of this total, the student population is concentrated in Paris, as well as in Lyon, Lille, Nantes, Toulouse, Rennes, and Bordeaux—key areas for understanding student rental demand in France.
Student Enrollment in Higher Education in France
Top 10 Student Academies, 2023–2024 (source: MESR-SIES)
| Academy | Workforce | National share |
|---|---|---|
| Paris, the No. 1 city | 396 608 | 13,4 % |
| Versailles, 2nd city | 242 920 | 8,2 % |
| Lyon, the 3rd-largest city | 221 625 | 7,5 % |
| Lille, the 4th-largest city | 200 244 | 6,8 % |
| Créteil, the 5th-largest city | 170 581 | 5,8 % |
| Toulouse, the 6th-largest city | 147 748 | 5,0 % |
| Rennes, the 7th-largest city | 145 849 | 4,9 % |
| Bordeaux, the 8th-largest city | 139 471 | 4,7 % |
| Montpellier, the 9th-largest city | 122 466 | 4,1 % |
| Aix-Marseille, 10th-largest city | 119 177 | 4,0 % |
| Metropolitan France + Overseas Departments and Regions | 2 965 407 | 100,0 % |
Source: Report from the Ministry of Higher Education and Research.
2026 Ranking: Spanish Cities with the Largest Number of Students
On the Spanish side, the academic landscape is largely dominated by three major cities: Madrid, Barcelona, and Valencia, which outrank other historic academic centers such as Granada, Seville, and Salamanca.
Student Enrollment by University City in Spain
Major college towns, with percentages calculated based on a national total of approximately 1.8 million students
| City | Workforce | National share |
|---|---|---|
| Madrid, the No. 1 city | 300 000 | 16,7 % |
| Barcelona, the second-largest city | 200 000 | 11,1 % |
| Valencia, the 3rd-largest city | 80 000 | 4,4 % |
| Granada, the 4th-largest city | 60 000 | 3,3 % |
| Seville, 5th-largest city | 60 000 | 3,3 % |
| Bilbao, 6th-largest city | 40 000 | 2,2 % |
| Málaga, 7th-largest city | 35 000 | 1,9 % |
| Salamanca, 8th-largest city | 30 000 | 1,7 % |
| Oviedo, tied for 9th place | 20 000 | 1,1 % |
| San Cristóbal de La Laguna, tied for 9th place | 20 000 | 1,1 % |
| National Total for Spain | 1 800 000 | 100,0 % |
Source: 1.8 million students in the Spanish university system.
Buying or Renting in a College Town: Where Should You Invest to Maximize Your Return?
France and Spain: Ranking of the Most Attractive Student Cities for Investors
When we directly compare the gross rental yields of major French and Spanish cities, the results are clear: of the 10 most profitable cities, 9 are in Spain. Only Marseille manages to save face for France, coming in 10th place. At the top of the list, Murcia posts a gross yield of 7.1%, driven by purchase prices that remain very affordable and rents that are rising sharply.
Profitability of a 4-bedroom student shared apartment: France vs. Spain, 90m² apartments
Each Spanish city is compared to the French city of the same student ranking, based on a 90 m² apartment with four bedrooms
| Rank | Country | City | Price for 90 m² | Bedroom | Monthly rent | Gross income |
|---|---|---|---|---|---|---|
| 1 | 🇫🇷 France | Paris 🥇 1st in France | 837 000 € | 750 € | 3 000 € | 4,3 % |
| 🇪🇸 Spain | Madrid 🥇 1st in Spain | 536 400 € | 600 € | 2 400 € | 5,4 % | |
| 2 | 🇫🇷 France | Versailles 🥈 2nd in France | 495 000 € | 650 € | 2 600 € | 6,3 % |
| 🇪🇸 Spain | Barcelona 🥈 2nd in Spain | 466 200 € | 650 € | 2 600 € | 6,7 % | |
| 3 | 🇫🇷 France | Lyon 🥉 3rd in France | 423 000 € | 600 € | 2 400 € | 6,8 % |
| 🇪🇸 Spain | Valencia 🥉 3rd in Spain | 297 810 € | 500 € | 2 000 € | 8,1 % | |
| 4 | 🇫🇷 France | Lille, 4th in France | 297 000 € | 450 € | 1 800 € | 7,3 % |
| 🇪🇸 Spain | Granada, 4th in Spain | 207 000 € | 400 € | 1 600 € | 9,3 % | |
| 5 | 🇫🇷 France | Créteil, 5th in France | 360 000 € | 600 € | 2 400 € | 8,0 % |
| 🇪🇸 Spain | Seville, 5th, Spain | 246 600 € | 450 € | 1 800 € | 8,8 % | |
| 6 | 🇫🇷 France | Toulouse, 6th in France | 315 000 € | 550 € | 2 200 € | 8,4 % |
| 🇪🇸 Spain | Bilbao, 6th, Spain | 297 000 € | 550 € | 2 200 € | 8,9 % | |
| 7 | 🇫🇷 France | Rennes, 7th in France | 360 000 € | 510 € | 2 040 € | 6,8 % |
| 🇪🇸 Spain | Málaga, 7th in Spain | 324 000 € | 500 € | 2 000 € | 7,4 % | |
| 8 | 🇫🇷 France | Bordeaux, 8th arrondissement, France | 396 000 € | 610 € | 2 440 € | 7,4 % |
| 🇪🇸 Spain | Salamanca, 8th, Spain | 171 000 € | 350 € | 1 400 € | 9,8 % | |
| 9 | 🇫🇷 France | Montpellier, 9th in France | 333 000 € | 520 € | 2 080 € | 7,5 % |
| 🇪🇸 Spain | Oviedo, 9th in Spain | 162 000 € | 350 € | 1 400 € | 10,4 % | |
| 10 | 🇫🇷 France | Aix-Marseille, 10th in France | 324 000 € | 550 € | 2 200 € | 8,1 % |
| 🇪🇸 Spain | San Cristóbal de La Laguna, 10th, Spain | 189 000 € | 350 € | 1 400 € | 8,9 % |
Method: Estimated purchase price = price per square meter × 90 square meters. Total monthly rent = average rent per room × 4 rooms. Gross yield = total monthly rent × 12 ÷ purchase price. Rents per room are average estimates intended to compare cities with one another.
Source: Complete ranking compiled by Terreta Spain.
Supply vs. Demand: Structural Imbalance in France and Spain
France: The Continued Rise in Student Rent from 2010 to 2026
The student housing market remains tight on both sides of the Pyrenees, but for different reasons.
In France, the average rent for a student studio apartment rose from €500 in 2020 to €583 in 2026—a 16.6% increase over six years—and continues to rise by more than 4% per year. The geographic divide is widening: the Île-de-France region now accounts for 32% of national demand, with an average rent in central Paris of €923 and a supply-demand ratio of 11 applicants for every available unit. As a direct result, 22.3% of students have less than €100 per month left after paying rent.
In Spain, the situation is even more dire. The country has only 106,200 spots in student housing, representing a coverage rate of just 7 percent, compared with 17 percent in France.
Renting a room in Spain is getting more and more expensive
The most striking trend is the change in the price of a rental room in Spain from 2015 to 2025. Over the course of 10 years, the price has increased by 100%, rising from €262 per month to €510 per month, on average nationwide.
Bar chart showing the trend in the average price of a shared room in Spain, from July 2015 to July 2025, source: Fotocasa
Source: Fotocasa study “Compartir Viviendas”
FAQ
What is the average rent for a room in a shared apartment in Paris?
A rental room in Paris costs an average of 750 euros.
What is the average rent for a room in a shared apartment in Madrid?
A rental room in Madrid costs an average of 650 euros.
What is the average rent for a room in a shared apartment in Lyon?
A rental room in Lyon costs an average of 600 euros.
What is the average rent for a room in a shared apartment in Barcelona?
A rental room in Barcelona costs an average of 600 euros.
What is the average rent for a room in a shared apartment in Marseille?
A rental room in Marseille costs an average of 550 euros.
What is the average rent for a room in a shared apartment in Valencia, Spain?
A rental room in Valencia, Spain, costs an average of 500 euros.
