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This study is based on the results of a slant‐path Ka‐band propagation experiment carried out in Madrid, Spain, regarding rain attenuation, which is the main propagation impairment in this frequency band. The experimental and statistical results correspond to seven complete years of measurements, a period large enough to accomplish a comprehensive analysis in order to characterize the variability of rain rate and attenuation. It is shown that year‐to‐year variability is significant in temperate climates as Madrid's. The aforementioned significance is also apparent with regards to seasonal, monthly, worst‐month and hourly variability concerning rain attenuation, which are also discussed and related when possible to the variability of the rain phenomena, either represented by the total amounts of rainfall in the different periods or by rain rate statistics. Copyright © 2015 John Wiley & Sons, Ltd.