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PROPERTY SEARCH

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Date Published: 13/11/2024

One in 6 rental properties in Spain snapped up in 24 hours

Spain’s housing shortage is fuelling a frenzy as demand for long-term lets soars

Finding a decent long-term rental property for a reasonable price has always been a bit of a challenge in Spain, particularly in the capital cities and in popular tourist resorts. But this year, the nationwide housing shortage has pushed up demand – not to mention prices – to unprecedented levels.

According to a study released just this week, one in every six homes advertised for rent is snapped up within 24 hours, so anyone house hunting needs to turn this pursuit into a full-time job to avoid missing out.

Of the total number of rentals offered by estate agents Idealista between July and September, 17% were gone in less than a day. This is a slightly lower proportion than the 19% recorded last year at the same time, although in some cities the situation has worsened.

This is the case of Segovia, which is the provincial capital where rental contracts have accelerated the most in the last year. Apartments rented in less than a day have gone from representing 3% of properties on offer to 31%, an incredible jump in demand.

Similarly, in Guadalajara and Palma de Mallorca, 26% of the flats advertised remain on the market for less than 24 hours, that is, almost one in four.

Despite the fact that a significant proportion of the properties in the Balearic capital are rented out in the blink of an eye, Palma has the fourth highest prices in all of Spain. According to data from the third quarter of 2024, the average rent per square metre is around 17 euros, which means that a typical 70-metre flat, which is far from huge, costs an average of 1,190 euros per month.

Among the big cities, Zaragoza and Bilbao are the places where rental properties go the fastest. Nearly one in four flats (25% and 24% respectively) finds a tenant in less than 24 hours. In the case of San Sebastian and Barcelona, one in five flats disappears on the same day the advert is published, a proportion slightly higher than the national average.

Alicante is right on average, with 17% of properties rented in less than 24 hours.

In other large cities such as Malaga, Madrid, Valencia and Sevilla, the speed with which landlords find tenants is somewhat slower. Even so, in the capital of the Costa del Sol, 15% of the rental accommodation flies in less than a day. Meanwhile, in Valencia and Sevilla, 14% and 12% respectively of the properties are rented in less than 24 hours.

In other news: Salary gap in Spain widens despite minimum wage increases

Image: Archive

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