Longest to let property
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In the Spanish market, the average exposure time for rental properties increased in the second quarter of 2021 to 2.9 months, according to data from the real estate big data platform Brains Real Estate.
Maria Moreno, data scientist at Brains RE, notes: “Due to the situation we find ourselves in, this period has significantly increased since March 2020.” When compared to first quarter 2020 figures, when the average period was 1.7 months, the time properties spend on the market has grown by 70%.
“Supply has significantly increased due to the migration of short-term tourist rental properties to the long-term rental segment, while demand has remained the same, which explains the increase in timeframes,” explains Moreno.
Apartments are the most sought-after product: they can be rented in 2.4 months. Private houses, on the contrary, are rented on average in 4 months. “This is because the larger the property and the more bedrooms it has, the longer it takes to find a tenant,” says the Brains Real Estate data scientist.
Property rental in Spain can cost from 339 euros per month on average in Don Benito (Badajoz, Extremadura) to 2,640 euros per month in Santa Eulalia des Riu (Balearic Islands).
When looking at capitals of autonomous communities and provinces, prices range from 433 euros per month on average in Ciudad Real (Castilla-La Mancha) to 1,310 euros per month in Barcelona (Catalonia).
However, prices are not always related to rental property exposure times. In Spain, you can find capitals like Huesca - quite cheap (551 euros per month on average) with very short exposure times (1.8 months); Madrid - very expensive (1,250 euros), but with quick rental (2.4 months); Ciudad Real - very cheap (433 euros), but with long exposure time (4.6 months); or San Sebastian - very expensive (1,201 euros) with an average rental time of 3 months, according to Brains RE data.
“This is explained by the significant share of rentals in large cities, such as Barcelona, where 51% of all supply in the municipality is rental housing, or Madrid, where the share of rental supply is 53%,” says Moreno. “These are cities with high turnover and much higher demand for rentals than in other capitals. One of the main reasons is that they are employment attraction points.”
Top ten Spanish capitals with the longest rental periods
- Toledo
- Tarragona
- Almeria
- Avila
- Caceres
- Soria
- Oviedo
- Segovia
- Ciudad Real
- Melilla
