Top 10 places where it takes the longest to rent out a property
In the Spanish market the average time on the market for a rental property averages 2.9 months
In the Spanish market, the average time on the market for a rental property (the period the product spends on the market until it is rented out) rose in the second quarter of 2021 to 2.9 months, according to data from real estate big data platform Brains Real Estate.
Maria Moreno, data scientist at Brains RE, states the following: "Due to the situation we are going through, this time has been increasing considerably since March 2020". Specifically, if we compare with figures from the first quarter of 2020, when the average time was 1.7 months, the period that a property spends on the market has increased by 70%.
"Supply has increased considerably due to the migration of holiday product to the local rental business, while demand has remained the same, which is why time has increased," Moreno explains.
Maria Moreno, data scientist at Brains RE, states the following: "Due to the situation we are going through, this time has been increasing considerably since March 2020". Specifically, if we compare with figures from the first quarter of 2020, when the average time was 1.7 months, the period that a property spends on the market has increased by 70%.
"Supply has increased considerably due to the migration of holiday product to the local rental business, while demand has remained the same, which is why time has increased," Moreno explains.
Melilla, Spain (photo: Christelle Hayek, unsplash.com/@christelle_silentwarrior )
Multi-family housing is the most demanded product, and it can be rented in 2.4 months. Single-family homes, on the other hand, take an average of 4 months to let. "This is because the larger the property and the more bedrooms it has, the longer it takes to find a tenant," says Brains Real Estate's data scientist.
Renting a property in Spain can cost from an average of 339 euros per month in Don Benito (Badajoz, Extremadura) to 2,640 euros per month in Santa Eulària des Riu (Balearic Islands).
If we focus on the capitals, whether they are autonomous communities or provinces, prices vary from an average of 433 euros per month in Ciudad Real (Castilla-La Mancha) to 1,310 euros per month in Barcelona (Catalonia).
However, prices are not always linked to the publication times of rental properties. In Spain, we can find capitals such as Huesca, which is quite cheap (551 euros per month on average) and has very low publication times (1.8 months on average); Madrid, which is very expensive (1,250 euros) and can be rented out fast (2.4 months); Ciudad Real, which is very cheap (433 euros), but it takes long to let (4.6 months), or San Sebastián, which is very expensive (1,201 euros) and on average can be rented out in 3 months, according to Brains RE data.
"This is due to the considerable portion of renting in large cities such as Barcelona, where 51% of the total supply in the municipality is rental housing, or Madrid, where the rental supply is 53%," says Moreno. "These are cities with a high turnover and where the demand for rentals is much higher than in other capitals. One of the main reasons is that they are points of attraction for employment," he says.
The ten Spanish capitals where it takes the longest to let a property are:
Renting a property in Spain can cost from an average of 339 euros per month in Don Benito (Badajoz, Extremadura) to 2,640 euros per month in Santa Eulària des Riu (Balearic Islands).
If we focus on the capitals, whether they are autonomous communities or provinces, prices vary from an average of 433 euros per month in Ciudad Real (Castilla-La Mancha) to 1,310 euros per month in Barcelona (Catalonia).
However, prices are not always linked to the publication times of rental properties. In Spain, we can find capitals such as Huesca, which is quite cheap (551 euros per month on average) and has very low publication times (1.8 months on average); Madrid, which is very expensive (1,250 euros) and can be rented out fast (2.4 months); Ciudad Real, which is very cheap (433 euros), but it takes long to let (4.6 months), or San Sebastián, which is very expensive (1,201 euros) and on average can be rented out in 3 months, according to Brains RE data.
"This is due to the considerable portion of renting in large cities such as Barcelona, where 51% of the total supply in the municipality is rental housing, or Madrid, where the rental supply is 53%," says Moreno. "These are cities with a high turnover and where the demand for rentals is much higher than in other capitals. One of the main reasons is that they are points of attraction for employment," he says.
The ten Spanish capitals where it takes the longest to let a property are:
- Toledo
- Tarragona
- Almería
- Ávila
- Cáceres
- Soria
- Oviedo
- Segovia
- Ciudad Real
- Melilla
Top 10 cities in Spain where it takes the longest to let a property