The Spanish rental market is expected to warm up for homeowners …
The Homelike housing rental platform has high hopes for the Spanish rental market, estimating that the rental of medium and long-term housing in Spain will generate 166 million euros this year.
Homelike calculated the number of euros by multiplying the average monthly rental price of temporary accommodation, by the number of existing accommodation on its platform – which cater to business travelers and digital nomads.
Samuel Toribio, Country Manager Spain, said: “Reservations in Spain for this type of accommodation have increased by 20% in 2021 to date, which shows how quickly the mid-term rental market is recovering compared to other alternatives such as tourist rental, which has not yet taken off ”.
“This trend confirms that in the delicate world of real estate, mid-term rentals are a safer option for landlords than shorter, more traditional tourist / leisure rentals, both economically and in terms of bookings. The growth of digital nomads working remotely from cities around the world has resulted in a high demand for this type of accommodation.
The Spanish rental market
Just under two and a half hours by plane, Spain is a popular travel destination for many Britons who appreciate a warm climate.
According to recent data from Homelike, medium-term rental bookings in Spain increased 340% in 2021 compared to 321% in 2019.
The results also show that the average rental price for medium-term accommodation in Spain is € 1,655 per month. In Madrid and Barcelona the amount tends to increase but currently around € 1,690 and € 1,719 per month are paid on average.
In contrast, in Valencia, up to € 1,200 are paid per month. Overall, these numbers will provide a healthy return on investment for homeowners looking to rent accommodation in Spain.
Homelike already has around 12,500 properties in Spain on its platform. The country could be of particular interest to homeowners and investors as there is a high level of demand throughout the year, making medium and long term rentals in the popular part of southwestern Europe a model. potentially profitable business.