Renting a flat is increasingly a question of accounts. Of accounts and patience. The high demand, especially in the metropolises, has made the search for an apartment almost an extreme exercise that requires preparation: you must have a savings cushion that allows you to face the initial disbursement —sum of deposits, advances, the current month and the real estate commission; What to include one requirement or another is often up to each owner—and even prepare the most attractive “resume” possible to gain the owner’s trust.
If you want a flat for rent, you simply have to pass a casting.
The price drift. Although with oscillations, the data from the Idealista.es portal shows a curve of values that has been rising for years, placing the average price of renting a home in Spain at 11.2 euros per square meter (€/m2), 6.4% more than a year ago and not far from the peak of its graph, reached two years ago. That is the global data throughout the country, of course. In the case of Madrid city, the figure for September stood at €16.3/m2, which marks a year-on-year increase of 10.8%; and in Barcelona at €17.8/m2, with which the increase would be more accentuated there, of 20.3%.
The trend is similar for For Rent, which concludes that the average price of rental housing in Spain was 1,169 euros per month last month, which represents an increase of 3.85% compared to August. The values vary depending on the city: in Barcelona it stands at 2,312 euros, in Madrid at 1,776 and in Valencia and Donostia above 1,300.
to wait has been said. Wanting and being able to rent a home does not mean that you can always do it. Not at least as quickly and in the place you want. Perhaps there is no better example of the relationship between supply and demand than the waiting lists, with tenants waiting for their opportunity to sign the contract. “Some landlords don’t even have time to post the ad. There are already lists of plaintiffs. We have come to see young people who reserve the house without going to see it, with the 10 or 15 photos posted on the web is enough for them”, Fotocasa recently explained to The countrywhich points out that in some areas of Madrid the offer has contracted up to 30%.
The phenomenon is not exclusive to the country’s capital. The waiting lists to rent or even visit flats in person has also occurred in other cities with much less population, even in municipalities with hundreds of empty homes that are also among the cheapest in Spain, such as Ferrol. In others it is simply a reality known for years.
not suitable for anyone. The greater the demand, the greater margin the landlords have when choosing… or demanding requirements from their candidates. In the rental market, it has been established for some time. A review of the rental portals allows us to see some of the requirements that are required of those who want to rent, such as demonstrating job stability and a minimum level of income, passing a certain age and being willing to advance a considerable sum between bail, deposit and advances . What is new is the extent to which conditions have tightened.
In the case of Madrid, there are those who demand payrolls close to 2,100 euros, proof of work life in recent years, deal with rental insurance or demonstrate solvency. Not to mention that between deposit, signal, current month and real estate agency fees —usually one month’s rent— it is not uncommon for the applicant to prepare to pay a considerable initial sum. If the 1,776 that For Rent calculates for Madrid are taken as a reference, only for the current month, fees —sometimes prorated— and a one-month deposit would rise to 5,300.
Requirements that go beyond. They are not the only requirements. There are offers in which it is required, for example, that the tenants be over 35 years old, the payment of the IBI of the house is proposed —a charge that in the case of Madrid is equivalent to an average of 439 euros— or even prohibit teleworking in apartment. These are very specific cases, with which it is not easy to find yourself in an apartment search, but which have already been reviewed by media such as The country either Lighthouse of Vigowhich this week reported owners who have established it in the Galician city.
“An apartment is not for working every day because then you would turn it into an office and you could charge a much higher rent. It is reasonable, ”explains a landlord to the newspaper. There are cases in which even real estate companies carry out “castings” with personal interviews.
And from 2023? That is the big question that many tenants in Spain ask themselves. To prevent the rise in the CPI for months, which stood at 7.3% in October and was above 10% in summer, the Government established a ceiling that limits the rise in rental prices at 2%. The measure, yes, was adopted from the beginning, on a temporary basis: this brake on rent updates was proposed until the end of the year, which raises concern about what will happen next. If the inflationary context is maintained, the Government is already considering extending it.
“If the conditions persist, when the time comes, obviously, we will maintain that measure. It is still subject to analysis,” explained Minister Raquel Sánchez a few days ago, who stressed that the Executive is “well aware of the context” of rising prices. The issue has also crept into the debate for the approval of the General State Budgets for next year.
Images: Kaspars Upmanis (Unsplash)