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How can the interest in each property that comes on the rental market be measured, how can the lack of supply in the property market, especially for rentals, be ascertained? Real estate portals can provide answers to these questions, because they have the incoming and outgoing data of advertisements as a source of information, as well as telematic measurements of the interest per each advertisement.
Idealista.com, for example, has detected that in the first quarter, advertisements for rental properties offered in Malaga received an average of 28 contacts before being taken off the market. This means that each advertisement of a house for rent has, on average, 28 interested parties before being rented. This is close to the Spanish average, where a rental property receives 27 expressions of interest before it is finally rented. But the latter is 55% higher than the figure recorded just a year ago, where an average of 17 interested parties were recorded.
According to the real estate portal Idealista, "this strong increase in the pressure of demand", which it blames on "the decrease in available supply" is behind the increase in rental prices in the past 12 months, which this source puts at 13% for the Spain, 13.6% for Malaga province and 14.4% for Malaga city. Less housing, more demand, higher prices; that would be the equation.
The pressure of demand is much greater in markets such as Madrid and Barcelona, where the number of families aspiring to rent each property exceeds 40 in some cases. In Palma de Mallorca, for each house offered for rent there are 38 interested parties, while in Valencia there are 29.
14.20 euros per square metre per month
is the average price of renting in Malaga, making it the fifth most expensive major city in Spain to live in.
Barcelona and Madrid are the two most expensive cities to rent, with 21.10 euros and 19.20 euros per square metre per month, respectively. Malaga is the fifth most expensive major city in Spain to rent, with an average price of 14.20 euros per square metre per month, behind Barcelona and Madrid, as well as Donostia (17.20 euros) and Palma (15.80 euros).
In the past 12 months, the city in which the price of rent has risen the most is Segovia, with an increase of 21.7%, to 10.80 euros per square metre per month, followed by Valencia, which has also recorded a rise of more than 20%, to 13.90 euros per square metre per month. Madrid, third in the ranking, has registered a rise of 17% in the past 12 months.
By provinces, the one with the highest increase was Valencia (19.1%), followed by Segovia (18.9%) and the Balearic Islands (17.1%).
One of the reasons that explains the rise in prices and the volume of people interested in each advert is, according to the same report published by Idealista, that more seasonal rentals continue to pop up. In the first quarter of 2024, seasonal rentals already accounted for 11% of the entire market, with a year-on-year increase in stock of 56%, a phenomenon that has been particularly noticeable in Palma, Malaga, San Sebastian and Seville. Meanwhile, the supply of permanent rentals fell by 15%, with the drop not quite as bad in Malaga.
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