The Spanish property market is experiencing an unprecedented trend: express letting. 17% of flats for rent are snapped up in under 24 hours, reflecting fierce competition among tenants. Cities such as Vitoria, Girona, and San Sebastián are leading this trend, forcing prospective tenants to act quickly. In this article, we will analyse the causes, consequences, and strategies for dealing with this situation.
What is ‘express letting’?
‘Express letting’ is the term used to describe the situation where a property for rent is snapped up within 24 hours of being advertised. This trend is becoming increasingly common in major Spanish cities due to high demand and a shortage of housing.
Cities with the highest incidence of express rentals
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Some cities show alarming figures regarding the speed at which properties are rented:
- Vitoria: 32% of flats are rented within less than a day.
- Girona: 29% of ads last less than 24 hours.
- San Sebastián: 28% of properties are let in less than a day.
- Lugo and Burgos: 26% of properties are rented instantly.
Major cities affected
- Barcelona: 20% of flats are rented in a day.
- Palma and Málaga: 19% of properties disappear in less than 24 hours.
- Alicante and Seville: 18% of ads are quickly withdrawn.
- Bilbao: 17% of flats are rented out in less than a day.
On the other hand, cities such as Madrid (13%) and Valencia (14%) have figures below the national average.
What factors are driving express rentals?
1. High demand for rentals
Rising house prices have led many people to opt for renting rather than buying, creating greater competition.
2. Shortage of supply
The reduction in flats available to rent, due to properties being converted into holiday rentals or landlords’ reluctance to let, has exacerbated the situation.
3. Rising prices
Rental prices rose by 11.8% by January 2025, reaching an average of €13.8/m², thereby increasing the cost of accessing a home.
Consequences of the ‘express rental’ trend
For tenants
- Difficulty finding suitable accommodation.
- Increased pressure and rushed decision-making.
- Potential errors when signing contracts without a detailed review.
For landlords
- Reduced property vacancy periods.
- Possibility of selecting tenants without a thorough analysis.
Strategies for surviving in an express rental market
For tenants
- Have your documentation ready: ID, payslips, and employment contract.
- Act quickly: Contact the landlord as soon as the advert is published.
- Seek professional help: An estate agent can ease the process.
- Widen your search radius: Consider nearby neighbourhoods or towns with less competition.
For landlords
- Post detailed adverts: Include high-quality photos and comprehensive descriptions
- Screen tenants thoroughly: Check financial standing and background.
- Use trusted platforms: Use reputable property portals to avoid scams.
Express letting is becoming increasingly common in Spain. Both tenants and landlords must adapt to this competitive market with the right strategies. Being prepared and acting quickly can make the difference between securing a home or being left with no options.
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