According to a study published by idealista, the southern European real estate marketplace, 18% of the properties that were rented through idealista during the first quarter had not even been on the market for 24 hours, compared to 16% in the same period in 2023.
Tarragona and San Sebastián have the highest percentage of express rentals, with 31% of the properties rented in the Tarragona capital not even lasting 24 hours on idealista, while in San Sebastián it was 29%. They are followed by Santa Cruz de Tenerife (27%), Palma and Huelva, with 26% in both cases, Leon (24%), Lugo (24%), Guadalajara, Alicante, Castellon de la Plana, Pontevedra and Jaen (21% in all five cases).
Above the national average are Lleida, Vitoria, Cordoba and Seville (20% in all four cases), followed by Almeria, Zaragoza, Toledo and Valladolid (with 19%). In the cases of Ourense and Santander, express rentals stood at 18%.
Below this level are Barcelona, Malaga and Logroño, all of which have a 17% rate, while A Coruña, Valencia, Girona and Oviedo are all at 16% of rentals that are closed in just one day. In Madrid, the express rental rate stands at 15%.
Cuenca, on the other hand, is the city where immediate rentals have the lowest market share: only 8%. Segovia and Badajoz are also below 10%, with a shared rate of 9%.
The express rental phenomenon increases in Spain
San Sebastian is the provincial capital where this phenomenon has grown the most in the last year, from 10% in the first quarter of 2023 to 29% today. It is followed by Jaen (from 7% to 21%), Cordoba (from 7% to 20%), Castellon de la Plana (from 8% to 21%) and Tarragona (from 18% to 31%). The incidence of express rentals has remained stable in both Madrid and Barcelona over the last year.
In 13 provincial capitals, the rate of express renting has fallen, with Guadalajara seeing the most notable drop, from 33% a year ago to the current 21%. It is followed by Logroño (from 23% to 17%), Burgos (from 18% to 13%), Girona (from 20% to 16%) and Vitoria (from 24% to 20%).
The provinces where rental supply disappears the fastest
Guipuzcoa leads the provinces with the highest proportion of express rentals, with 30%, followed by Tarragona (29%), Santa Cruz de Tenerife (25%), Baleares, Huelva, Girona and Leon (23% in all four cases). In Barcelona province it reaches 20%, while in Madrid it is 17%. In contrast, the lowest incidence is found in the provinces of Salamanca, Granada and Badajoz, where only 12% of rented properties are affected.
According to Francisco Iñareta, spokesperson for idealista, "the lack of rental supply is causing many families to feel excluded from the market because of prices, competition with other families and the speed at which listed properties disappear. As the data show, this problem is no longer confined to the big markets, but there are many markets in which it has a significant impact".
Data compiled and analysed by idealista/data, idealista's proptech, which provides information for a professional audience to facilitate strategic decision-making in Spain, Italy and Portugal. It uses all the idealista database parameters in each country and other public and private data sources to offer valuation, investment, recruitment and market analysis services.
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