The mismatch between supply and demand in the market rent The perfect storm has unleashed. The number of apartments on the market available for rent has been reduced by 23% in Spain with respect to the situation in 2019, before the outbreak of the pandemic. In parallel, Demand has grown more than 200%: In the first ten days in which an advertisement goes on the market, on average 50 people are interested in each apartment in Spain, when five years ago the figure did not reach 17. This is clear from the data from the first Rental Observatory presented this Wednesday by the Seguro Rental Foundation in collaboration with the Rey Juan Carlos University.
The pressure intensifies even more in specific points of the Spanish geography such as the Balearic Islands, Santa Cruz de Tenerife and Barcelona, which are the three provinces where the pressure is highest. In these areas the number of applicants for each advertisement exceeds 100 people. “Places like Barcelona, the Balearic Islands or Santa Cruz de Tenerife face a very complicated situation.a, with a very reduced supply that is not capable of absorbing the volume of demand, which makes access to housing very difficult for many families,” the analysis states.
The evolution of supply, demand and prices in recent years suggests that there is a generalized tenure towards greater pressure, which is explained above all by the radical reduction in the supply of available properties. Specifically, the number of homes of this type on the market has fallen from 982,000 in 2019 to around 754,000 in 2024, according to the projection prepared for this year based on the data available for the first quarter. Rental Insurance attributes this decline to the legal insecurity and uncertainty faced by owners. At the same time, The average rental price has grown from 857 euros to 1,069 on average throughout the country.
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