Although much of the economy was closed down and real estate activity stopped during the lockdown as a result of the Covid crisis, not every sector has been equally affected by the pandemic. Most experts in the sector have been predicting that the rental housing market would be strengthened by the crisis and it seems that they are not mistaken.
The trend that is prevailing in the rental housing market is an increase in supply. Specifically, in the Community of Madrid before Covid, around 15,000 apartments were available for rent and now there are 28,000 homes. In some places, such as in the centre of the capital, that figure has even increased by up to 70% as tourist rentals have been switched to residential rentals, according to David Caraballo, Commercial Director at Alquiler Seguro speaking to El Economista.
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