In Spain, the average time rental properties stay on the market rose in the second quarter of 2021 to 2.9 months, according to the big data platform Brains Real Estate.
Maria Moreno, a data scientist at Brains RE, says that “due to the situation we are going through, this time has been increasing considerably since March 2020.” Specifically, comparing figures from the first quarter of last year when the average time was 1.7 months, the average waiting period has increased by 70%.
“Supply has increased considerably due to the migration of holiday homes to the traditional rental business, while demand has remained the same, which is why times have lengthened,” Moreno explains.
Multi-family housing is the most liquid product and can be rented in 2.4 months. Single-family homes, on the other hand, take an average of 4 months to rent. “This is because the larger the property and the more bedrooms it has, the longer it takes to find a tenant,” says Ms Moreno.