In Barcelona, the rental market has been positioned as one of the main engines of the expected economic recovery. This has been contributed by different factors that have affected real estate in Barcelona, such as a more flexible market, made possible by different legislative changes in terms of employment contracts, changes in mentality and a better profitability for owners.
Although the market for buying and selling has better prospects, the rental sector will continue to rise, both from the tenants' and investors' point of view.
For a good number of people, purchasing a house is still difficult, and for this reason, they have to continue opting to rent flats in Barcelona. But it is not just the economic factor as renting also provides the flexibility and freedom that many people seek.
At present, according to market research carried out by Engel & Völkers Barcelona, the average profile of the tenant looking to rent a house in Barcelona has been modified. As well as the typical profile of the student or the young worker with a tight budget, there are also executives and employees, who choose a less compromised solution over buying.
With regard to investors, the strategy of buying a home in a sought-after area of a city and then renting it out offers significant returns, higher than other investment assets. This has not happened for years, since the well-known real estate boom, which on the other hand many considered it as one of the main causes of the crisis.
Barcelona, a place to rent
Foreigners who decide to rent in Barcelona are usually students who choose central areas of the city, and also families that have a high purchasing power.
As for the most demanded areas to rent in Barcelona, these would be the following:
- Sarriá – Sant Gervasi. This is one of those areas that is high in demand for rentals. The international schools that are part of this area are one of the main attractions for foreign families who are looking for large-scale housing here. The average rental price would be around 3,000 euros per month.
- Eixample. A modernist architectural style marks the furnished apartments that are conveniently situated in the centre of Barcelona. The average rental income is around 2,000 euros per month.
- Ciutat Vella. The old town of Barcelona is experiencing strong demand for the rental market. The price per square metre is reaching 14 euros. These areas include Les Corts and Mercat de Sant Antoni.