Did you know half of Spain’s tenants rent because they cannot buy property? Accessing the property market is not easy for some since the ratio with Spanish salaries is in many cases elevated, either by purchase or rental of a property. One of the two kinds is preferable to Spaniards: purchasing. However, not everyone is able to afford it.
According to the latest industry report published on the property website Fotocasa, 26% of tenants in Spain recognised opting to rent for labour mobility reasons while 23% prefers to do so for the liberty and flexibility. That is to say, renting is the preferred option for those who do not wish to be tied down to a place of residence.
If we delve further, the aforementioned report estimated 9% of tenants rent because the bank has not granted them enough mortgage to buy. The youngest pointed out their economic and employment statuses as the main obstacles to purchasing property. In this sense, this group and the eldest mentioned the most ‘buying is not part of our plans.’ As expressed by 20% of the surveyed respondents between 18 and 24 years and 22% between 55 and 75 years respectively.
On the other hand, the main reason why Spanish citizens searched for a rental property during 2022 was to find a better home than they already had, 31% out of the total figure. Conversely, 28% claimed that the change in rental property was due to relocations because of work or study purposes. The proportion of those who request rentals to live as a couple has been reduced to 22% this year in comparison to the 25% registered during 2021.