3 March 2015 – El Economista
On average it takes 4.5 months to rent a house and 11 months to sell one.
On average it takes four and a half months to rent a home, whereas it takes around eleven months to sell a property, according to a survey conducted by fotocasa.es based on 2014 data.
Specifically, 90% of owners who rented out their homes in 2014 did so in less than six months; 7% did so in seven to twelve months; 2% did so in thirteen to twenty-four months; and just 1% took more than two years to rent out their homes.
Why it is quicker to rent out a property?
In terms of the factors that allow property owners to speed up the rental process, the real estate website indicates that 49% of owners that leased properties in 2014 had to reduce the initial asking price and did so by around 10%, on average, equivalent to €81, the lowest reduction in the last four years.
Nevertheless, of the 28% of users that did not manage to let their properties in 2014, 48% reduced the price by 12%, equivalent to €92. Moreover, 56% of those that did not rent out their properties, lowered the price between and first and the fifth month, 35% reduced it between the sixth and eleventh month, and 8% reduced it after a year.
Experts at fotocasa.es state that “the price of rental housing will continue to decrease throughout 2015 because supply is ample and varied, although the decreases will be small, just a few decimal points, and they will be experienced alongside increases in some parts of Spain.
Other findings from the study show that 42% of the users surveyed state that the properties they put up for rent in 2014 were their own primary residences, followed by 28% who rented out a second home and 8% who let out homes that they had inherited.
Original story: El Economista
Translation: Carmel Drake