Madrid and Barcelona concentrate one-third of Spain's rental housing

Madrid and Barcelona account for approximately 35% of all primary rental housing in Spain. According to a report by the INSPIRE-US project, coordinated by the Association of Rental Property Owners (ASVAL), the rental market is highly concentrated in these two metropolitan areas.

In 2021, rental properties made up only 16.1% of Spain's primary residences, a significant gap compared to the 75.5% owned by individuals. The report highlights a lack of turnover, noting that recent rental operations represent only about 1.8% of all primary residences in the country. This limited supply reduces the market's ability to act as a buffer for sudden shifts in demand caused by labor mobility, young people moving out, or immigration.

The concentration in the two major cities far exceeds other regions; Madrid holds 17.6% and Barcelona 17.5% of the rental stock, while Valencia and Alicante hold only 4.8% and 3.8%, respectively.