La demanda de alquiler se traslada de las capitales a ciudades más pequeñas

The demand for rental properties is shifting from provincial capitals to smaller nearby cities across Spain, with the intensity of this shift being most pronounced in major markets such as Madrid, Barcelona, Valencia, Málaga, Sevilla, Alicante and Vizcaya. In these areas, rental price increases have been much more significant than the national average. This trend opens up opportunities for investors seeking higher annual returns relative to property purchase prices.

Traditionally, cities like Madrid and Barcelona were the most sought-after rental locations due to high-value jobs attracting populations from rural areas and other regions, excellent services, broad commuting zones without cars, and high property prices that delay homeownership. However, this relationship has been disrupted in most provinces, especially in major markets, according to data from the real estate portal Idealista for the second quarter.

Rising rental prices in major capitals have pushed demand to explore more affordable options in their outskirts, which in turn fuels rental price hikes in these cities due to larger margins for price increases.

Sociological factors also contribute to this shift. The aging median age of renters leads many to own cars, enabling them to move further from employment centers, while the growing adoption of telecommuting reduces reluctance to seek housing in other locations, prioritizing space and quality over location. In Madrid's rental market, the locality with the highest demand pressure is Gefate, with 15.2 euros per square meter, surpassing Barcelona's capital city at 20.2 euros per square meter.

Similar trends can be seen in Barcelona, where Cornellà de Llobregat (15.6 euros) has a higher rental demand than the city itself (20.2 euros).

This increased demand for rental properties drives up prices in many of these cities, with Cornellà experiencing a 15.3% annual rent increase in August, far outpacing Barcelona's 0.7%. The same pattern is observed in other large markets, where property prices play a key role in attracting population, and the demand pressure leads to narrowing income differences.

Examples include Aldaia (10.8 euros per square meter vs. Valencia's 16.3), Alcoy (8.4 euros vs. Alicante's 13.9), Vélez-Málaga (11.2 euros vs. Málaga's 16.5), Camas (11.2 euros vs. Sevilla's 13.5), Barakaldo (14.7 euros vs. Bilbao's 15.7), Santa Lucía de Tirajana (11.3 euros vs. Las Palmas de Gran Canaria's 14.6), San Cristóbal de la Laguna (12.8 euros vs. Santa Cruz de Tenerife's 14.1), and Alcantarilla (8 euros vs. Murcia's capital at 9.9).