It has become very difficult to rent a property in Madrid, or at least to do so at an affordable price.
The number of people who are looking for an ideal place is high. This phenomenon occurs due to the excessive cost of buying an apartment or a house in the city of Madrid.
First you have to go to the place with the deposit prepared in advance, you should get involved in group dynamics to contact as many places in less time and know the interviews you will be subjected to. This way you will always be prepared to take that much needed rent.
The average price of renting a room in an apartment in Madrid is around 400-700 € per month and the competition is incredible, about 5 hours is the average rental time and a little less if it is an exclusive place.
In the city of Madrid (between 60 and 90 m2): 1,200-2,000 euros would be the average to find apartments.
Later we will talk about more specific prices, but first you should know what requirements you need to rent in Madrid without any problems?
Surely you have asked yourself this question many times, if you are from Madrid or if you are looking to live in the Spanish capital, is it better to buy or rent an apartment in Madrid? This question is answered with a big "it depends", maybe you need to study at the university and usually you will need to rent a room or an apartment according to your needs and how much you are willing to spend at the end of the month.
If you are not a student this option is discarded and we are only left with the remaining options: buying or renting an apartment in Madrid. Again, the length of stay is something fundamental to determine which would be the best option to choose and what would be your economic scope.
What is the paperwork a tenant must complete to rent an apartment in Madrid safely?
In any part of Spain the paperwork for renting is different from buying, less paperwork is required and it is something that can be done much faster. But it is still important and that is why I will give you the essential steps to rent without any surprises.
Before signing the lease contract to rent a house, an apartment or a room, you must check that the person who rents it is indeed the owner. We must make sure to avoid any scam or overpricing.
You need to prove your solvency to your landlord.
The person who is renting his apartment or room will always have the fear that the tenant will not have the money to pay his rent at the end of the month and many times neither of the parties know each other. Keep in mind that some landlords are more demanding than others, some may ask you for a detailed report and others are able to see the exact day your money arrives.
At this point we are in the prelude to the signing of the contract and we must study it well.
Study carefully what is included in the contract.
We arrive at the moment of the negotiation where we appreciate the conditions that will apply in our stay in the apartment we want to rent, try to make them a little beneficial for you in the following key points: Price, community, taxes and insurances. We must be clear about the cost of all these points to be able to get the global cost of the rent. Once finished the negotiations and adjusted the prices with our landlord and if everything goes according to the plan that we had at the beginning, we already have the so longed apartment for rent.
Congratulations, we have already signed the contract and we know the price of our rent and the benefits and responsibilities that it entails.
Even if it is the landlord's responsibility, make sure he has paid the security deposit. The law obliges him to deposit it with the appropriate agency, so that if you want to leave the place for any reason you can receive your money without having to wait.
By taking safe steps you will be able to rent without having to worry, you will find an excellent price and you will be able to negotiate in a wonderful way, now it is time to start looking for rentals, once you have a plan of how to sign your contract and what you will need. Let's start looking for rentals. But where do I start looking for rentals?
How to rent in Madrid without failing in the attempt?
We are in a moment in which the supply is so high that it hardly supplies the demand for rentals throughout Spain, Madrid is among the first cities along with Barcelona in difficulty of rentals and is that in 48 hours is located the average consignment of apartments and rooms.
Something fundamental is to join social groups and rental communities, you will learn a lot of information about the surrounding places and their people, when renting, even the smallest detail must be taken into account.
The real estate websites give us the full range of options we have to choose from, from apartments, rooms and their duration for days, hours, weeks and indefinitely, for every taste there is an option in Madrid.
This is where Vanrays comes into play, we have a portfolio of exclusive services that you should check out, we are convinced that you will love it and hire at least one of them or maybe all of them.
The classic search in the newspapers can not be missing, the Idealista, the Confidential, Ok Spain among others are some of the preferred options to look for a job, a room or an apartment in the Spanish capital.
Searching in Spain and specifically in Madrid is something that requires patience, the competition is overwhelming, but you will be surprised by the results and the great experience of a world elite city.
When is the best time to rent in Madrid and cheap?
If it has become a tradition to rent an apartment in the summer, these are the months when university students go home for the summer and leave the apartments they have rented, usually at the end of June when the school season ends.
Often September and October are months where the demand for rentals increases, coinciding with the time when companies hire people who do not live in the city and they are looking for a rental for their new job; this happens together with the beginning of the University day, this makes it one of the most difficult months to try to get an apartment or a room whatever your needs are.
A tip for you not to suffer while renting an apartment and not be worried about having to choose one that does not fit your reality for fear of not finding anything else, is that you should do it in advance, start in the month of June and with this you will have a margin of up to 2 months approximately to choose the one that best suits your lifestyle. Remember that apartments are short-lived due to the strong competition. Be patient and well organized.
Some differences between buying and renting in Madrid
The advantages of buying an apartment in Madrid:
There's nothing like owning your own home, and the expenses it incurs make sense because you own the property.
You can rent the apartment and have an income for any emergency in the future.
You can decorate and customize to your liking.
What are the disadvantages of buying an apartment in Madrid?
We will start with the mortgage is the first challenge to face every month so that this poses a risk in case of not having a continuous money over time.
You have little mobility, when we rent we can go wherever we want or when we buy we have to settle down in that place.
You will probably pay much more than you thought you would at the beginning due to the interest on your mortgage or the future will lose the initial value you paid for.
Advantages of renting an apartment:
When you rent an apartment in Madrid if you want, you can eventually move in and choose the one you like the most, the ease is a plus point.
If you need to modify it, it is the landlord who has to bear the expense of the amount of money for repairs or renovations.
Since you are not tied to one place, you can take liberties in terms of employment and any other options that require a move.
Disadvantages of renting an apartment:
Something that is a very big disadvantage when renting is the quality of your landlord and how much importance he gives to the apartment in terms of maintenance.
From one day to the next you can be without a roof over your head, due to the fact that it is rented and not in a property in your name.
Getting your deposit back can be a problem.
Find out more about our rental management, contact us.
