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 home in the city of Madrid.
First you have to go to the place with the deposit prepared in advance, you must get involved in group dynamics to contact the greatest number of places in less time and learn about the interviews to which you will be subjected. This way they will always be prepared to take that much-needed rental.
The average price of renting a room in an apartment in Madrid is around €400-€700 per month and the competition is incredible, around 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 do you need to rent in Madrid without having any problems?
You have probably 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 university and generally 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 ruled out and we are only left with the remaining options: buying or renting an apartment in Madrid. Once again, the length of stay is essential to determine which would be the best option to choose and what would be your financial reach.
What is the paperwork that the tenant must complete to safely rent an apartment in Madrid?
In any part of Spain the rental paperwork is different from the purchase paperwork, less paperwork is required and it is something that can be done much faster. But that doesn't make it any less important and it is for this reason that I will give you the essential steps so that you can rent without any surprises.
Before signing the lease contract to rent a home, apartment or room, you must check that the person renting it is actually the owner. We must make sure to avoid any scam or overpricing.
You need to prove your solvency to the landlord
The person who is renting their home, their apartment or their room will always have the fear that the tenant will not have the money at the end of the month to pay their rent 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 signing the contract and we must study it well.
Carefully study what the contract includes.
We arrive at the moment of negotiation where we appreciate the conditions that will apply to 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 insurance. We must be clear about the cost of all these points to be able to calculate the overall rental expense. Once the negotiations are finished and the prices have been adjusted with our landlord and if everything goes according to the plan we had at the beginning, we now have the long-awaited apartment for rent.
Congratulations, we have already signed the contract and we know the price of our rental and those benefits and responsibilities that it entails.
Even if it is the landlord's responsibility, make sure they have paid the deposit. The law requires you to deposit it in the competent body, 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, it is time to start looking for rentals, once you already have a plan on how to sign your contract and what you will need. Let's look for a rental. 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 high so much so that it barely meets the demand for rentals throughout Spain, Madrid is among the first cities along with Barcelona in rental difficulty and in 48 hours the average is located consignment of apartments and rooms.
Something fundamental is to join social groups and rental communities, you will know a lot of information about the surrounding places and their people, when renting even the smallest detail must be taken into account.
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 review, 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 cannot be missed, the Idealista, the confidential, Ok España among others are some of the preferential options to search for, whether for a job, room or 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.
What is the best time to rent in Madrid and cheaply?
If it has been a tradition to rent an apartment in the summer, these months are when university students go home to spend the summer and leave the apartments they had rented, it usually happens 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 occurs at 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 need may be.
A piece of advice so that you do not suffer while renting an apartment and are not worried about having to choose one that does not adapt to your reality for fear of not finding anything else, is that you should do it in advance, it begins in the month of June and with this You will have a margin of up to approximately 2 months to choose the one that best suits your lifestyle. Remember apartments do not last long due to strong competition. Have patience and good organization.
Some differences between buying and renting in Madrid
The advantages of buying an apartment in Madrid:
There is nothing like having your own home, and having your expenses make sense as it is a property you own.
You can rent the apartment and have an income for any emergency in the future.
You can decorate and personalize to your liking.
What are the drawbacks when buying an apartment in Madrid?
We will start with the mortgage, it is the first challenge to face each month so this represents a risk if you do not have 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 planned to do at the beginning due to the interest on your mortgage or in the future you will lose the initial value for which you paid.
Advantages of renting an apartment:
When you rent an apartment in Madrid, if you want, you can move eventually 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 assume the expense of the amount of money for the repairs or renovations.
Since you are not tied to a single place, you can give yourself freedom in terms of employment and any other options that a move requires.
Disadvantages of renting an apartment:
Something that is a very big disadvantage when renting is the quality of your landlord and the importance he gives to the apartment in terms of maintenance.
From one day to the next you can be without a roof, because it is rented and not in a property in your name.
Getting your deposit back can be a problem.
Find out about our rental management, contact us.
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