The real estate market is not particularly doing well these days in Spain and it might be hard to find a buyer for your home at a good price. Therefore, many of your opt to rent out their property to generate the extra cash covering your mortgage at the end of the month or paying for your next holiday.
When taking the decision to rent out your apartment in Spain, you will basically face two options.
Option A: Renting out as a short term holiday rental
You can decide to rent out your property as a holiday apartment in Spain. Your revenue stream might not be as regular as if you were to rent your apartment out on a long term basis but nevertheless, Spain is a very popular destination for tourists from around the world – especially if you own a property on the coast – and providing that you get the right kind of exposure, renting out your apartment on a short term basis might be a the most profitable option. Here are a few tips to do things right.
Tip #1: if you decide to rent out your property without passing through an agency, you will surely save some money but make sure to use highly exposed and safe property portals. Among our favourites, we would recommend:
Homeaway: one of the largest player in the industry with more than 735,000 paid listings and 80 million traveler visits a year. A safe bet in our opinion. Save $25 on new 12-month listings at HomeAway.com with code G307. Expires Aug 31st, 2012.
Airbnb.com: an upcoming company, extremely user friendly and offering all kinds of accommodation options to its visitors, from bedrooms in shared apartments to holiday boats. We particularly recommend it if you have a property standing out from the crowd. More information here.
Tip #2: select your guests carefully and set clear rules about what they can and cannot do in your property. In general, your neighbours are probably not the biggest fans of rowdy tourists and problems can easily come up.
Tip #3: if you do decide to use an agency to rent out your holiday property in Spain and manage it, make sure to choose a very serious one offering you full transparency about the permits they have, what you will be charged for and what you will not be charged for. There are many opportunistic agencies out there with little or no credentials and not caring very much about what kind of guests they select for your apartment. Beware, especially if you are do not reside in the same city and looking for a hassle free solution.
Option B: Long term rental
A safer option but less profitable option to rent out your property in Spain is to let it on a long term basis. All year round and maybe more specifically in September and January, numerous couples, families and students arrive in Spain to work, enjoy the dolce vita or study and obviously need a comfy place to stay in. If you decide to rent out your property on a long term basis, your monthly revenues might not be as high, especially during the summer time, but you might be able to generate a more steady revenue stream.
Naturally, the same tips applies when you choose this option. Opt for popular property portals and safe agencies to deal with. Among the most popular specialised portals to work with, we recommend idealista.es and enalquiler.com who receive most of the traffic. Alternatively, you can choose classified websites like Loquo in Barcelona or Craigslist. If you decide to go for the latter option, be extra careful about the possible scam offers you will receive.