He tourist rental has reduced in recent years the potential supply of housing available for residential use in Spain and It already represents 10% of the size of the rental market with 340,000 homes.
The proliferation of this type of housing affects very unevenly different geographical areas. Above all, it concentrates on certain areas such as Malaga, Marbella, Elche and Palma de Mallorcaand in the central districts of large cities with greater tourist activity such as Barcelona, Madrid, Seville and Valencia.
This is stated in the latest report from the Bank of Spain entitled The housing market in Spain: recent evolution, risks and accessibility problems which has analyzed the housing market during 2023.
The report indicates how in those neighborhoods in which the largest number of apartments for tourist rental are concentrated, residential housing is displaced and experiences greater increases in housing purchase and rental prices.
For example in Valencia, the weight of tourist rentals represents between 13% and 90% of the rental housing stock; in Sevilla, these homes have become 1.5 times more common than residential rental homes in some downtown neighborhoods; and in cities like Barcelonathe areas with the most type homes Airbnb The rental price has risen by 7% and the sale price by 17%.
And so the price of rent continues to rise without increasing the wages of the tenants, who each time have to make a greater effort associated with renting a home. In the case of groups with lower incomes, this effort has increased considerably over the last two decades.
The potential spending on rental housing in terms of income was above 25% in 2021 for the average household. But these ratios reach maximum values, around 40% of net income, in urban areas where population dynamism and tourist activity are concentrated.
The percentage of rental households that are in a situation of overexertion is higher in the centers of urban areas and in certain Autonomous Communities. In particular, rental expenses exceed 40% of net income for more than 50% of tenants in the urban centers of the Community of Madrid, Andalusia, Balearic Islands and Catalonia.
The high effort involved in spending on housing for certain groups places them in a vulnerable economic position. So, Spain stands out as the European economy where the highest percentage of people who rent are at risk of poverty or social exclusion.. In 2022, 45% of Spanish households residing in a rented home were in this situation, compared to the 31% observed in the EU average.
