Spain entered 2026 with an estimated housing deficit of 750,000 dwellings according to Banco de España, which also reported that they don’t believe the country is experiencing a bubble comparable to 2008.
The rising cost of rents, limited supply and changes in ownership of the housing stock are just a few of the factors putting pressure on tenants, with the average age of tenants increasing from 31.5 to 36.2 between 2021 and 2026.
The Cost of Renting
Bankinter estimates that the average price of renting in June 2026 reached a new historical maximum.
From 2009 to 2023, rents increased by an average of 3.2% per year, which increases to approximately 4% to reach current levels, which may not sound significant.
However, according to data from the INE, average salaries haven’t performed nearly as well, with the highest annual observed growth between 2009 and 2023 being around 1.9% per year and the lowest 0.5%.
The government has taken measures to help the problem such as offering help to young people or putting restrictions in place in zonas tensionadas to make renting more affordable.
Supply and Demand
By the end of 2025 the number of available properties for renting fell by over 20,000 while demand reached a peak of 143 people interested per property in a 10 day period.
Investment and Tourism
When it comes to renting for profit, there are various factors that have contributed to the current state of the market and shaped the government’s latest policies.
In 2024 Civio revealed that more than 185,000 rental properties were owned by companies or investment funds.
Although Blackstone sold its stock to Brookfield Assets, the role of institutional landlords has become the focus of political debate, with the government introducing new regulations affecting large landlords and tenants.
Meanwhile, in cities like San Sebastian, Pamplona and A Coruña, more than 30% of available rental properties were lost, as owners have responded to price controls by moving properties into the seasonal rental market.
At the end of 2025 it was also reported that the current state of the market is worsening equality as the wealthy increase their share of real estate.
Vacant Homes
A fotocasa survey in 2025 recorded 3% of homeowners have an empty property.
Spanish census data from 2021 however suggests there may be millions of vacant homes, although the figures will be based on data from the COVID-19 period, which had a serious, long-term impact on how and where people lived.
In some cases, such as Vigo and Tenerife, in 2025, it was reported that over 15% of available properties were not in continuous use for more than 2 years.