The Fierce Competition for Renting an Apartment in Alicante: 31 Families per Listing

The scarcity of rental housing is causing prices to soar. With peak costs per square meter in both the capital and the province of Alicante, finding an apartment to rent is no easy task.

According to a report from the real estate portal Idealista, each rental listing in Alicante city has an average of 31 interested families. This figure, which corresponds to the second quarter of 2024, has grown by 48% compared to the same period last year.

This means almost 10 more families on average than a year ago, further complicating the mission of renting a home in the provincial capital, where supply is scarce and prices are rising. The sharp increase in demand has driven the cost per square meter to nearly 12 euros, a 12.6% increase from August 2023.

The real estate portal attributes this situation to housing policies adopted over the past six years. Idealista's spokesperson, Francisco Iñareta, stated that "the number of families competing for each rental property continues to grow, highlighting the effects of reduced supply."

To rebalance rental market prices, 90,000 new homes would be needed across the province, according to Fotocasa data . The significant housing deficit, coupled with legal obstacles imposed on property owners, has severely impacted the real estate market in such a dynamic area as the Costa Blanca.

"With hardly any homes on the market, the chances of securing a rental are drastically reduced," lamented Iñareta, who noted that vulnerable groups and young people are most affected by this predicament.

The scarcity of apartments leads many families to compete for the same listing, creating "situations of anxiety and frustration as potential tenants have to go through casting processes, competing against dozens of clients," expressed Iñareta. He calls for "realistic solutions" and demands measures "that increase supply instead of those currently being implemented, which only further reduce it."

In addition to low supply, "express rentals" are becoming increasingly common. Listings that flash by on platforms like Idealista last less than a day on the market. In fact, nearly one in five apartments in Alicante did not stay listed for even 24 hours during the second quarter.

This data continues to highlight the high tension in the rental market along with skyrocketing prices. In some areas, such as San Juan Beach or Cabo de Huertas, an 80-square-meter apartment can cost up to 1,110 euros.

This marks a new peak since the bubble year when Idealista first started collecting data. The lack of available housing due to inventory shortages and rental shifts caused by the Government's Housing Law has led to price increases that do not seem likely to abate in the short term.