Tips for short-term and long-term rental in Madrid
Finding accommodation in Madrid can be a challenge, but we’re here to help. Tell us what you need and we’ll be on our way to offer you the Madrid market options for your convenience.
Nevertheless, we’ll give you some guidance on how to rent in Madrid.
The help of a property personal shopper is a great advantage if you want to locate your property successfully and decipher the material and contractual conditions of the lease.
Like anywhere else, looking for accommodation in Madrid can involve the risk of scams, so it’s essential to be vigilant. One of the golden rules for avoiding fraud is never to pay any money without visiting the flat in person. Even if the photos look attractive, it’s important to check that the ad is genuine before making any transaction.
Be wary of overly tempting offers that seem too good to be true.
Always check the identity of the owner and the legitimacy of the estate agent.
Never pay any fees before visiting the flat and signing a legal contract.
Accommodation for professionals, families and students in Madrid
Looking for accommodation for students, professionals or expatriate families in Madrid can be a real challenge, but finding out about the different districts will make it easier.
The property market offers studios, individual or family flats, traditional or modern houses, sometimes right in the city centre, villas and luxury penthouses. You can also enjoy communal areas with gardens and swimming pools, or a private garden in the case of houses and villas.
Your rental needs can be met. Discover the most sought-after districts such as Retiro, Goya, Salamanca, Chaberí or Chamartín, the popular neighbourhoods more suited to students, with nightlife in the case of Malasaña, Latina or Lavapiés, and the residential areas close to the centre such as Moncloa. There’s even more variety.
Madrid is a city with a high level of security for citizens and foreigners. Nevertheless, it is worth pointing out the most obvious precautions to avoid scams and the steps you should take to check the identity of the owner, wires and so on. Property scammers can use various techniques to trick tenants looking for accommodation in Madrid.
Never provide sensitive information or payments without first visiting the property.
Similarly, it is essential to carry out a thorough inspection of the condition of the property to avoid future problems.
In addition, be wary of offers that seem too good to be true: for instance, abnormally low prices or requests for advance payment with no security guarantee would be a cause of concern. If anything seems suspicious, it’s best not to go ahead with the transaction and look for other, more reliable and secure options for finding your home in Madrid.
In any case, we’ll take care of everything for you, no doubt to your benefit.
Aspects to take into account when renting
A new law coming into force in 2023 has brought significant changes to the property market in Madrid. One of the changes is that estate agency fees will now be payable by the landlord, providing greater protection for tenants.
On the other hand, the personal shopper’s fees for finding and selecting a home are different from those previously mentioned.
Rental legislation in Madrid contains various provisions designed to protect both tenants and landlords. Here is an overview of the main aspects to bear in mind:
Obligatory deposit for the tenant:
As a tenant in Madrid, it is compulsory to provide a deposit equivalent to one month’s rent, or two months’ rent if the property is furnished. This deposit is intended to guarantee payment of the rent and to cover any damage caused to the property during the rental period.
Once the tenant has handed over the deposit, the landlord is obliged to deposit it with the Community of Madrid’s Social Housing Agency. The aim of this measure is to ensure the transparency and security of property transactions.
Other sureties or additional guarantees may be required, such as a bank guarantee; this will depend on the condition of the property and also on the landlord’s preferences.
It is essential to read the terms of the tenancy agreement carefully so that you understand your rights and obligations as a tenant.
Pay close attention to the details of the lease contract, including clauses relating to deposits and cancellation conditions.
Rental legislation: type of rental contracts
You can choose between renting empty or furnished, but the most important thing is the length of the contract (the most sensitive point). The options are as follows:
Temporary rental contract: from 1 month to 11 months. This could be extended to 18 months if, for example, you are here for a business project that justifies it.
Long-term contract for a minimum of 12 months, with the possibility of leaving after the first 6 months, but the owner may require a minimum stay with penalty clauses (e.g. one year). These contracts can be extended for up to 5 years if the owner is a natural person, or 7 years if the owner is a legal entity.
The minimum term may depend on the landlord’s requirements: the tenant could leave after the minimum term with 1 month’s notice, or a longer notice period could be required with financial penalties. Negotiation is therefore required.
If the landlord does not wish to extend the contract, he must always give the tenant 2 months’ notice.
As a English-speaking property shopper, we can be a great help in finding accommodation in Madrid. All we need to know is the details of your stay here so that we can find the most suitable lease for you: nearby services that you may need, the security of the area (Madrid has a high level of security, but you still have to take this into account), the needs of the accommodation, whether it is in a residential or trendy area, etc.
The budget should also take into account additional charges such as electricity and water.
The contract will specify the obligations regarding ordinary or extraordinary repairs, an equally important issue.
Anyway, let us know what you need, we will help you all the steps of the way.