In our previous articles we explained, that because of the crisis, has changed the profile of the people who rent their homes. We also said that, in many cases, the apartment owners do it to survive, because if they rent their home, theowners get extra money to help them pay their mortgage and to offset that income they once had and now not and they need it more than ever.
We also talked about which has grown enormously in demand for this type of seasonalrental. More people, prefer to be more travellers than tourists, and want to know the place they visit thoroughly, living the experiences the local people have. Renting an apartment instead of a hotel room, offers many advantages , mainly more space and freedom , and more amenities.
This, coupled with the increasing availability of websites offering holiday apartments for days, weeks and months, has favored the increase in this form of travel.
But to fully understand this change, we can´t forget the price factor.
The price plays a key role in this dramatic increase in demand for rental apartments. And the fact is that the prices have dropped significantly.
If we compare the prices at which the apartments were rented in Madrid (but not only in Madrid) 4 or 5 years ago with the prices that are now offered, we see that although the cost of living has risen sharply, the apartments are rented much cheaper.
But, are they really cheaper?
Madrid Glorieta Bilbao 2 Apartment
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Yes! We, that started this activity from 2004 in Madrid for Rent, we can assure that prices have fallen by up to 50 %!
More Apartments for rent short term? Higher quality at a lower price?
It seems incredible, right? But it's true!
We could think that the apartments offered are of lower quality. But it is not like that: it has also increased the quality and equipment of the apartments.
Madrid Glorieta de Bilbao Apartment
So how does explain this fall in apartment Rental prices? Very simple: the competition has increased. Demand has grown, yes. But as the supply is so large, the owners have been forced to lower their prices, while offering higher quality. It's just the law of supply and demand ... in times of crisis.
Of course, not all apartments are the same, not all offer the same level of quality, or cleaning . And not all owners offer the same level of attention.
And this is the subject of the next article. See you!