Fast-Paced Rental Market Sees Units Delisted Shortly After Going Online
In a fast-paced rental market, 20% of homes listed for rent in Funchal are snapped up within 24 hours, according to a recent analysis by Idealista, a leading real estate marketplace. This trend, dubbed "express rentals," is particularly prevalent among more affordable properties priced under €750 per month. Nationally, nearly a third (31%) of homes in this price range were rented within a day of being listed. This proportion decreases as rental prices increase, with 14% of homes priced above €1,500 being delisted so quickly in Funchal.
In Funchal, no property with a rent of less than 750 euros/month was on the rental market for more than a day, due to the lack of supply of houses at that price in the capital of Madeira.
Funchal: No Homes Under €750 Listed For More Than A Day
Among Portugal's major cities, Setúbal leads the pack with 27% of rentals delisted within 24 hours, followed closely by Funchal. In Funchal, no homes priced under €750 were available for more than a day, highlighting the high demand for affordable housing in the city. The analysis also reveals that Porto and Setúbal saw 50% of their rentals under €750 disappear within a day. Lisbon wasn't far behind, with 43% of its affordable rentals being snapped up quickly.
Intense Competition All Over Portugal
This analysis underscores the intense competition in Portugal's rental market, particularly for affordable housing. Prospective tenants everywhere are advised to act quickly when they find a suitable property, as it may not be available for long.
Source: Idealista
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