The Rental market in Mallorca
The property rentals’ market has undergone a radical turnaround in the past 2 years (2016-2017). Demand has gone through the roof, there is hardly any availability for all-year rentals and the rental prices in Mallorca are back at pre-crisis levels.
For example, in some locations, there is now limited availability and as a consequence of the demand, a previous rent of 450 euros per month has gone up to 600 euros in 2016 and 750-800 euros in 2017.
A further reason for the migratory trend out of Palma is that property owners, especially in the old town, are opting to rent out to tourists and so increase their returns. In 2016 a studio apartment in Palma typically now cost 500 euros a month, while a two-bedroom flat was 700 euros minimum. In 2017 you could hardly find a studio for less than 650-700 euros and one bedroom apartment for less than 800-1000 euros.
Because of all this, estate agents are no longer bothering to advertise flats to rent, as the adverts produce so many calls. During the crisis years, it was not unusual for a flat to be advertised for up to two months.
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