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High Demand For Affordable Housing

Houses in Funchal for less than €750 are rented in less than a day after being listed. This is one of the conclusions of a study carried out by the real estate portal idealista, which points out that the “most affordable rentals, with prices below 750 euros per month, concentrate a large part of the demand, thus marking the highest rates of “express rentals.”

In the case of the Madeiran capital, 100% of the houses rented in the first quarter for less than 750 euros/month were advertised for less than a day on the idealista’s database. It is followed by Setúbal, with a percentage of 75%, Faro (50%), Aveiro (33%), Porto (30%) and Lisbon (22%).

“As price ranges rise, the percentage of ‘express rentals’ decreases, although in some markets this figure remains relevant. In houses priced between 750 and 1,000 euros, Faro and Funchal are leaders in “express rentals,” with 33% of the houses being rented in less than a day. This is followed by Lisbon (31%), Setúbal (29%), Aveiro (14%), and Porto (11%).”

In the case of houses with a monthly cost between 1,000 and 1,500 euros, 25% were rented in less than 24 hours in Funchal and Setúbal, 15% in Lisbon, and 14% in Porto. Finally, when renting houses for more than 1,500 euros/month, 10% of the houses in Funchal were on the market for less than a day, 9% in Porto, and 5% in Lisbon.

Analysing the six district capitals with the most supply of houses for rent in the first quarter, Setúbal was the city where the percentage of houses rented in less than 24 hours was highest, reaching 32% of total operations. This is followed by Funchal (26%), Faro (20%), Porto (14%), Aveiro (13%) and Lisbon (11%).

Samantha Gannon

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