The number of people looking for a property to rent through the Idealista website fell by 20% in December 2024, compared to the same month in 2023 (23 to 18). This current situation reverses the trend of the previous, more recent quarters, which remained at 23 contacts for each property placed on the market for rent.
According to the real estate portal, “houses for rent in Portugal are getting more and more expensive (prices rose by 4.7% in 2024). But, even so, the demand continues to be very expressive. At the end of 2024, advertised rental properties received, on average, 21 contacts before being leased, according to the data analysis carried out by idealista. But, compared to the same period in 2023, the number of contacts per ad decreased by 33% (32 contacts, on average), which may be related to the increase in the supply of houses in the Portuguese rental market. The number of rental properties on the market has risen by 59% but unfortunately, prices remain high and unaffordable to most Portuguese renters.
Interest in renting in the capital of Madeira also fell. The Portuguese cities of high interest are Santarém, registering an average of 37 contacts for each house placed on the rental market, followed by Portalegre (35) and Setúbal (32). Below the average of 30 contacts per listing of houses for rent is Bragança (26), Leiria (24), Ponta Delgada (24), Guarda (22), Faro (22), Vila Real (21), Beja (20), Coimbra (20) and Castelo Branco (20). Those with an average of less than 20 contacts per listing of properties are: Lisbon (19), Évora (18), Braga (18), Funchal (18), Viseu (18), and Aveiro (17). The cities that received the fewest contacts, on average, were Porto (12) and Viana do Castelo (11). But, it should be noted, that the low contacts for each house for rent may be related to the greater supply in these markets.
It should also be noted that the price per square metre rose 12.6% in 12 months from €13.50 to €15.20. Meaning that a 50m² property would cost €760 per month at the end of 2024 as opposed to €675 in 2023.
Samantha Gannon
info at madeira-weekly.com