Express Rentals | Portugal | 2022

Express rentals: 19% of the offer is less than 24hours on the Market

The higher the income value, the lower the percentage of rented homes in less than a day, concludes an idealist study.

There is a lack of homes to rent in the residential market for so much demand. Between the third quarter of 2022 and the same period alone, the offer of homes to rent in Portugal fell by 53%, according to a study by the idealist. And as a result, homes are less and less market time, although house prices to rent are higher. In particular, about 19% of homes rented through the idealista during October were less than 24 hours announced, according to a study published by idealist, the Real Estate Marketplace of Southern Europe. The largest share of "express rental" is of houses with more affordable rents (less than 750 euros per month).

Analyzing the "express leases" depending on the price range of homes to rent, the same study concludes that the houses with the most affordable rents are the fastest rentals. Data shows that 28% of homes rented in less than 24 hours cost less than 750 euros/month. This percentage of express rentals decreases depending on the income range increases. That is, the higher the value of the lease, the longer the house is rented: about 22% of the houses with rents between 750 and 1,000 euros/month were rented with less than a day, 11% between 1,000 and 1,500 euros/month and 11% cost more than 1,500 euros/month.

Rent the house fast: Braga leads district capitals

Analyzing the seven district capitals with the most offer of houses to rent in October, Braga was the city where the percentage of houses rented in less than 24 hours was higher, reaching 24% of total operations. This is followed by Lisbon (18%), Coimbra (17%), Setúbal (17%) and Aveiro (17%). In Porto, 13% of the houses were rented in less than a day and in Faro, 12% was in the market less than 24 hours.

The most affordable rentals, with prices of less than 750 euros per month, concentrate much of the demand, thus marking the higher "express rental" rates. In Faro, 50% of the houses rented in October for less than 750 euros/month were less than a day in the idealistic database. This is followed by Lisbon, with a percentage of 47%, Braga (45%), Porto (28%), Coimbra (27%), Aveiro (23%) and Setúbal (22%).

As price ranges rise, the percentage of "express leases" is reduced, although in some markets this value remains relevant. In houses with prices between 750 and 1,000 euros, Lisbon is the leader in "express rentals", and 26% of the houses were rented in less than a day. This is followed by Braga (21%), Porto (20%), Setúbal (18%), Aveiro (17%), Faro (12%) and Coimbra (12%).

In the case of houses with monthly costs between 1,000 and 1,500 euros, 17% were rented in less than 24 hours in Lisbon, 8% in Porto and 8% in Faro. Finally, in the rental of houses for more than 1,500 euros/month, 11% of the houses in Lisbon were on the market less than a day and in Porto 5%. It should be noted that in the large urban centers of Lisbon and Porto is where the houses to rent are more expensive compared to the other district capitals.

Rentals expressed in less than 24 hours

October 2022 | Average and by price range

Source: idealista