Not all of our clients are looking to purchase a property, many are also looking at renting in Marbella, either as a precursor to buying a home or simply because they are unable to purchase a property in their desired area. Even though rentals are not an area we deal in very often, we always keep up to date with the rental market and of course, the rental laws. So with that in mind, let’s go over all you need to know about renting in Marbella in 2023.
Firstly, what are the rental laws in Marbella?
The new housing law aims to solve issues on annual rent increase rates, price limits, and eviction procedures in Spain. Additionally, real estate agents can no longer charge tenants a commission, this fee must be paid by the landlord.
What can I do as a homeowner?
As a homeowner you will be able to rent your home freely for either the short or long term, in the context of allowed criteria stated by the new Spanish housing law. Legal requirements for Spanish property owners who rent their homes have changed to safeguard both the tenants and landlords rights equally.
The impact of the new Spanish housing law is expected to eliminate possible abusive acts between tenants and owners, to safeguard both parties’ rights.
Cap on the annual rent increase
Rental prices were previously determined according to the annual inflation rate. To reduce living costs and lessen the burden on the tenants, the new law capped the rental increase at 2% in 2023 and 3% in 2024. As a reminder, an initial contract should always include a clause regarding rent increases and future changes.
There can be a change to the rent increase clause if both parties agree and it is in line with the law. It is important that when modified the amendment of the contract states that just that clause is being modified.
Aside from this, in the new law there are some exceptions for rent increases. These are for new contracts with a minimum time period of up to 10 years for the tenant. Rent increases of up to 10% can be allowed in this case, particularly if there have been certain renovations to the property, such as relating to energy savings.
For advice on both this aspect and also on some new personal tax reductions introduced for rentals, we recommend that clients should talk to their accountant. Verdin Property bears no responsibility or liability for changes to your rental payments or tax status.
No more agency fees for tenants
As mentioned in a previous publication we published on this subject, real estate agency fees must be covered by landlords. The tenants will not be required to pay any part of the agency fee with the new regulations.
Improvements to the eviction scheme
The eviction process has turned into a systematic process. Now, the tenants can only be evicted by the predetermined date and reasons. With the new regulations, tenants will get enough time to find an alternative place to live until the eviction date. Any eviction without a preset date notified to the tenant is prohibited.
Renting in Marbella
Marbella is a beautiful location to live in. Yes, we’re biased but it’s true! From stunning blue flag beaches to idyllic cobbled streets in the Old Town, Marbella has a certain charm that appeals to just about everyone.
Prices in Marbella vary massively depending on what you want. Studio apartments and 1 bedroom units can be found from as low as 6/700€ per month depending on location whilst the very best villas can be up to 50,000€ per month. Be sure to contact us via our email below and let us know what you are looking for.
So there we go, all you need to know about renting in Marbella in 2023. As ever, should you have any questions or wish to look for a rental property, do not hesitate to contact us.
Email: [email protected]
For any questions regarding legal or financial issues, please speak to the necessary body. This post is an update to the previous article published by our company which you can read by clicking here. We hope you can find the perfect property!
