Thread: Renting requirements

I'm looking to move to Spain (prob Madrid) this summer with the intention of renting an apartment then starting/finding work.
One thing I've heard is that landlords usually require evidence of regular income (ie several months' payslips) before agreeing to rent. Is this your experience? Any ways around it, given we would only be finding work after arriving?
Ooh, and what kind of deposit do they usually require? Some things I've read say 1 month, others say 3 months.
Thanks

Hi polecat,

When renting in Spain, the legally required deposit by law is 1 months for unfurnished property, 2 months for furnished property (as well as 2 months for commercial property). The reality though, is that many owners in Spain, ask for whatever they feel like and if you agree then that is what it will be.

Something else that has become popular in Spain over the past 5 years is demanding an "aval" (a bank guarantee). This is where you (the tenant) places X amount of month's worth rent into a bank account and your bank issues a guarantee (an aval) to the landlord on this account.

The landlord can then claim this money, in the event that you do not pay the monthly rent. Unfortunately, again this has been widely abused by landlords and used as a mechanism to enforce their interests. If you find yourself in such an agreement, forget ever asking the landlord for anything... They will always have the upper hand in everything.

Best of luck!

Oh and BTW in Madrid a very popular scam is fly-by-night agencies which promise huge apartments at ridiculously low rents, but when you come to their agency (which always happens to be an underground cellar or strange industrial warehouse site), then you are first required to pay a registration fee.... The apartments never exist!

Hi Polecat.
It used to be 3 months but things are changing. The third month was the charge for the rental agent- the search or finders fee. Many have halved that now or asked the owner to pay too.
Ideally, try to contact the owner and you will then usually only be required to pay one months rent in advance and one month deposit against breakages etc which should be returned to you at the end of the contract, if all things broken have been replaced etc and you have given the correct amount of time for notice.
The last part is one of the reasons landlords won't pay back the deposit. It takes them a further month min and advertising to find someone to replace you but if you inform them correctly in the given time, they have time to find your replacement.
I have never asked for evidence of steady income but used to in UK. I don't know of any rental agents here who have asked for same.
I think you will find it is a renters paradise at the moment !
No vested interest, I don't have any rentals available, just trying to answer your query !

[QUOTE=anis;4801]
I think you will find it is a renters paradise at the moment !
QUOTE]

Good info, thanks. And thanks to Greg, too.

Why a renter's paradise, Anis? Because people are so desperate for cash they are dropping rates? Or because a building boom resulted in too many empty units?

Oh, and are there any particular websites anyone recommends? I've done the Google dance, but recommenations are always more fruitful.

Thanks guys! (What a helpful forum)

[QUOTE=polecat;4802][QUOTE=anis;4801]
I think you will find it is a renters paradise at the moment !
QUOTE]

Yes this is because:

a) The buyers and renters have fanished (demand) so the ones still buying or renting have more to say...

b) The oversupply is huge so again you have more options than before

I suggest you check idealista.com, loquo.com both of those sites should provide you with a decent amount of options.

Glad you find the site useful

Gregor ! The buyers and renters have fanished !

LOL...

Yes fanished....

Er no I mean vanished

That's what happens when you "multitask"

hahahah men CAN'T multi task ! I can't spell at times or is that type ?hmmm top of the morning to you all