Property for rent in Portugal: 19% of properties on the market less than 24h

There is a shortage of houses to rent in the residential market in Portugal, with demand outweighing the number of properties on offer. Only between the third quarter of 2022 and the same period in the previous year, the supply of houses for rent in Portugal fell 53%, according to a study by idealista. And, as a result, homes are on the market for less and less time, despite the fact that the prices of homes for rent are higher. Specifically, around 19% of homes let through idealista during October were on the market for less than 24 hours, according to a study published by idealista, the Southern European property marketplace. The largest share of "express rentals" is of homes with more affordable rental prices (under 750 euros per month). This is the latest outlook for the long-term rental market in Portugal. 

Analysing "express rentals" according to the price range of properties for rent, the same study concludes that the houses with more affordable rents are the ones that rent the fastest. The data shows that 28% of the houses let in less than 24 hours cost less than 750 euros/month. This percentage of express rentals decreases as the rent range increases. In other words, the higher the rent, the longer the house takes to be rented: around 22% of the houses with monthly rental values between 750 and 1,000 euros/month were rented in less than a day, 11% between 1,000 and 1,500 euros/month and 11% cost more than 1,500 euros/month.

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Long-term rentals Portugal: Braga leads district capitals

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

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

As the price brackets increase, the percentage of "express rentals" falls, although in some markets this figure is still relevant. For homes priced between 750 and 1,000 euros for rent in Portugal, Lisbon is the leader in "express rentals", with 26% of homes being rented out in less than one day. It is followed by Braga (21%), Porto (20%), Setúbal (18%), Aveiro (17%), Faro (12%) and Coimbra (12%).

In the case of homes costing between 1.000 and 1.500 euros per month, 17% were rented in less than 24 hours in Lisbon, 8% in Oporto and 8% in Faro. Finally, when it comes to property rentals on the market for more than 1,500 euros/month, 11% of properties in Lisbon were on the market for less than one day and in Porto 5%. It should be noted that in the large urban centres of Lisbon and Porto, houses and apartments for rent are more expensive than in the other district capitals.

Express rentals in less than 24 hours