Property for rent in Portugal

Property for rent in Portugal is getting more and more expensive. And it is precisely in the big urban centres, like Lisbon and Porto, where you can find the highest rent in the whole country.

The rental market in Portugal is getting more and more expensive. And it is, above all, in the large urban centres near the coast where rent is higher.

More and more families are choosing to rent a house in Portugal, given increasing difficulty when it comes to getting a mortgage, but rental supply is still scarce in Portugal. This is why we have seen the increase in rental prices in Portugal month after month.

In order to encourage the change of properties from Local Accommodation (known in Portugal as AL or Alojamento Local) to the long-term rental market, António Costa's Government has inserted a series of measures in its "More Housing" package, which has generated controversy in the sector.

Lisbon has announced its plan of attack to address the city's housing problem.

Two out of every three local accommodation units (know in Portugal as AL) in Lisbon correspond to "ghost licences", as only a third of them are currently active and performing any sort of tourist activity, according to data from a report on the sector released by the City Council at the end of Febru

The value of rents for new lease contracts will now have criteria that limit their increase, according to the Portuguese Prime Minister, António Costa, announced in February at the end of the Council of Ministers.

Renting a home has been getting more expensive in Portugal since at least 2017. In a context of supply pressure and a shortage of property for rent in Portugal, the value of rents has not stopped rising in the last five years and reached 6.25 euros per square metre (euros/m2) in the last 12 months.

There is a shortage of houses to rent in the residential market in Portugal, with demand outweighing the number of properties on offer.

Portugal's State Budget proposal for 2023 (OE2023) foresees several changes in terms of tax benefits, namely regarding rental.

The stimulation of the rental market in Portugal is still in the Government's sights, which has in mind the creation of a mechanism of support to rents for young workers in the country.

When looking for a house to rent in Portugal, there are several factors to take into account: location, space, price, but also the conditions offered. One of the main things to consider is the question of furniture.

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In the current climate of rising interest rates and changing mortgage conditions, many people prefer to rent property instead of buying, not to mention the significant sum of money that in many cases has to be paid up front as a deposit and that many struggle to afford.

In recent years, until the pandemic, Portugal's short-term rental market (known as Alojamento Local or AL) had been a strong driver of the national economy and of the rejuvenation of the housing stock.

In Portugal, things tend to cool down during autumn and winter. However, in the case of the Portuguese rental market, things really started to heat up at the end of 2021.

In Portugal, there is a shortage of houses for rent in the residential market. As a result of high demand, properties across Portugal are only on the market for a short time. To be precise, about 30% of the houses rented in February via idealista were on the Portuguese market less than a week.

When choosing a house to rent, one of the key factors is the cost.

The Alentejo Science and Technology Park (PACT), based in Évora, wants to attract digital nomads to the region, betting on the "fantastic conditions" of the area and the opportunities created by the Covid-19 pandemic. "We are launching a strategy to attract digital nomads to the Alentejo".

The coronavirus pandemic continues to have its effect on the global property market and we've already heard that rental prices will see slight rises in Portugal in 2022. But what exactly will these price rises look like? How much will rent go up by in Portugal?

The COVID-19 pandemic is still very much amongst us, but thanks to the high vaccination rate and the use of the digital certificates, people have more and more freedom to pack their bags and go on holiday.

Housing rental prices in Portugal are set to rise again in 2022, after remaining unchanged in 2021, but after rising between 2016 and 2020. This, however, will be a slight increase, bearing in mind that, excluding housing, the inflation rate was 0.29% in July.

Renting a property in Portugal is no longer as quick. There are now fewer homes advertised that take between 1 and 6 days to find a tenant. In February 2020, around 43% of homes put up for rent in Portugal remained on the market for less than 7 days.

Milan is the capital of Southern Europe where the effort rate of families to pay the rent of a house is the highest: 42,6%. A figure higher than that registered, for example, in Madrid (36.3%) and Lisbon (35.8%). Another Portuguese city, Setúbal, is in second place in this ranking (40.6%).

Rental prices in Portugal continue to rise in Portugal in 2021 in spite of the COVID-19 pandemic, although at a slower pace than in recent months. How much does it cost to rent a house in the country's two main cities? What are the cheapest and most expensive areas to rent in Lisbon and Porto?