Valencia, with its vibrant culture, stunning architecture, and beautiful beaches, has become an increasingly popular destination for expatriates from the United States seeking to long term rental apartments. However, one of the significant hurdles they encounter is finding suitable long-term rentals in valencia. In this blog post, we’ll explore the complexities and challenges expats face when searching for apartments in Valencia, shedding light on Spain’s legal landscape, housing market dynamics, and other pertinent factors.
Spain’s Work Contract Requirement is a Challenge for Expats Seeking Long Term Apartment Rentals
One of the primary obstacles for expats seeking long-term rentals in Valencia is the requirement of a work contract. Landlords often prefer tenants with stable employment and a reliable source of income, which can be challenging for newly arrived expats who may not have secured a job yet. This requirement can significantly limit the options available to expats, making the apartment hunt more daunting.
Your NLV or Golden visa will open doors when explained correctly
Having someone who can explain the very intense vetting process of your visa can help. The NLV, intended for individuals who do not intend to work in Spain but have sufficient financial means to support themselves, allows expats to reside in the country for an extended period, typically renewable on an annual basis. Applicants must demonstrate proof of stable income or substantial savings to cover living expenses without relying on Spanish employment. Similarly, the Golden Visa program grants residency to non-EU citizens who make a significant investment in Spanish real estate, typically exceeding 500,000 euros. By leveraging these visa programs, expats can satisfy landlords’ requirements for financial stability, thereby increasing their eligibility for long-term rental agreements in Valencia. Every NLV and Golden visa signifies a government background check and certified confirmation of considerable financial means.
It is important to understand that most landlords do not know this. We have successfully landed apartments for many NLV visa holders once the process and checklists were shared with the apartment owners.
Most landlords do not know what you had to prove and document for your NLV or Golden Visa. When explained and demonstrated they are much more likely to work with you.
Source: Spain’s rental market: What you need to know as an expat
Valencia has Stringent Eviction Laws
Spain’s tenant-friendly eviction laws also contribute to the difficulty for landlords, dissuading them from renting out their properties long-term. The legal process for evicting non-paying tenants can be lengthy and arduous, deterring landlords from entering into rental agreements, especially with expatriates who may not have a solid credit history or references in Spain.
The legal process for evicting non-paying tenants can be lengthy and arduous, deterring landlords from entering into rental agreements, especially with expats
Source: Understanding Spain’s Tenancy Laws
Shortage of Apartments in Valencia
Valencia, like many other popular cities worldwide, is experiencing a shortage of available apartments, further exacerbating the challenge for expats seeking long-term rental apartments. The growing demand for housing, coupled with limited supply, has led to increased competition among prospective tenants, driving up rental prices and making it even more challenging for expats, especially those unfamiliar with the local market dynamics.
In Valencia, Spain, the rental market has experienced significant tightening, with rental prices increasing steadily in recent years. According to data from the Spanish National Institute of Statistics (Instituto Nacional de Estadística – INE), the average rental price in Valencia rose by 9.1% in the past year alone, reflecting the growing demand for rental properties amidst limited supply.
Spanish National Institute of Statistics. “Índices de Precios de Alquiler de Vivienda (IPAV).” Link to the official INE webpage on rental price indices.
Unexpected Changes in Attitude After Covid
The COVID-19 pandemic also impacted the rental market in Valencia, with fluctuations in demand and shifting preferences among tenants. While some landlords may be more flexible in negotiating terms due to decreased demand during certain periods, others may become more stringent in their requirements, further complicating the rental process for expats. The high number of people out of work during that time and landlords being stuck in the middle has made some more nervous of their risk.
Source: Impact of COVID-19 on Valencia’s Rental Market
The long-term rental market is frustrating but honestly is not as tough as any have described online
Finding a long-term rental apartment in Valencia as an expat from the US can indeed be challenging, given the various legal, market, and supply-related factors at play. However, with careful research, patience, and perhaps the assistance of a reputable real estate agent specializing in expatriate housing, navigating these challenges becomes more manageable. By understanding the nuances of the rental market and being prepared to meet the requirements set forth by landlords and Spanish rental laws, expats can increase their chances of securing suitable accommodations in this vibrant Spanish city.
Remember, while the process may be daunting, the experience of living in Valencia and immersing oneself in its rich culture and lifestyle can make it all worthwhile in the end.
More sources on the challenges of finding long term rental apartments in Valencia, Spain
- Expatica: Renting in Spain: A Guide for Expats
- Property Guides: Understanding Spain’s Tenancy Laws
- Expatica: Renting in Valencia
- Euro Weekly News: Impact of COVID-19 on the Valencian Rental Market
