Rising rents around the Mar Menor: What does this mean for tenants and investors?

Rising rents around the Mar Menor: What does this mean for tenants and investors?

Rents in the region around the Mar Menor have risen considerably in recent years. The combination of a growing demand for rental properties, the attractiveness of the coastal areas and the increase in tourist rentals has led to higher prices in popular places such as San Pedro del Pinatar, Los Alcázares and La Manga. What does this trend mean for tenants and investors?

Why are rents rising?

There are several reasons for the increase in rents in the region:

• Increased popularity of the Mar Menor: The region is attracting more and more tourists and expats looking for a (temporary) home close to the coast.
  
• Growth of tourist rentals: Platforms such as Airbnb and Booking.com have led to a greater demand for holiday accommodation, causing prices for long-term rentals to rise.
• Limited housing supply: There is a growing demand for modern, well-equipped rental properties, but supply is lagging behind, driving up prices.
  
• Economic and inflationary factors: Rising maintenance, energy and tax costs have led to higher rents.

Rent increases by region

Rents vary depending on the location and type of property. Here are some of the percentage increases compared to three years ago:

• San Pedro del Pinatar: Rents have increased by an average of 28%.
  
• Los Alcázares: An increase of approximately 32% due to the growing demand for homes close to the beach.
• La Manga del Mar Menor: Due to its unique location, rents here are on average 37% higher than three years ago.

What does this mean for tenants?

For tenants, the rising rental market means that it is more important than ever to start looking for a suitable home in time. It is advisable to be flexible with the location and possibly rent outside the high season to find better prices.

Opportunities for investors

The rising rental market offers attractive opportunities for investors. The demand for rental properties continues to increase, which means that investing in real estate in the region can be a profitable choice. New construction projects and homes in popular coastal towns are particularly sought after by tenants.

Conclusion

Rental prices around the Mar Menor continue to rise, driven by a strong demand for housing and a growing tourism sector. For tenants, this means higher monthly expenses, while investors can take advantage of a favourable market. Are you looking for a rental property or are you considering investing in real estate? Contact us for personal advice and the latest offers!