The solution to finding an apartment in Madrid.
Why Is It So Difficult for Young People to Find Housing in Madrid in 2024?
In 2024, finding a place to live in Madrid remains one of the biggest challenges for young people looking to move out and live independently. That’s why we’ve created this article to help make the process easier for you.
We’ll start by providing some context, but if you’re just looking for a solution, feel free to skip to the end of the article!
Rent Prices in Madrid: A Luxury Few Can Afford
Rent prices in Madrid have reached alarming levels in 2024. Currently, the average rent per square meter in the capital is around 16-18 euros, meaning that a 50-square-meter apartment in areas like Malasaña or Lavapiés can cost more than 900 euros per month. In more exclusive neighborhoods like Salamanca or Chamberí, rents can easily exceed 1,200 euros for similarly sized apartments.
This constant rise in rental prices has caused a major disconnect with the incomes of young people. If we compare these figures with the average salary of a young person aged 20-30 in Madrid, which is around 1,200-1,400 euros per month after taxes, we can see that renting an apartment on their own would take up almost all of their income, leaving very little room for basic expenses like food, transportation, or leisure.
Growing Demand and Scarcity of Supply
The high demand for housing in Madrid is another factor that worsens the situation. As one of Europe’s major capitals, the city continues to attract thousands of students, workers, and expats looking to live in one of the most dynamic cities on the continent. However, the supply of apartments has not grown at the same pace as the demand. This shortage has allowed landlords to raise prices, capitalizing on the intense competition for each available apartment.
In addition, the rise of short-term rentals, although somewhat regulated in recent years, continues to impact the long-term rental market, especially in the city center, where many young people would prefer to live.
Youth Salaries: A Growing Gap
The imbalance between rental prices and the wages of young people is one of the main obstacles to independence in Madrid. The average salary of young people aged 20-30 in Madrid barely reaches 1,300 euros per month after taxes, making it nearly impossible to pay rent without sharing an apartment or receiving financial help from parents.
If we apply the expert recommendation — spending no more than 30% of monthly income on rent — a young person in Madrid could only afford to pay 360-420 euros per month. However, in the current reality, the average cost of a room in a shared apartment already exceeds 500-600 euros in neighborhoods like Argüelles, Moncloa, or Retiro.
Options for Young People to Move Out in Madrid
Given the difficulty of finding affordable housing, young people in Madrid have had to adapt by seeking creative alternatives for moving out. Here are some of the most common options:
1. Sharing an apartment: For most, sharing an apartment with other young people is the only viable option. This allows them to split the rent and utilities, even though it means sacrificing privacy. The demand for shared rooms continues to rise, with prices ranging from 500-700 euros in the city center and around 350-450 euros in more peripheral areas.
2. Looking in peripheral neighborhoods: Many young people have started moving to neighborhoods farther from the city center, such as Vallecas, Usera, or Carabanchel, where rents are lower, typically around 800-900 euros for larger apartments. However, living in these areas comes with longer commute times and, in some cases, fewer services and leisure options.
3. Moving to nearby towns: A growing trend is moving to nearby towns such as Getafe, Móstoles, or Alcalá de Henares, where rents can be 20-30% lower than in the capital. However, the cost in both time and money of daily commuting is a factor many young people have to consider before making this decision.
4. Public assistance: Although there are programs such as the Bono Joven de Alquiler, which offers up to 250 euros per month to young people with low incomes, the impact has been limited due to high demand and bureaucratic hurdles. Additionally, these aids do not fully meet the needs of most applicants, so they are not a complete solution to the problem.
What’s the Solution?
Well, at Azimut R.S., we don’t have the Holy Grail for finding housing in Madrid, but we do offer some options to make the process considerably easier.
We provide a platform to connect you with potential roommates who share similar tastes and interests, ensuring a good match. We also work with real estate agencies to offer rental options more easily.
And the best part? We do all of this without charging any commission.
You can leave us your contact information by filling out this form or by reaching out to us on Instagram!
