An increasing number of people have opted to share rental apartments since the start of the coronavirus pandemic and property shares on offer in the Balearic Islands went up by 46.2% in October compared to March, according to Idealista.
The flat sharing trend has taken off all over the country, particularly in big cities, increasing by 40.1% in Palma and 80.9% nationwide with Madrid leading the way.
A large number of the people who are renting a room instead of an entire apartment are sharing because it’s cheaper.
"Many people cannot afford a whole flat, but they can afford a room," says the President of the Balearic Association of Real Estate Services, Antoni Gayá.
The Balearic Islands is one of the most expensive places to live in Spain and one of the worst hit economically by the coronavirus crisis, with the highest unemployment figures since March and job losses increasing month by month.
Although there has been a moderate drop in prices in the housing market but not a huge decrease, whereas rental prices have shot up due to the increase in supply and demand, according to Gayá.
A room in a shared apartment in Palma that used to cost around 200 euros a month on the Idealista website now costs 300-400 euros a month.
"Paying 400 euros for a room is more expensive, in proportion, than paying 800 for the entire apartment, but it is more affordable," said Gayá.
Black Market
He also claims that there’s a good chunk of rooms that are not advertised through the normal channels and called on the Government to investigate black market rentals.
“Real estate is being rented without minimum conditions and in some cases borders on illegal," he warned.