According to a study published by property platform idealista, 18% of properties rented through idealista during the first quarter of 2025 in the Balearics were on the market for less than 24 hours.
In the case of Palma, 23% of the properties advertised were rented in less than a day.
Across Spain, 14% of the properties rented through idealista during the first quarter of 2025 had been on the market for less than 24 hours. Among the large markets, the highest incidence of express rentals is in Valencia (24%), Palma (23%) and San Sebastián (20%). And, according to Fotocasa, 61% of salaries in the Balearics was spent on rent in 2024.
This is the main conclusion of the ‘Relationship between salaries and rental housing in 2024’ report, based on data on average salaries from job offers on Infojobs and average rental prices from the real estate portal. Last year, Fotocasa reported that the price of rental housing in the region closed with an annual increase of 3.3%.
This means that, taking into account that the average gross salary was 27,327 euros per year, citizens of the islands had to spend 61% of their salary on rent for an 80-square-metre property, the second highest figure since 2019. In 2023, the effort was 63%, in 2022 it was 52% and in 2021 it was 45%.
It is also the second highest figure in 2024 among all the autonomous communities, only behind Madrid (71%) and Catalonia (64%) and ahead of the Basque Country (56%), the Canary Islands (55%) and the Valencian Community (47%). By province, the Balearics also ranks third with the same percentage.
Nationally, the average Spanish citizen had to spend 47% of their annual salary, €27,060, on renting an 80-square-metre home. ‘The rapid rise in rental prices has outpaced wage growth, forcing tenants to spend almost 50% of their salary. This figure is well above the 30% recommended by official regulatory bodies,’ said María Matos, director of research at Fotocasa.