Madrid is no stranger to the banking and finance industry. In fact, the city’s own financial district could start to rival that of London. It’s also one of my favourite European cities!
Brexit has resulted in a rise in the number of companies opening offices in Madrid. These include Goldman Sachs, Alantra Partners, UBS and Credit Suisse.
This has led to a surge in rental prices across the city, a trend that is highly likely to continue apace.
Because of the surge in demand, once you’ve found the ideal rental home, it can be challenging negotiating the rent. A cheeky offer will almost certainly result in the home going to another bidder! Despite this, there are some great properties to be found in Madrid if you know where to look and how to negotiate a good deal.
Below my team has provided some examples of what €3000/month can get you in various parts of the city. In doing so, they’ve focused only on a couple of areas that are generally attractive to working professionals.
Upscale Salamanca is one of Madrid’s most exclusive districts. With some of Spain’s best restaurants, poshest shops and luxurious properties it also has some of the highest rental prices in Madrid. Despite the price tag, professionals are drawn to the area due to its close proximity to the business and financial district.
If you’re looking to rent in Salamanca right now you could get:
- A 1-bed penthouse with open-kitchen, decked terrace and concierge - €2,100
- A 2-bed modern apartment with 2 balconies, wooden flooring throughout and lift - €2,400
- A 3-bed, 3 bath apartment with large kitchen-diner, built in wardrobes and plenty of natural light throughout - €2,900
If you’re looking to live somewhere with beautiful properties, great schools and spectacular scenery, El Viso is a great option. It’s as exclusive as Salamanca but less lively, making it a great choice for those who want to be close to the city, but still, enjoy being around nature. El Viso is hugely popular with foreign renters, making rental prices on par with Salamanca, so good negotiation skills are definitely required!
If you are looking to rent in El Viso right now you could get:
- A newly refurbished 1-bed apartment with air conditioning, lift and communal pool - €1,350
- A large fifth-floor apartment, with fully-fitted kitchen, walk-in closet and communal garden - €2,000
- A large penthouse apartment with decked terrace fitted wardrobes and doorman - €2,300
Centro is all about location. The name itself meaning “central” describes the close proximity of the area to beaches, shops, restaurants and the business and financial district. Properties in the centre of town tend to be apartments so if you are looking for a house you may need go a little further out. Rental prices are a little less steep here too.
- A bright, furnished 1-bed apartment with built in wardrobes, fully fitted kitchen and parquet flooring - €1,300
- A modern 2-bed apartment just minutes from the shopping district. The property includes a large kitchen with island, wooden floors and refurbished apartment - €1,500
- A spacious 3-bed apartment with the spacious living room, 2 double bedrooms and dressing room - €1,900
For younger professionals, Malasana is definitely your best bet. With some of the best nightlife in Spain, affordable rental prices and easy access to the airport for travelling to other European destinations, it’s easy to see why so many young professionals are choosing the area as their location of choice.
If you’re looking to rent in Malasana right now you could get:
- A newly renovated 1-bed apartment with A/C, flat screen TV and washer/dryer - €950
- A beautiful 2-bed apartment located just moments from the Madrid River with two double bedrooms, washing machine, dishwasher and decked terrace - €1,100
- A large 3-bed apartment with 3 three double bedrooms, located just moments from several metro stations - €1,800
Finding and securing a rental home in Madrid can be a complex process for those who are not local. Many unrepresented renters (i.e. those who are not given rental search assistance by their employers) get persuaded into paying more than the asking rent!
If you’re moving people to Madrid or moving there yourself, talk to one of my team at Saunders 1865. Helping businesses successfully move their people internationally is what we’ve been doing day in, day out for more than 30 years.
For a free consultation about your needs use this contact form or call us on +44 20 7590 2700. Let’s get a conversation started.
I can't thank this group enough for all of their help and support throughout my move! What might have been a stressful and challenging experience was made so much less so thanks to this team.
Christopher Gliva, Pennsylvania