17% of rental properties off the market in 24 hours

Now, 22% of houses rented quickly cost between 750 and 1,000 euros/month, 12% between 1,000 and 1,500 euros/month and 8% cost more than 1,500 euros/month.

Looking at the universe of houses rented through idealista during the third quarter of 2023 – regardless of the value of the rent, it is clear that around 17% of deals were completed in less than a day, as can be concluded from idealista’s analysis.

Taking into account the six district capitals with the highest supply of houses for rent in the third quarter of 2023, Faro was the city where the percentage of houses rented in less than 24 hours was highest, reaching 33% of total operations. This is followed by Funchal (19%), Setúbal (19%) and Porto (18%). In Lisbon and Aveiro, 14% of houses were rented in less than a day.

The most affordable rentals, with prices below 750 euros per month, concentrate a large part of the demand, thus marking the highest percentages of express rentals. In Faro, all houses rented in the third quarter for less than 750 euros/month were in the idealista database for less than a day. Porto follows, with a percentage of 55%, Setúbal (40%), Lisbon (25%) and Aveiro (8%). In Funchal, no house placed on the rental market for less than 750 euros per month was rented in less than 24 hours.

As expected, as house rent values rise, there are fewer express leases, although in some markets this indicator continues to be representative. In houses priced between 750 and 1,000 euros, Faro is the leader in express rentals, with 40% of houses being rented in less than a day. This is followed by Lisbon (39%), Aveiro (33%), Setúbal (25%) and Porto (23%). In Funchal, no house in this price range left the market in less than a day.

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