What is "Alquiler Seguro"?
Alquiler Seguro is designed to help local residents find affordable housing. Under this new initiative, people living in the Balearic Islands can rent certain properties at maximum rates. This means €1,050 per month for Mallorca and Menorca, and €1,470 per month for Ibiza and Formentera. These lower rates make housing more accessible for residents, especially in popular tourist areas.
Why is "Alquiler Seguro" Important?
Affordable housing is a major problem in Ibiza (and the rest of the Balearics). There is a high demand for apartments that are either used for short-term rentals or shared with groups of foreigners in order to secure a place on the popular island. In all, this has driven up rents, leaving the island inaccesible to seasonal or yearly workers. Alquiler Seguro aims to balance the housing market by making more homes available for locals at lower prices. It also gives property owners a sense of security in renting out their properties, thanks to government guarantees on rent payments and property care.
The Benefits for Property Owners
"Alquiler Seguro" aims to help resident renters and, it also makes renting out properties less risky for the owners. The program includes protections and benefits to encourage property owners to participate:
Guaranteed Rent Payments:
The government promises that owners will receive their monthly rent on time. This will make it easier to rent out a property without the worry of unpaid rent.
Property Protection:
The program ensures that properties are returned in good condition when the lease ends, so owners can feel more confident about who’s renting.
Tax benefit:
Because this program is part of public housing, owners will get a 70% income tax deduction on their rental income.
With these protections, the government hopes more property owners will choose to rent to locals, easing the housing shortage for residents.
Who Can Apply for "Alquiler Seguro"?
Future renters and property owners must meet a set of conditions to join Alquiler Seguro.
For Renters:
To qualify, residents need to have lived in the Balearic Islands for at least 5 years and have an income limit. This limit is €60,667 for single applicants or €68,250 for couples. Renters are also responsible for paying utilities and covering basic maintenance during the lease. Just like a rental in a "normal" situation.
For Property Owners:
Only smaller landlords can apply; large property holders ("gran tenedor") are excluded. Properties need to have been empty for a certain period of time and must be move-in-ready.
How to Apply for "Alquiler Seguro"?
Starting Monday, applications will be open, and interested renters and property owners can get started by visiting the official "Alquiler Seguro" website: lloguersegur.caib.es . You can find more info on the following links:
Renters can search available properties online and apply if they meet the residency (5 years) and income requirements. Property owners can list their properties and take advantage of the guaranteed rent payments and tax benefits.
How "Alquiler Seguro" Could Impact the Balearic Housing Market
Alquiler Seguro is part of the actions taken to battle the affordable housing crisis in Ibiza. Currently there are projects being approved/built and including Alquiler Seguro, people can expect around ~2.000 properties to hit the market in the next 1-2-3 years. Around 1.000 properties are expected to hit the market under the conditions of "Alquiler Seguro".
Final Thoughts
Alquiler Seguro offers a new path forward for both residents and property owners in the Balearic Islands. With discounted rent options, reliable income for owners, and strong property protections, the program could be a good short-term solution to battle the housing crisis. From here, local governments, laws and the way new housing is built, should include protection to avoid this level of housing shortage in the longer term future.
