{"id":14581,"date":"2026-10-21T22:30:00","date_gmt":"2026-10-21T20:30:00","guid":{"rendered":"http:\/\/webecpol.esade.edu\/?post_type=publicaciones&#038;p=14581"},"modified":"2026-10-21T22:32:10","modified_gmt":"2026-10-21T20:32:10","slug":"ownership-concentration-and-rental-prices-in-spain","status":"publish","type":"publicaciones","link":"http:\/\/webecpol.esade.edu\/en\/publications\/ownership-concentration-and-rental-prices-in-spain\/","title":{"rendered":"Ownership concentration and rental prices in Spain"},"content":{"rendered":"<p>This report uses microdata from the IEF\/AEAT Household Panel (788,033 cadastral reference-year observations between 2019 and 2023) to study whether dwellings owned by households with two or more rented dwellings (multi-landlords) are let at different prices from those owned by households with only one (single landlords), what explains that difference and what share of the rise in rents can be associated with it. The source covers rental income declared by individuals in the regions under the common tax regime (all except the Basque Country and Navarre, for which no data are available), so it does not include companies or the public housing stock.<\/p>\n<p>A significant price premium that has grown since 2019:<\/p>\n<ul>\n<li>The price difference between dwellings of multi-landlords and equivalent dwellings of single landlords in the same census tract rises from 0.8% in 2019, not significant, to 3.5% (significant) in 2023.<\/li>\n<li>Over the 2019-2023 period as a whole, the difference grows with portfolio size: from 1.3% for households with two dwellings to 4.5% for those with five or more.<\/li>\n<li>When the same dwelling is followed over time, the most demanding test because it controls for the possible effects of each dwelling&#8217;s characteristics, the price of multi-landlord dwellings grows between 3.1% and 4.0% more than that of single-landlord dwellings from 2019 to 2023.<\/li>\n<li>The premium measures the distance between both groups around a market price that is formed, precisely, by what each of them charges, and should be read in that sense.<\/li>\n<\/ul>\n<p>More linked to the landlord&#8217;s profile than to their weight in a local market:<\/p>\n<ul>\n<li>The premium is higher when the portfolio is spread across several municipalities (2.8%) than when it is concentrated in one (1.5%), and it is negative (\u22123.8%) when all the dwellings are in the same census tract, the opposite of what would be expected if it reflected local market power.<\/li>\n<li>The difference shows up when the contract is renewed: on renewal, the price rises on average by 5.2% in multi-landlord dwellings and by 3.8% in single-landlord ones; the gap is only significant from four dwellings upwards, and before renewal the prices of both groups move in parallel.<\/li>\n<li>The pattern fits better with more systematic price management in larger portfolios (updating the rent earlier, selecting the tenant, negotiating at renewal) than with the ability to influence prices in a neighbourhood.<\/li>\n<\/ul>\n<p>A limited weight in the overall rise in rents:<\/p>\n<ul>\n<li>To gauge how much this increase associated with multi-landlords weighs in the total, we decompose the rise in the average rent between 2019 and 2023 observed in our panel into what is due to changes in the dwellings let and in their landlords (size, area, age, type of landlord) and what is due to the market paying more for the same characteristics, including the multi-landlord premium.<\/li>\n<li>Most of the increase comes from the same characteristics being paid more: a general revaluation of rents, consistent with the shortage of supply relative to demand.<\/li>\n<li>Slightly less than a fifth of the rise is associated with multi-landlords, almost all of it through the increase in their premium, since their share of the stock has barely changed.<\/li>\n<li>This is a breakdown that orders the rise across factors without measuring causal effects, and its result should be read as an order of magnitude.<\/li>\n<\/ul>\n<p>Some implications for public policy:<\/p>\n<ul>\n<li>If measures are designed specifically to target this premium, portfolio size appears to be a more informative criterion than territory, because the difference grows with the number of dwellings and is larger where the portfolio is dispersed.<\/li>\n<li>As the difference shows up when the contract is renewed, that moment could be the most relevant for any measure, for example by extending to renewals the criterion that already links the personal income tax reduction to rent moderation. Another route, whose effect lies beyond the scope of these data, would be to reduce the risk perceived by landlords through an automatically activated payment guarantee.<\/li>\n<li>In any case, the scope of these measures is limited: without the premium, rents would have risen somewhat less, but would be far from returning to 2019 levels. It therefore seems reasonable to assess them by their capacity to contain increases without reducing the incentive to offer housing for rent, which in the long run is what matters most and what can most influence prices.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>This report uses microdata from the IEF\/AEAT Household Panel (788,033 cadastral reference-year observations between 2019 and 2023) to study whether dwellings owned by households with two or more rented dwellings (multi-landlords) are let at different prices from those owned by households with only one (single landlords), what explains that difference and what share of the [&hellip;]<\/p>\n","protected":false},"featured_media":14575,"template":"","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ownership concentration and rental prices in Spain - Center for Economic Policy - EsadeEcPol<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/webecpol.esade.edu\/en\/publications\/ownership-concentration-and-rental-prices-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ownership concentration and rental prices in Spain - 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