A property manager in Palma, Bernat Seguí, says he posted an ad on the Idealista property website for an apartment to be rented out under the Balearic Government's Safe Rental scheme. Within five hours he had been contacted by 1,050 people.
The unfurnished three-bedroom apartment was available for €990. The rent was 30% below market price; the government subsidises this amount. Seguí had to remove the ad. "I've been managing rentals for 40 years, and recently we had got used to 100 or maybe up to 250 emails." The interest in this particular apartment wasn't just because of the shortage of places to rent; it was because of the price.
As to how potential tenants are selected, he says they must meet certain requirements. "They must have been registered in Palma for more than five years, must not have an annual income in excess of €68,000, and must not own a home in the Balearic Islands." The first five who responded to the ad were contacted to verify their eligibility. "From then on, we made the first showings."
In general, according to José Miguel Artieda, president of the API association of estate agents, "if there's an apartment for less than 1,000 euros, it's either small or substandard". "There are so many calls that you end up having to cancel the ad." While before there used to be around 50 calls, now "the desperation is palpable".