Why luxury off-market long-term rentals are gaining ground in Spain

Spain’s prime residential rental market is in a clear phase of growth, driven by solid demand that has been strengthened in recent years by international clients, while supply remains defined by a scarcity of truly high-quality homes. In parallel, expectations have moved up the curve: location, the standard of refurbishment, decoration, furniture and equipment now carry more weight, and sustainability criteria are increasingly part of the brief.

That combination is one reason off-market long-term rentals are becoming more common at the top end. Off-market does not mean informal. It is a selective, professionally managed way of sharing a property with a defined pool of pre-qualified tenants, aligned to the owner’s priorities and the tenant’s requirements. In practice, it tends to be used for homes where discretion matters, where the product is hard to replace, or where timing is critical.

The wider context is a market where demand continues to outpace supply. In the first half of 2025 there were 379,484 home sales in Spain, up 7.6 percent year on year. That level of activity reinforces competition for quality stock across segments, and rental demand is increasingly shaped by relocations and longer-horizon decisions.

What is changing in long-term rental demand

Two trends stand out.

First, the market is seeing more medium and long-stay rentals, often driven by teleworking and international relocations. Second, tenants are placing greater value on service. They want a professional intermediary who can streamline the search and contracting process, and they increasingly expect property management that resolves issues smoothly throughout the tenancy.

In other words, “premium” in rentals is now defined by product and service together: the right location and specifications, combined with efficient operational handling and strong post-contract support.

Where off-market appears most often

Off-market long-term rentals are not tied to one location, but they are easier to spot in urban prime markets with corporate demand, and in lifestyle destinations where international tenants are choosing longer stays. Madrid and Mallorca are two clear reference points for this, for different reasons: Madrid through corporate relocations and time-sensitive moves, Mallorca through the steady growth of long-horizon, year-round living.

Even cultural moments underline this shift towards longer-term living. On 12 August 2026, a total solar eclipse will be visible from parts of Spain, including the Balearic Islands. While not a market driver in itself, it reflects how certain locations now attract residents planning ahead, rather than short-term visitors, reinforcing demand for stable, high-quality long-term rentals.

How Dils Lucas Fox supports off-market searches

Dils Lucas Fox’s Premium Advisory Service can help clients access off-market opportunities by matching them with properties that are shared discreetly, rather than broadly advertised, and guiding the process so they can move quickly and securely when the right home appears.

Ultimately, the growth of off-market long-term rentals reflects a more mature, more selective prime rental market. Demand is strong, quality supply is limited, and both landlords and tenants increasingly value a process built on clarity, operational efficiency and trust.