If you want to rent out your property or if you are looking for a house to rent in Ibiza, you should be aware of a new set of measures regarding Spanish Rental Law that became active. The changes affect both landlords & tenants, so have a look at the 3 key changes:
With the new law, the minimum rental term is extended from 3 to 5 years. It’s a measure meant to give greater security to the tenant. During this period only the tenant can cancel the contract. If no notice is provided, within at least 30 days of the contract renewal date, the contract is automatically renewed up until the five year period has been reached. Should the landlord be a legal person (company – such as a real estate company or a commercial company), the new law provides for a minimum term of 7 years, with a tacit extension of three.
MAXIMUM TWO-MONTH’S DEPOSIT
If you are a landlord, you will no longer be able to ask your tenants for anything more than two months of rent as a deposit unless the tenancy contract is longer than the now five years standard length. Lessors who are legal entities or companies from now on, will have to cover all agency and contract costs by law (gastos de gestión inmobiliaria y de formalización del contrato).
MAINTENANCE COSTS AND TAXES
Both parties can agree that costs for maintenance, services and taxes related to the property are the responsibility of the tenant, but if they do then this must be added to the contract.
If you are looking to rent a property, check out the 5 things you should know about rentals in Ibiza.