Lack of legal protection, lack of time to manage effectively or solve breakdowns urgently are some of the reasons why many small owners do not want to rent their homes.
This is reflected in a study prepared by Youhomey, a company specializing in the management of temporary rental housing that currently operates in Madrid and Barcelona, which states that these reasons prevent at least 20% of properties from going on the market.
“Despite the economic benefit of having an income derived from rental, close to the 20% of owners of a second home suitable for this purpose decide to give up this income because they are little protected by law against possible abuses, and the inconvenience derived from managing an asset of these characteristics. In any case, there are various and reasonable reasons”, he affirms. Rodrigo Herrero, founder and CEO of the company.
According to the Youhomey study, these are the main reasons why small owners are not putting more flats on the market, despite the profitability it offers:
Legal lack of protection
According to the company, 11.5% of owners fear lack of legal protection Faced with situations such as delinquency, “worry” (those who pay a month and never do it again), or breach of contract.
In this sense, Herrero recalls that “it is important to take into account that many of the owners with rental properties are older people, in whom they have invested most of their savingsand that they don’t have enough strength to deal with the problem that such a situation would entail”.
Have the house at your disposal
Another reason why many individuals do not put more homes on the market is because of their desire to maintain ownership. free of tenants and available when needed by any of the family members, according to 4% of the small owners. “
Children and grandchildren are the priority recipients for another significant percentage of these owners who consider it more appropriate to have an empty home available to family or friends when they may need it,” explains Youhomey.
Lack of time to manage
The document details that 3% of the flats that do not go on the market because the owners affirm not having the necessary time to carry out an effective management of your property.
“Renting a home involves carrying out multiple tasks such as marketing it, visits, matters related to signing the contract and income taxation, managing the deposit, handing over the keys, repairs or cleaning. between tenant and tenant, the collection of rent, the management of all supplies, and a long etcetera”, explains the founder and general director of Youhomey.
Urgent solutions to breakdowns
Finally, the study states that for 1.5% of those consulted the greatest fear is the need to provide an urgent solution to a fault, since in many cases the owners are employees or who reside in a different city from where the rental property is located.
“It is very common that a common breakdown such as a malfunction of a refrigerator, washing machine, or air conditioning, is a stressful situation for these owners. The impossibility of giving an urgent response leads many landlords to reject the idea of renting their homes”, adds the Youhomey manager.