The Spanish image of the small and financially vulnerable landlord is a myth

Rent regulation is a recurring issue in the Spanish housing debate. Since 2023, Spanish regions have been able to introduce rent regulation in areas where the housing market is particularly pressured. In these areas, rents for new tenancies can be subject to restrictions, while rent increases during ongoing tenancies are also regulated. A common argument against rent regulation is that it hits small and economically vulnerable landlords particularly hard.

In a new study, IBF Professor of Sociology Miguel A. Martínez, together with his Spanish colleagues Javier Gil and Lorenzo Vidal, examines how perceptions of the small landlord – a private individual or family business renting out one or a couple of properties and relying on rental income for their livelihood – are used in the Spanish housing debate. The study shows that these perceptions give a misleading picture of who actually owns rental properties and benefits financially from them.

Landlords are often among the more affluent groups

By analysing statistics and previous research on the Spanish rental market, the researchers show that Spanish landlords, as a group, are not primarily economically vulnerable small-scale actors. On the contrary, landlords make up a relatively small proportion of the population and are often found among higher-income households. Many also own several properties that they rent out.

“This does not mean that there are no landlords with tight financial margins, or that all landlords are wealthy. But economically vulnerable landlords are far less common than the public debate often suggests,” says Miguel A. Martínez, Professor of Sociology at IBF.

Misconceptions influence housing policy

The study is not only concerned with who owns rental properties, but also with how different narratives about landlords influence housing policy. According to the researchers, misconceptions can obscure the broader economic and social structures of the rental market and thereby strengthen arguments against rent regulation.

Critical analysis deepens our understanding

“It is important not only to examine housing market statistics, but also to critically analyse the ideas and narratives that are used when housing policy is debated. If we want to understand the conflicts surrounding rent regulation, we also need to understand who actually owns rental properties and which interests are at stake,” says Miguel A. Martínez.

The researchers argue that the issue is becoming increasingly important as rental housing plays a greater role as a source of capital accumulation. As more homes function as investment assets, understanding who owns them, and which economic interests underpin the rental market, becomes central to understanding housing policy.