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Get all the data you need about the real estate market in Palma de Mallorca
We constantly update this blog post so you can follow rents in Palma de Mallorca with fresh 2026 data.
Palma de Mallorca is a tight rental market because local workers, students, expats and seasonal workers all compete for a limited number of long-term apartments.
For landlords, that means strong demand, but also a need to understand neighborhood differences, tenant profiles and monthly costs before buying.
And if you’re planning to buy a property in this place, you may want to download our pack covering the real estate market in Palma de Mallorca.
What are typical rents in Palma de Mallorca as of 2026?
What's the average monthly rent for a studio in Palma de Mallorca as of 2026?
As of 2026, the average monthly rent for a studio in Palma de Mallorca is about €1,300, which is also €1,300 in local currency and roughly $1,400.
Most studios in Palma de Mallorca rent for about €1,250 to €1,450 per month, or roughly $1,350 to $1,570, with cheaper studios usually smaller or farther from the old center.
The studio rent in Palma de Mallorca changes mainly with location, furniture, air conditioning, lift access, terrace space and whether the apartment is in a high-demand area like Santa Catalina, La Lonja-Born or Portixol.
What's the average monthly rent for a 1-bedroom in Palma de Mallorca as of 2026?
As of 2026, the average monthly rent for a 1-bedroom apartment in Palma de Mallorca is about €1,600, which is also €1,600 in local currency and roughly $1,730.
Most 1-bedroom apartments in Palma de Mallorca rent for about €1,300 to €1,700 per month, or roughly $1,400 to $1,840, depending on comfort and exact location.
Cheaper 1-bedroom rents in Palma de Mallorca are more common in areas like Son Oliva, Camp Redó and Pere Garau, while the highest rents are usually in Santa Catalina, Ciutat Antiga, Portixol-Molinar and Paseo Marítimo.
What's the average monthly rent for a 2-bedroom in Palma de Mallorca as of 2026?
As of 2026, the average monthly rent for a 2-bedroom apartment in Palma de Mallorca is about €1,850, which is also €1,850 in local currency and roughly $2,000.
Most 2-bedroom apartments in Palma de Mallorca rent for about €1,750 to €2,100 per month, or roughly $1,890 to $2,270, with renovated central homes often above this level.
The cheapest 2-bedroom rents in Palma de Mallorca are usually found in La Soledat, Camp Redó, Son Gotleu and parts of Pere Garau, while the most expensive 2-bedroom rents are usually in Portixol-Molinar, Ciutat Antiga, Santa Catalina and Bonanova.
By the way, you will find much more detailed rent ranges in our property pack covering the real estate market in Palma de Mallorca.
What's the average rent per square meter in Palma de Mallorca as of 2026?
As of 2026, the average rent per square meter in Palma de Mallorca is about €19.50 per m² per month, which is also €19.50 in local currency and roughly $21 per m².
Across Palma de Mallorca neighborhoods, a realistic range is about €16 to €23 per m² per month, or roughly $17 to $25 per m², with central and coastal areas at the top.
Compared with many Spanish cities, Palma de Mallorca is expensive because its rents are closer to premium Mediterranean markets than to normal inland city rents.
Homes in Palma de Mallorca usually move above the city average when the apartment has a terrace, sea view, lift, parking, air conditioning, modern renovation or a walkable address near the sea or old town.
How much have rents changed year-over-year in Palma de Mallorca in 2026?
As of 2026, average rents in Palma de Mallorca are up by about 6% to 8% year over year, with a balanced working estimate of about 6.5%.
The rent increase in Palma de Mallorca is being driven by scarce long-term supply, strong foreign demand, seasonal rental competition, student demand and local workers needing homes near jobs.
Compared with the previous year, rent growth in Palma de Mallorca is still strong, but the pace looks more limited because many tenants are already stretched by high monthly rents.
What's the outlook for rent growth in Palma de Mallorca in 2026?
As of 2026, our base estimate is that rents in Palma de Mallorca may rise by another 4% to 7% over the year if supply stays tight.
The key forces behind this outlook are limited long-term apartments, tourism jobs, expat demand, university demand, higher construction costs and the difficulty many local households face when trying to buy.
The strongest rent growth in Palma de Mallorca is likely in Portixol-Molinar, Santa Catalina, Plaça d’Espanya, Son Oliva, Plaza de Toros and areas linked to the UIB and ParcBit corridor.
The main risks are affordability pressure, possible new rental rules, more owners shifting from seasonal to long-term rentals, and weaker demand from foreign tenants if the wider economy slows.
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Which neighborhoods rent best in Palma de Mallorca as of 2026?
Which neighborhoods have the highest rents in Palma de Mallorca as of 2026?
As of 2026, the three highest-rent areas in Palma de Mallorca are Génova-Bonanova-Sant Agustí at about €22 per m², Ciutat Antiga at about €20 per m² and Santa Catalina-Son Armadans-Marítim at about €20 per m², or roughly $24, $22 and $22 per m².
These Palma de Mallorca neighborhoods command premium rents because they offer sea access, walkability, restaurants, old-town charm, international appeal, better views and a limited supply of good long-term apartments.
The typical tenant in these high-rent Palma de Mallorca neighborhoods is often an expat, a foreign professional, a higher-income local couple or a lifestyle renter who values location more than apartment size.
By the way, we’ve written a blog article detailing Sources and methodology: we ranked areas using Idealista, Fotocasa and Engel & Völkers premium market evidence.
Where do young professionals prefer to rent in Palma de Mallorca right now?
The top areas for young professionals renting in Palma de Mallorca are Santa Catalina, Son Espanyolet and Plaça d’Espanya-Bons Aires because these areas combine nightlife, daily transport and short commutes.
Young professionals in these Palma de Mallorca neighborhoods usually pay about €1,300 to €1,900 per month, or roughly $1,400 to $2,050, for studios and 1-bedroom apartments.
These neighborhoods attract young professionals because Palma de Mallorca renters can live without a car, walk to cafés and restaurants, use buses or trains easily, and stay close to the city’s social life.
By the way, you will find a detailed tenant analysis in our property pack covering the real estate market in Palma de Mallorca.
Where do families prefer to rent in Palma de Mallorca right now?
The top family-friendly rental areas in Palma de Mallorca are Son Rapinya, La Vileta and Son Armadans because these neighborhoods offer more space, calmer streets and easier daily family life.
Families in these Palma de Mallorca neighborhoods usually pay about €1,800 to €2,600 per month, or roughly $1,940 to $2,810, for 2-bedroom and 3-bedroom apartments.
These areas work well for families because Palma de Mallorca renters can find larger layouts, parking, lifts, parks, schools, ring-road access and quieter buildings than in the old town.
Educational options near these family areas include local public schools, concertado schools and international options around Palma de Mallorca, with many families also looking toward school access in Son Rapinya, La Vileta and the western side of the city.
Which areas near transit or universities rent faster in Palma de Mallorca in 2026?
As of 2026, the fastest transit and university-linked rental areas in Palma de Mallorca are Plaça d’Espanya, Plaza de Toros-Son Oliva and the Son Sardina-UIB corridor.
Good rentals in these Palma de Mallorca areas often stay listed for only 10 to 20 days, while the best-priced shared flats and small apartments can move even faster.
Homes within walking distance of strong transport or the UIB route can earn a rent premium of about €100 to €250 per month, or roughly $110 to $270, when the apartment is also well furnished and easy to share.
Which neighborhoods are most popular with expats in Palma de Mallorca right now?
The top expat rental neighborhoods in Palma de Mallorca are Santa Catalina, Portixol-Molinar and Ciutat Antiga because these areas feel international, walkable and close to the best lifestyle amenities.
Expats in these Palma de Mallorca neighborhoods usually pay about €1,700 to €3,000 per month, or roughly $1,840 to $3,240, depending on size, view, terrace and furnishing quality.
These neighborhoods attract expats because Palma de Mallorca offers sea views, cafés, restaurants, English-speaking services, airport convenience, furnished apartments and a lifestyle that feels easy from day one.
The most visible expat communities in Palma de Mallorca include German, British, French, Scandinavian and Dutch renters, with higher-income international tenants especially present in Santa Catalina, Portixol, Old Town and Bonanova.
And if you are also an expat, you may want to read our Sources and methodology: we used Engel & Völkers, Idealista and Fotocasa to check premium and expat-heavy areas.
Get to know the market before buying a property in Palma de Mallorca
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Who rents, and what do tenants want in Palma de Mallorca right now?
What tenant profiles dominate rentals in Palma de Mallorca?
The three main tenant profiles in Palma de Mallorca are local workers and couples, international renters and students or young sharers.
In our estimate, local workers and couples represent about 45% of Palma de Mallorca rental demand, international renters about 30%, and students or young sharers about 15%, with the rest made up of relocating families and short-term professional tenants.
Local workers often look for 1-bedroom and 2-bedroom apartments, international renters often want furnished central or coastal homes, and students or sharers usually look for practical shared flats near Plaça d’Espanya, Plaza de Toros, Bons Aires or the UIB route.
If you want to optimize your cashflow, you can read our Sources and methodology: we used UIB, Idealista listings and INE census data to structure the tenant mix.
Do tenants prefer furnished or unfurnished in Palma de Mallorca?
In Palma de Mallorca in 2026, we estimate that about 60% to 70% of rental demand prefers furnished or semi-furnished homes, while about 30% to 40% prefers unfurnished homes.
A furnished apartment in Palma de Mallorca can often rent for about €100 to €250 more per month, or roughly $110 to $270, if the furniture is modern and the location suits expats, students or young professionals.
Furnished rentals are especially popular with expats, students, digital workers, seasonal professionals and young renters who want to move quickly without buying furniture.
Which amenities increase rent the most in Palma de Mallorca?
The five amenities that increase rent the most in Palma de Mallorca are parking, terrace or balcony, lift, air conditioning and sea view.
In practical terms, these amenities can add about €80 to €300 per month each, or roughly $85 to $325, with parking and sea views usually creating the strongest premiums in central or coastal Palma de Mallorca.
In our property pack covering the real estate market in Palma de Mallorca, we cover what are the best investments a landlord can make.
What renovations get the best ROI for rentals in Palma de Mallorca?
The best ROI renovations for Palma de Mallorca rental properties are air conditioning, bathroom refresh, modern kitchen, double glazing and terrace improvement.
For a typical Palma de Mallorca apartment, air conditioning may cost €1,500 to €4,000 and add €80 to €150 in monthly rent, a bathroom refresh may cost €4,000 to €9,000 and add €100 to €200, a kitchen update may cost €5,000 to €12,000 and add €100 to €250, double glazing may cost €3,000 to €8,000 and add €50 to €120, and terrace upgrades may cost €1,000 to €6,000 and add €80 to €250.
Poor ROI renovations in Palma de Mallorca often include luxury finishes in budget neighborhoods, very personal decoration, oversized kitchens in small flats and expensive upgrades that do not solve heat, humidity, storage or daily comfort.
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How strong is rental demand in Palma de Mallorca as of 2026?
What's the vacancy rate for rentals in Palma de Mallorca as of 2026?
As of 2026, the estimated vacancy rate for long-term residential rentals in Palma de Mallorca is about 1.5% to 2.5%.
Across Palma de Mallorca, vacancy is likely closer to 1% to 2% in central, coastal and university-linked areas, and closer to 3% to 4% in less central or overpriced areas.
Compared with the historical housing-stock vacancy seen in official census data, today’s practical rental vacancy in Palma de Mallorca is much lower because many empty homes are not actually available as long-term rentals.
Finally please note that you will have all the indicators you need in our property pack covering the real estate market in Palma de Mallorca.
How many days do rentals stay listed in Palma de Mallorca as of 2026?
As of 2026, a well-priced long-term rental in Palma de Mallorca usually stays listed for about 10 to 25 days.
The realistic range is about 7 to 15 days for good studios and 1-bedroom apartments in Santa Catalina, Old Town, Plaça d’Espanya or Portixol, and about 45 to 90 days for overpriced luxury or seasonal-style homes.
Compared with one year ago, rentals in Palma de Mallorca still move quickly, but tenants are more price-sensitive because monthly rents have already risen to high levels.
Which months have peak tenant demand in Palma de Mallorca?
The peak months for tenant demand in Palma de Mallorca are March to June and August to October.
This pattern happens because Palma de Mallorca combines tourism-season hiring, university moves, family relocations and professionals returning after summer.
The slowest months for normal long-term rental demand in Palma de Mallorca are usually December, January and parts of July, although July can be distorted by seasonal rental activity.
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What will my monthly costs be in Palma de Mallorca as of 2026?
What property taxes should landlords expect in Palma de Mallorca as of 2026?
As of 2026, a typical landlord in Palma de Mallorca should expect annual property tax, mainly IBI, of about €600 to €1,200 per year, which is also €600 to €1,200 in local currency and roughly $650 to $1,300.
The realistic annual property tax range in Palma de Mallorca is about €400 to €2,000, or roughly $430 to $2,160, depending on cadastral value, size, location and municipal tax treatment.
Property tax in Palma de Mallorca is calculated on cadastral value, not market value, so two apartments with similar sale prices can have different IBI bills if their cadastral records differ.
Please note that, in our property pack covering the real estate market in Palma de Mallorca, we cover what exemptions or deductions may be available to reduce property taxes for landlords.
What utilities do landlords often pay in Palma de Mallorca right now?
In Palma de Mallorca, landlords most often pay community fees, building insurance, IBI, major repairs and sometimes internet or water in furnished or seasonal-style rentals.
Typical monthly landlord-paid costs in Palma de Mallorca are about €80 to €180 for community fees, €20 to €40 for insurance, €50 to €100 for IBI and €30 to €60 for internet when included, or roughly $85 to $195, $20 to $45, $55 to $110 and $30 to $65.
For normal long-term rentals in Palma de Mallorca, tenants usually pay electricity, water and internet when separately metered, while landlords pay ownership costs and building-level expenses.
How is rental income taxed in Palma de Mallorca as of 2026?
As of 2026, rental income in Palma de Mallorca is generally taxed in Spain as real estate income, with Spanish tax residents declaring net rental income in IRPF and many qualifying long-term residential leases receiving a 50% net-income reduction.
Main deductions for Palma de Mallorca landlords can include repairs, community fees, IBI, insurance, mortgage interest, agency fees, legal costs, depreciation and other expenses linked to earning the rent.
Common Palma de Mallorca tax mistakes include treating seasonal rent like normal long-term rent, forgetting to separate private-use days from rented days, overclaiming furniture or renovation costs, and ignoring non-resident tax rules.
We cover these mistakes, among others, in our Sources and methodology: we used AEAT rental income guidance, AEAT IRPF incentives and BOE Ley 12/2023 for tax treatment.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Spain versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What sources have we used to write this blog article?
Whether it’s in our blog articles or the market analyses included in our property pack about Palma de Mallorca, we always rely on the strongest methodology we can … and we don’t throw out numbers at random.
We also aim to be fully transparent, so below we’ve listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why we trust it | How we used it |
|---|---|---|
| Idealista rental price report, Palma de Mallorca | Idealista is one of Spain’s largest property portals and publishes local asking-rent indices. | We used it as the main live rent-per-m² benchmark for Palma de Mallorca. We also used district figures to identify the most expensive rental areas. |
| Fotocasa price index, Palma de Mallorca | Fotocasa is a major Spanish property marketplace with a public city-level rental index. | We used it to cross-check Idealista’s rent-per-m² figure. We also used its size and feature data to estimate rents by apartment type. |
| MIVAU SERPAVI rental reference system | SERPAVI is Spain’s official rental reference system and is based on tax data from real contracts. | We used it as a conservative contract-rent baseline. We did not use it alone because it can lag the live asking-rent market. |
| SERPAVI portal | The SERPAVI portal is the official Spanish government portal for rental reference price ranges. | We used it to frame the gap between declared historical rents and advertised 2026 rents. We treated it as a support source, not as a live listing index. |
| INE population and housing census | INE is Spain’s official statistics agency and is the strongest source for structural housing data. | We used it for housing-stock and vacancy context. We treated it as background because census data is not a live rental vacancy measure. |
| INE municipal population data | INE is the primary official source for Spanish municipal population data. | We used it to understand population pressure in Palma de Mallorca. We cross-checked this with rental stress and active supply signals. |
| Banco de España annual report 2025 | Spain’s central bank is highly authoritative on housing-market pressure and macro risks. | We used it for the national housing-supply shortage backdrop. We applied the conclusions carefully because the report is national, not city-only. |
| Agencia Tributaria rental income guide | AEAT is Spain’s official tax authority and is the safest source for landlord tax rules. | We used it to explain rental income taxation. We used the official tax logic instead of relying on private tax blogs. |
| AEAT IRPF rental incentives | AEAT directly explains the Spanish IRPF incentives for residential leases. | We used it for the 50% to 90% net-income reduction framework. We then cross-checked the legal basis with the BOE law text. |
| BOE Ley 12/2023 de Vivienda | BOE is the official source of Spanish legislation. | We used it to confirm the legal basis for rental-market rules and tax incentives. We kept the article practical rather than legalistic. |
| Palma municipal tax ordinances | Palma City Council is the official source for local taxes and municipal ordinances. | We used it for IBI and local property-tax methodology. We estimated landlord bills from cadastral tax logic, not from market value. |
| TIB Metro M1 Palma-UIB-ParcBit | TIB is the official interurban transport operator in Mallorca. | We used it to identify university and tech-park rental corridors. We connected demand to real stops rather than vague transport claims. |
| EMT Palma lines | EMT Palma is the official municipal bus operator. | We used it to identify rental areas with better daily mobility. We focused on neighborhoods where car-light living is realistic. |
| UIB accommodation board | UIB is the main public university in the Balearic Islands. | We used it to understand student and shared-flat demand. We treated listings as qualitative demand evidence, not as a full market index. |
| Habitaclia Palma rental listings | Habitaclia is a recognized Spanish property portal and is useful for active supply checks. | We used it to cross-check active rental stock in Palma de Mallorca. We used it as a secondary source because it is listing-based. |
| Engel & Völkers Mallorca rent report | Engel & Völkers is an established international real estate firm with a strong Mallorca presence. | We used it to sense-check premium-market rents. We did not let luxury stock dominate our citywide averages. |
Get fresh and reliable information about the market in Palma de Mallorca
Don't base significant investment decisions on outdated data. Get updated and accurate information.