More people renting out in the Balearics and they are earning way more than the national average

Average income is more than 6,000 euros greater than the Spanish average

Tax Agency figures do not distinguish between residential and tourist properties | Photo: Jaume Morey

Andrew EdePalma04/07/2025 08:24

According to personal income tax statistics published by the Tax Agency this week, the number of people declaring an income from renting out properties in the Balearics is increasing. This income is also increasing and is greater (on average) than in other regions of Spain.

The figures are for 2023. In that year, 97,995 people declared income from rents. The average income was €15,780, not far below a minimum wage of €16,576. Potential undeclared income in a market conducive to this is of course not reflected in the Tax Agency's statistics.

For the whole of Spain, 3,142,656 people declared income from rents. The national average income was €9,388, well below the figure for the Balearics.

The earnings in the Balearics are that much higher because of housing prices, while the number of people who declared a rental income increased from 90,788 in 2021. It is very likely that figures for 2024 will show further increases.

The Tax Agency statistics also indicate that half of the 558 taxpayers in the Balearics with a salary above €600,000 per year declared income from property rentals. Their income from rent was on average €51,907.

The figures do not distinguish between rental income from residential or tourist properties.

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Sage Advice | 6 days ago

Well Let’s look at it this way, not everyone has the money to buy a home outright, and not everyone can qualify for a mortgage. Therefore as logic would have it the private landlord is an indispensable component to ensuring the availability of housing that can be rented on the open market, that is unless you wish to put this all in the hands of the public sector, but I suspect not…inefficiency and all.

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