Hundreds of homes across all of Madrid’s districts that were previously vacant are now part of the capital’s affordable rental housing supply, available at below-market rates and after undergoing renovations.
That is precisely what the ReViVa program of the Madrid Municipal Housing and Land Agency (EMVS Madrid) makes possible: providing up to 45,000 euros—in the form of an advance payment—to finance renovation work on the properties, on the condition that the owners designate them for affordable rental housing.
In this way, landlords transfer the right to use the properties to the municipal agency for a period of time, and in exchange, the agency guarantees the receipt of monthly rent—whether the units are rented or not—and handles all the paperwork, expenses, and taxes.
In total, 219 vacant homes are being repurposed for rental at below-market rates, spread across all districts of the capital.
Eligibility requirements for affordable rental housing
On the other hand, to qualify for these affordable rental homes, prospective tenants must have an income of up to 7.5 times the IPREM. In other words, they cannot earn more than 92,000 euros gross annually, in the case of a four-member household.
If you are awarded one of these units, the rent will always be between 15% and 20% below market rates and will never exceed 30% of your salary.
To put the numbers in perspective, this means that a renovated two-bedroom apartment from the 1960s in Vallecas, with about 60 square meters of usable space, will have a maximum monthly rent of 836 euros.
All the requirements and conditions for accessing the ReViVa program, for both tenants and property owners, are published on the website emvsmadrid.es.