Last April, the Madrid City Council announced the first housing lottery for units built by the Municipal Housing and Land Company (EMVS Madrid) under an affordable rental scheme for “Madrid residents with moderate incomes, ” corresponding to the Iberia Loreto 1 development, and a specific date has now been set for that lottery.
Starting this Monday, May 11, and through June 10, those interested in renting one of these homes, located in Madrid’s Barajas district, may register as applicants exclusively through the website of the Municipal Housing and Land Company (EMVS Madrid). The lottery will be held at the end of June.
The rent paid by future tenants will never exceed 30% of the household’s income, which translates to monthly rents ranging from approximately 700 to 1,000 euros for two- and three-bedroom apartments with a garage—a price well below market rates for a home of these characteristics.
An unprecedented shift in affordable rental policies
This housing development represents an unprecedented shift in the Madrid City Council’s affordable public housing rental policies, as it is aimed at those the council refers to as “Madrid residents with middle incomes, ” including both young people and families.
The aim, as explained, is “to target a segment of the population that, despite having stable employment and income, cannot access rentals on the open market nor is eligible to participate in other EMVS Madrid public housing lotteries.”
In financial terms, the program is aimed at households or individuals with an annual income of approximately €68,000 or less. Based on that figure, this means that a couple with two minor children whose individual salaries exceed €2,000 per month would be eligible for the assistance.
Requirements for applying for affordable middle-income rentals
The lottery is open to Madrid residents between the ages of 18 and 50 and families with minor children whose income is between 3.5 and 5.5 times the IPREM and who are registered residents of Madrid. The minimum residency requirement is five uninterrupted years, or eight years within the last 10 years.
Other essential requirements are that applicants must not own any property and must not have convictions for illegal occupation or non-payment of rent.