The Madrid City Council is strengthening its commitment to providing affordable rentals through the ReViVa programme, managed by the Municipal Housing and Lands Company (EMVS Madrid). The municipal administration offers up to 45,000 euros to owners of empty apartments for them … Reform, in order to integrate them into the market under an affordable rental system. The down payment is gradually returned through discounts on the monthly rent the landlord receives.
Housing Delegate and President of EMVS Madrid, Álvaro González, visited on Friday a useful two-bedroom house of 43 square meters in Moncloa-Aravaca, which has been completely rehabilitated by the municipal body thanks to this program. Built in 1950, the house, which had seen significant deterioration after two decades without renovations, underwent a comprehensive intervention that modernized its aesthetics, improved energy efficiency, and incorporated new plumbing and electrical fixtures. The repair cost is 37 thousand euros.
Gonzalez stressed that the ReViVa program “allows the Madrid City Council to reclaim empty homes and put them on sale as affordable rentals, on terms that benefit both the owner and the tenant,” which contributes to limiting price escalation in the capital. EMVS Madrid, in addition to carrying out the repair, is responsible for the complete management of the rental and bears expenses such as IBI, home insurance, regular repairs, community expenses, legal and administrative procedures. The programme, which already has nearly 200 participating homes, is particularly aimed at owners of inherited apartments or elderly people who are moving into a residence and looking for a stable income without the risk of possible non-payment. EMVS guarantees rent collection even in periods when there is no tenant.
As for future tenants, they must adhere to an income limit of 5.5 times Iprem, i.e. a total of €63,800 per year in the case of single people or couples, ensuring that they will never pay more than 30% of their salaries in rent. In the case of the visited house, the maximum price will be €745 per month, which is between 15% and 20% below the market. All conditions for owners and tenants are available on the EMVS Madrid website.
The rental price for the two-bedroom house with nearly 43 square meters of useful space, which Gonzalez visited this morning, will be €745 a month at most, although future tenants will never pay more than 30% of their income for it. In this way, Madrid residents get a new affordable rental home at a rent well below the market rate.
Located in the Moncloa-Aravaca area, the house was built in 1950 and has suffered a high degree of deterioration, with amenities and finishes outdated over time, having not been renovated in over 20 years. Due to its initial condition, a comprehensive renovation was carried out, keeping the same number of rooms and distribution. Following the measures carried out by EMVS Madrid, not only has its appearance been updated, but the sustainability and energy efficiency of the house has also been improved through the renovation of the exterior carpentry, plumbing and electrical installations.
The cost of this entire renovation was 37,000 euros, which will be deducted little by little from the monthly rent received by the owner. The municipal company took care of the appliances, such as the extractor hood, ceramic hob, oven, refrigerator, microwave, washing machine and dishwasher, at no cost to the property. If the property needs works, as in the case of the home visited, EMVS Madrid pays the cost up to €45,000 at 0% interest, and is liable for VAT. This advance is deducted little by little from the monthly rent that the homeowner receives, so that he can improve and modernize his apartment, without realizing it and without suffering from the complications and inconveniences that usually arise.