You have be quick if you want to rent a property in Italy. This is the conclusion of a recent study published by the idealista, Italy's leading real estate portal, according to which 22% of properties rented during the past month of October remained on the market for less than 24 hours (last year they accounted for 13% of the offer). Therefore, if you're planning on renting an apartment in Italy, there's no time to lose!
These figures vary according to price range, standing at 21% for home rentals priced at less than 750 euros per month, rising to 28% for those in the 750-1,000 euro range, reaching 23% between 1,000 and 1,500 euros, and 11% for the range exceeding 1,500 euros per month.
Among the large Italian markets, Genoa is the city with the highest percentage of "express rents" on offer, with 41% of homes withdrawn from the market in less than 24 hours in October. It is followed by Bologna (37%), Turin (35%) and Florence (30%). In Milan, express rents reached 20%, while in Rome and Catania 18%. Venice (15%), Palermo (13%) and Naples (7%) closed with much lower percentages.
The percentage of listings of houses for rent online less than 24 hours
| City | % express rentals | % express rentals below 750 euros | % express rentals between 750 and 1,000 euros | % express rentals between 1,000 and 1,500 euros | % express rentals above 1,500 euros |
| Catania | 18% | 16% | 40% | 0% | no data |
| Venice | 15% | 0% | 25% | 6% | 50% |
| Bologna | 37% | 56% | 42% | 26% | 20% |
| Rome | 18% | 16% | 22% | 18% | 14% |
| Florence | 30% | 39% | 39% | 17% | 11% |
| Milan | 20% | 37% | 35% | 18% | 7% |
| Turin | 35% | 38% | 27% | 31% | 0% |
| Naples | 7% | 8% | 6% | 14% | 0% |
| Genoa | 41% | 43% | 31% | 0% | 0% |
| Palermo | 13% | 13% | 13% | 0% | 0% |
Looking at rented homes with prices below 750 euros per month, the most "affordable" according to idealista's analysis, we are witnessing a real race to find the cheapest rent in Italy. Bologna is in the lead with 56% of listings snapped up in less than 24 hours, followed by Genoa (43%), Florence (39%), Turin (38%) and Milan (37%). The other major rental marketplaces were decidedly less fast, with Rome and Catania (both with a variation of 16%), ahead of Palermo (13%) and Naples (8%).
As landlords' asking prices rise, the percentages of express rentals fall but remain high even in the 750-1,000 euro bracket, as demonstrated by Bologna, with 42% of transactions concluded within 24 hours, followed by Catania (40%), Florence (39%), Milan (35%) and Genoa (31%). Variations of less than 30% were recorded in Turin (27%), Venice (25%) and Rome (22%). Palermo and Naples, with 13% and 6% respectively, close the ranking.
In the higher price brackets, the percentage of express rents decreases, but in some markets it is still very relevant. Properties for rent between 1,000 and 1,500 euros reach express rates of 31% in Turin, 26% in Bologna and 18% in Milan and Rome, cities where excess demand has produced a particularly strong tension in the market. In the most exclusive segment, with prices above 1,500 euro per month, Venice (50%) is a bit of a story in itself, followed by Bologna (20%) and Rome (14%) with the highest 24-hour rental rates.
According to Vincenzo de Tommaso, Head of idealista's Studies Office: "These data show us that the rental market is experiencing a particularly dynamic phase on the demand side, especially as regards the large markets in the Centre-North. The supply, however, is lacking and this is causing an increase in the phenomenon we define as express rentals, precisely because of the speed with which the product is absorbed by the market. This is a market still in search of a balance between a pressing demand and a supply that is struggling to keep up'.