I’ve been apartment hunting lately and it’s been a real headache. I finally found a decent piso in Barcelona with a good location and price, but when I talked to the landlord, he asked for an aval bancario in addition to the standard deposit. I was stumped. I just moved to Spain, my job isn’t stable yet, so where was I supposed to get one of those? The path to renting a place feels full of obstacles.
After spending some time researching and asking a few friends who have lived here for a long time, I finally got the hang of this ‘guarantee.’ I’m sharing what I learned in hopes it will help others who are looking for a place. Simply put, this guarantee is an extra layer of security for the landlord in case the tenant fails to pay rent or damages the property. In addition to the legally required one-month deposit, landlords have the right to ask for an additional guarantee, but this extra guarantee cannot exceed two months’ rent.
Common Types of Guarantees
1. Bank Guarantee (Aval Bancario)
This is probably the landlord’s favorite but the tenant’s biggest headache. You have to apply for it at a bank, which will freeze a substantial amount of your funds and then issue a guarantee document. If you default on your contract, the landlord can take this document to the bank to claim the money. Getting one not only involves freezing a large sum of money, but the bank also charges significant application and management fees, making it very unfriendly for international students and people who have just started working.
2. Personal Guarantor (Aval Personal)
This involves finding someone with a stable income and assets to act as your guarantor. If the tenant doesn’t pay, the landlord can directly seek payment from the guarantor. This usually requires the guarantor to provide documents like their work contract and payslips to prove their solvency. If your boss or a friend with a steady job is willing to help, it’s a good option, but a favor like this can be a heavy burden, as we all know.
3. Additional Deposit (Garantía Adicional)
This is a relatively simple and direct way to handle rental disputes. In addition to the legal one-month deposit, you pay one or two extra months’ rent as a supplementary deposit for your Barcelona rental. This money should be returned to you by the landlord at the end of the contract, provided there are no issues with the property. Compared to a bank guarantee, this method at least saves you from paying bank fees, and this money—which is different from taxable rental income—is ultimately returned to you. Many landlords are now willing to accept this arrangement.
4. Rental Default Insurance (Seguro de Impago de Alquiler)
More and more landlords are opting for this type of insurance, where an insurance company assesses the tenant’s financial standing. Typically, the insurance company will ask the tenant for a work contract, payslips, etc., to prove that their monthly income is 2.5 to 3 times the rent. Once approved, the landlord purchases the insurance, sometimes asking the tenant to cover part or all of the premium. For tenants with a stable job, this is an excellent alternative.
Currently, the housing market in major Spanish cities is very tight, and landlords’ demands are getting higher. When you’re renting, make sure to clarify the guarantee method before signing the contract and have it clearly stated in the contract. Below is a simple comparison chart to help you understand:
| Guarantee Method | Pros | Cons |
|---|
| Bank Guarantee | Most secure for landlords | Freezes funds, high fees |
| Personal Guarantor | No frozen funds | Hard to find a guarantor, calls in a big favor |
| Additional Deposit | Simple process, funds are refundable | Requires a large sum of cash upfront |
| Rental Insurance | No frozen funds, simple procedure | Income requirements, may have to pay the premium |
I hope this information helps everyone! Have you encountered any other strange requirements while renting? Feel free to leave a comment below to discuss and share tips on what to avoid!
