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Operator benchmarks, demand drivers, deal archetypes, regulatory pointers.
Madrid is the largest Spanish coliving market and significantly more permissive than Barcelona. Comunidad de Madrid has chosen not to designate stressed zones, so the State Housing Act rent cap doesn't apply. Demand is anchored in Latin American professional / student inflow plus growing tech ecosystem.
RevPAB (monthly)
€520-€680
ADR (per bed-night)
€18-€24
Stabilized occupancy
87-93%
Avg length of stay
6.5 months
Property OpEx ratio
58-66% of revenue
Cap rate range
5.5-7.0% (stabilized)
Target IRR
11-14% (5-year hold)
Spanish-speaking professional inflow from Mexico, Colombia, Argentina, Venezuela. Long stays (often 12+ months) and high creditworthiness. The dominant demand pillar.
Madrid's tech ecosystem (Wallapop, Glovo, Cabify, Fever) plus emerging fintech. Younger tenant base, ~6 month average stay.
Spain's expat tax regime attracts senior international professionals. Higher ARPU, longer stays. Significant beneficiary of post-2020 'Spain over Lisbon' shifts in the EU mobility crowd.
IE Business School, Universidad Carlos III, Universidad Autónoma anchor a steady international student / Master's pool that flows into coliving after dorm year-1.
~4,000 operator-led coliving beds across Madrid. Habyt has its Spain HQ here. Common, Hawawei, Live It, Urban Campus all run Madrid portfolios. New supply concentrated in Chamberí, Tetuán, Latina, Vallecas. Lavapiés/Embajadores boutique operator activity.
Spanish family offices very active at 5-25 unit scale. Pan-European institutional entering at 50+ unit scale. EUR debt at 3.5-4.5% for stabilized. The non-stressed-zone status makes Madrid a relatively scarce 'pro-investor' major Spanish-speaking market.
Pre-1950 corner buildings in Chamberí, Salamanca. Strong rent base, character premium, but require Licencia de Primera Ocupación update and Hacienda IBI re-classification. Capex €18-€30k/bed.
Lower acquisition cost districts with strong demand from Latin American professional inflow. Suits 30-60 bed schemes at €12-€18k/bed capex. Margins higher than central but ARPU lower.
Spanish landlords (often individuals via SL holding 1-3 properties) increasingly receptive to multi-property master-lease deals. The default growth path for Habyt + Common in Spain.
€520-€680 per bed per month at stabilization. Premium central districts (Salamanca, Chamberí) reach €700-€800. Latina and Vallecas operate at €450-€550.
Yes for new operator entry in 2026. The non-stressed-zone status means no rent cap; absence of Decreto 4/2023's room-size minimums means more flexible unit configuration; LAU 5/7-year minimums are workable via arrendamiento temporal. Operationally simpler than Barcelona.
5.5-7.0% for stabilized institutional-grade assets. Recently-stabilized smaller deals trade closer to 7.0-8.0%. Madrid cap rates have compressed faster than Lisbon's since 2023.
6.5 months blended. Latin American professional segment closer to 9-12 months. Spanish young-professional segment 4-6 months.
Last reviewed: 2026-05-11. Benchmarks refreshed quarterly. Spot something out of date? Tell us.
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