The Spanish Government approved the youth rental bonus on Tuesday, meaning young people will be given a bonus of 250 euros per month towards their rent.
The new regulation, which will come into force on January 1, 2022, will be for those aged between 18 and 35 years of age, who need help to rent a property.
“This is an aid of 250 euros per month for a period of two years” explained Raquel Sánchez, the Spanish Minister of Transport, Mobility and Urban Agenda, who went on to say that it will be compatible with other subsidies such as the minimum insertion income, non-contributory social security pensions and other aid from the state housing plan.
The Minister also explained that in order for young people to benefit from this bonus, their income must not exceed the triple Iprem (Public Indicator of Income for Multiple Effects) which this year is 579 euros per month. The bonus can then be completed with aid from the autonomous communities of up to 40 per cent of the rent or with other aid from the State Housing Plan.
Sánchez stated that “the aid may begin to be requested within a period of two months, once the different commissions approve the bonus, although she clarified that the aid will have a retroactive effect from January 1, 2022.”
One question that this new scheme does clear up is whether those who rent a single room in an apartment are eligible for this bonus? Well, the answer is yes, if the rent does not exceed 300 euros per month.
There are however some exceptions to this limit, for instance, if a region is regarded as ‘stressed’, as in the rental market is more expensive and provided that an agreement between the central government and the regional government has been made, this limit may rise up to 450 euros.
In regards to apartments, in order to receive this help, the monthly rental must be no more than 600 euros, but this can also be extended to 900 euros if a commission formed by the Ministry and the Autonomous Communities, determines that the region has a higher-priced rental market.
A recent report released by the Foressa Foundation of Caritas Spain, states that 23.7 per cent of Spanish residents are in some measure, affected by exclusion in housing such as overcrowding, deficiencies in construction, architectural barriers for people with disabilities and excessive expenses.
For many of these reasons, in October last year, the Spanish Government approved the draft for the first state housing law, which will see rental prices regulated and empty properties penalised, among many other measures.