Rocío Baselga manages dozens of rooms in Bilbao, transforming standard rentals into profitable shared flats. She invests around €3,000 per property and aims to recover it within seven months, but the model depends on careful contracts and constant management.
Rocío Baselga pays €950 a month for a typical four-bedroom flat in Bilbao. Instead of renting it out as a whole, she equips each room and leases them individually for about €400 each. When fully occupied, the property brings in €1,600 monthly—leaving a gross margin of €650 before expenses. After deducting utilities, maintenance, and other costs, Baselga targets a minimum net profit of €410 per flat.
Her approach, known as rent to rent, involves investing roughly €3,000 upfront to furnish and prepare each apartment. According to Baselga, this outlay is usually recovered within six or seven months, though the actual payback period can vary depending on occupancy and unforeseen costs. She currently manages 75 rooms under this model, alongside five traditional rental properties.
Calculating the Margin
The numbers are straightforward but require discipline. With four rooms at €400 each, the monthly income reaches €1,600. Subtracting the €950 rent paid to the owner leaves €650. From this, Baselga covers all running costs, aiming to clear at least €410 per month. She notes that the initial investment is recouped in under seven months if the margin holds, but admits that real-world results depend on the specifics of each property and contract.
Choosing the Right Properties
Baselga focuses on working-class neighborhoods, seeking flats with three bedrooms and a separate living room that can be converted into a fourth rentable space. She prefers buildings without elevators and properties needing only basic upgrades, as major renovations—especially to bathrooms—can quickly erode profitability and delay returns.
Her offer to landlords is simple: she handles daily management, equips the flat, and takes responsibility for tenants. For renters, the appeal is a move-in-ready room. However, the model comes with risks: vacancies, repairs, tenant turnover, unpaid bills, and wear and tear all threaten the bottom line. The €410 profit is a target, not a guarantee.
Legal Framework and Contract Nuances
The Spanish Urban Leases Act (LAU) sets strict rules for subletting. In standard residential leases, only partial subletting is allowed, and the landlord's written consent is required. The subtenant's rights end with the main contract, and the sublet price cannot exceed the original rent. If the contract is structured for business use, different rules apply, potentially allowing subletting without prior consent but with possible rent increases for the owner. Each arrangement must be carefully reviewed, as the legality of charging €1,600 on a €950 lease depends on the contract's terms.
Market Trends and Gender Shift
According to a recent CBRE report, Spanish real estate investment reached €12 billion in the first half of 2026, with annual growth expected to surpass 15%. While this signals strong interest in property, it does not guarantee that rent-to-rent models are profitable everywhere. Success depends on local demand, costs, and compliance with regulations.
Women are increasingly active in alternative property investment. The SegoFinance Barometer estimates that women now make up about 43% of its 45,000-strong investor community, though this is not a full picture of the Spanish market. Baselga's experience highlights a lower-capital entry point compared to buying, but also underscores the need for constant oversight and legal clarity.
For those considering similar strategies, it is crucial to understand the legal and financial risks. As seen in other sectors, such as a recent court ruling on retirement bonuses reported by russpain.com, the fine print of contracts can have significant financial consequences. In property, as in employment, the details matter.
