Winahost Observatory · Edition 1
Potential income of short-term rental by city in Spain (2026)
Short-term (vacation) rental · Data: July 2025 – June 2026 · Updated: July 2026
Which Spanish city generates the most income from short-term (vacation) rental. According to AirDNA market data (July 2025–June 2026), among the 20 cities analysed Palma, San Sebastián and Marbella top annual revenue potential per listing (between €38,000 and €49,000), driven by high average nightly rates. Barcelona is the major city with the highest income potential (€36,500 per year) and the highest occupancy in the sample (74.5%). For volume and stability, Madrid, Málaga and Valencia offer the most balanced mix of high occupancy and market size. These are gross income figures, a key input to profitability but not net return, which also depends on the property price and costs. Analysis: Winahost · Data: AirDNA.
The figures that sum up 2026
€49,500
Palma
Highest annual revenue potential
74.5%
Barcelona
Highest occupancy
€254
Marbella
Highest ADR (nightly rate)
+4.7 pp
Valencia
Biggest occupancy rise (YoY)
Among the 20 cities analysed.
Potential income ranking by city
The 20 leading tourist cities in Spain, ranked by annual revenue potential per listing.
| # | City | Annual revenue potential* | ADR | Occupancy | Δ occ. YoY | Δ revenue YoY |
|---|---|---|---|---|---|---|
| 1 | Palma | €49,500 | €237 | 69.5% | -0.4 pp | +31.2% |
| 2 | San Sebastián | €48,700 | €246 | 64.0% | +1.8 pp | +17.0% |
| 3 | Marbella | €38,000 | €254 | 62.1% | -1.4 pp | +6.0% |
| 4 | Barcelona | €36,500 | €164 | 74.5% | -2.1 pp | +5.7% |
| 5 | Sitges | €34,800 | €202 | 64.6% | -1.9 pp | +8.0% |
| 6 | Sevilla | €33,100 | €143 | 67.7% | -0.1 pp | +12.4% |
| 7 | Málaga | €32,500 | €132 | 73.4% | +0.8 pp | +10.8% |
| 8 | Madrid | €31,500 | €134 | 72.1% | +0.6 pp | +14.1% |
| 9 | Bilbao | €29,600 | €145 | 64.1% | +0.2 pp | +12.2% |
| 10 | Girona | €29,500 | €129 | 69.5% | -3.8 pp | +7.5% |
| 11 | Valencia | €25,700 | €114 | 70.5% | +4.7 pp | +14.6% |
| 12 | Cádiz | €23,600 | €120 | 62.0% | -1.1 pp | +4.0% |
| 13 | Alicante | €23,500 | €108 | 70.3% | +3.0 pp | +18.3% |
| 14 | Zaragoza | €21,700 | €99 | 66.2% | +3.2 pp | +26.0% |
| 15 | Granada | €20,400 | €104 | 60.1% | +0.6 pp | +11.7% |
| 16 | Córdoba | €19,800 | €114 | 52.3% | -0.9 pp | +6.5% |
| 17 | Gijón | €18,800 | €112 | 57.2% | +3.6 pp | +13.4% |
| 18 | A Coruña | €18,200 | €100 | 63.3% | +4.5 pp | +22.1% |
| 19 | Tarragona | €18,100 | €101 | 63.4% | -0.7 pp | +6.8% |
| 20 | Santander | €17,700 | €113 | 60.4% | +3.9 pp | +18.4% |
Data: AirDNA (Jul 2025 – Jun 2026) · Analysis: Winahost.
*Annual revenue potential = AirDNA estimate (Revenue Potential) of the annual GROSS income of an active, well-managed listing in that market. It is a market reference, not a guaranteed figure nor a net return.
“Annual revenue potential” is the ceiling of a well-managed listing, not the average of any flat. And it is GROSS income: net profitability also depends on the property price, costs, commissions and taxes.
Charts
Visualisations ready for press and blogs. Download as an image or copy the citation — each one carries its source.
Palma and San Sebastián exceed €48,000; Barcelona leads among major cities with €36,500.
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The coast combines high rates with mid occupancy; major cities have lower rates but high, stable occupancy all year.
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Palma (+31%), Zaragoza (+26%) and A Coruña (+22%) lead revenue growth versus the previous year.
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Winahost’s take
- On the coast, rate rules; in big cities, occupancy rules. Palma, San Sebastián and Marbella lead on high ADR (€237–254/night), but with 62–69% occupancy. Barcelona and Madrid win on the other side: 72–74% occupancy year-round, which lowers the risk of empty nights.
- Barcelona is the major city with the highest income potential among the 20 analysed and, at the same time, the one with the highest occupancy (74.5%), despite regulatory pressure on tourist licences (PEUAT): by capping the supply of licensed listings, it sustains rates and occupancy for those already operating.
- The fastest-growing markets are not the most expensive. Zaragoza (+26% in revenue), A Coruña (+22%) or Santander (+3.9 pp in occupancy) are secondary markets with the most upside — attractive for investors entering now.
- Valencia and Alicante are rising sharply in occupancy (+4.7 and +3.0 pp), a sign of demand absorbing new supply without price drops.
- Our operational read. Our experience managing short-term rentals suggests that combining dynamic pricing, well-configured availability and active listing management helps reduce empty nights. This is a Winahost operational interpretation, not a market statistic.
How to read these figures▾
ADR (average daily rate): average price per booked night.
Annual occupancy: booked nights ÷ available nights, over the last 12 months.
Annual revenue potential: estimated annual GROSS income of an active, well-managed listing (AirDNA’s Revenue Potential metric). It is not a net return.
Δ YoY: change vs. the previous 12 months (pp = percentage points).
Methodology & sources▾
Period and extraction. Trailing 12 Months, July 2025 – June 2026 (a 12-month moving average that smooths seasonality). Data extracted in July 2026. Year-on-year changes compare that period with July 2024 – June 2025. Monetary figures are rounded to the nearest hundred.
Data source. AirDNA, a short-term rental market analytics platform (Airbnb, Vrbo, Booking; Winahost subscription). Analysis and interpretation: the Winahost team.
Market selection. We chose 20 Spanish municipalities combining volume of tourist supply, urban relevance, holiday demand and availability of comparable data. The selection does not represent every tourist municipality in Spain, so all superlatives refer to this sample.
What we measure (and what we don’t). We show GROSS market income potential, not net profitability. The real return also depends on the property purchase price, operating costs, commissions, taxes and financing.
Nature of the figures. These are market estimates for informational purposes; they are not a guaranteed income forecast nor investment advice.
Last updated: July 2026 · Author: Albert Pérez Mateu (co-founder, Winahost).
Frequently asked questions
Which Spanish city generates the most income from short-term rental?
By annual revenue potential, and among the 20 cities analysed, Palma (€49,500) and San Sebastián (€48,700) top the list, thanks to their high average nightly rates. Among major cities, Barcelona has the highest income potential, with €36,500 per year and the highest occupancy in the sample (74.5%). These are gross figures, not net returns. Data: AirDNA (Jul 2025–Jun 2026) · Analysis: Winahost.
How much can you earn with a short-term rental (Airbnb-style) in Barcelona?
The annual revenue potential of a well-managed short-term rental in Barcelona is around €36,500 gross, with an average rate of €164/night and 74.5% occupancy, the highest in the sample. It is a gross-income market reference: the real result depends on the property, the applicable rules and management.
Which city has the highest vacation-rental occupancy?
Among the 20 cities analysed, Barcelona, with 74.5% average annual occupancy, followed by Málaga (73.4%) and Madrid (72.1%). Major cities sustain higher, more stable year-round occupancy than many coastal destinations.
Are the most expensive destinations the highest-earning?
Not necessarily. On the coast, high rates rule (Marbella €254/night, San Sebastián €246), but with 62–64% occupancy. Major cities offset a lower rate with 72–74% occupancy year-round. And higher income does not mean higher profitability: that also depends on the property price and costs.
Which cities are growing fastest in tourist income?
Among secondary markets, Zaragoza (+26% year-on-year revenue), A Coruña (+22%) and Alicante (+18%) stand out. They have the most upside for investors entering now.
What is the difference between short-term (vacation) and mid-term (seasonal) rental?
Short-term rental is per-night and subject to the tourism rules of each region and municipality: depending on the location it may require a licence, a responsible declaration, registration or a specific authorisation. Mid-term rental is contracted to cover a genuine temporary need —work, studies, medical treatment— and follows a different framework; duration alone does not determine the nature of the contract. They are different products and their metrics should not be compared directly.
Where does this data come from, and how recent is it?
From AirDNA, a short-term rental market analytics platform (Airbnb, Vrbo, Booking), under Winahost subscription. It covers the last 12 months (July 2025–June 2026). Analysis and interpretation are by the Winahost team.
How much could your property earn as a short-term rental?
These are market averages; the real figure depends on your property. Leave us your details and we’ll send you a free, personalised estimate using our management data.
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How to cite this report
Pérez Mateu, Albert (2026). “Potential income of short-term rental by city in Spain”. Winahost Observatory, edition 1. Market data: AirDNA.
Permanent URL: https://winahost.com/en/observatory/short-term-rental-income-by-city-spain-2026
Prepared and reviewed by Albert Pérez Mateu, co-founder and Head of Product at Winahost.
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