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Seasonal let yield calculator Letting by the month against a long-term let

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Result: Positive cash flow, low ROI

3-bed flat · Valencia (seasonal)

Positive cash flow, low ROI
Valencia (Comunitat Valenciana) · Provincial capital€140,000 · €2,000/m²70 m² · 3 bedMid-term letRent €1,400 /month · €20.0/m²€1,190 /month on average, after empty months

With these figures, the rent covers the mortgage and costs, but the money you put in returns less than 5% a year.

Net monthly cash flow. What you keep each month after paying costs, the mortgage and tax. If it's negative, you top it up from your own pocket.
€136
€1,636 a year, after tax
Gross yield. Annual rent divided by the purchase price, without costs or taxes. Good for quick comparisons, not for deciding.
10.20%
Annual rent / price
Return on equity invested. Cash-on-cash: year-1 net cash flow divided by all the money that comes out of your pocket (deposit, taxes, costs, refurbishment and furniture).
2.9%
€56,850 put in
IRR over 10 years. IRR (internal rate of return): the equivalent annual return of all your cash flows, including the final sale net of costs, taxes and debt.
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Seasonal lets

Does a seasonal let pay off against a long-term let?

A seasonal let (one to eleven months, to people coming for work, studies or medical treatment) is charged at a higher rent than a long-term let. But it has costs that a long-term tenant pays, empty weeks between contracts and more income tax. Charging more a month does not always leave you more.

Reviewed on 9 October 2026

The same flat as a seasonal or long-term let

Seasonal: €1,400 a month, let 85% of the year, 10% management fee and 5 tenant changes a year. Long-term: €1,000 a month. Both with the example mortgage.

Type of letMonthly rentIncome for the yearCosts for the yearIncome tax for the yearMonthly cash flowIRR over 10 years
Long-term let€1,000€11,172€2,287€308€16911.5%
Seasonal let€1,400€14,280€5,509€581€13610.8%

How it is worked out

  • Income = monthly rent × 12 × the share of the year it is occupied. There are usually empty weeks between contracts.
  • Costs = those of the flat (property tax, service charges, insurance, maintenance) + utilities and internet, which the landlord usually pays on a seasonal let + the management or agency fee + cleaning between tenants.
  • Income tax: without the 50% reduction for residential lets, because the flat is not the tenant's main home.

How much you need to charge for it to pay off

For this flat, the seasonal let only matches the long-term let from about €1,460 a month: 46% more than the €1,000 of the long-term let. Below that, you earn less and work more.

It pays off in areas with strong demand for stays of several months (hospitals, universities, companies, business schools) and if the flat is already furnished. It also gives you the flexibility to use the flat or sell it without tenants.

What the law says

  • There must be a genuine temporary reason stated in the contract (work, studies, medical treatment…). If the tenant actually lives there permanently, a judge may treat it as a residential let, with extensions of up to five years (seven if the landlord is a company).
  • Single Register: since 1 July 2025 you need the short-term rental register number to advertise it on platforms, seasonal lets included.
  • Catalonia: since 2026, in high-demand areas seasonal lets have the same maximum rent as residential lets (Law 11/2025; it has been challenged before the Constitutional Court but remains in force). A proposal to cap them across Spain is before Parliament but has not gone ahead so far.

Frequently asked questions

Is a seasonal let more profitable than a long-term let?

Not always. You charge more a month, but there are costs a long-term tenant pays, empty weeks and more income tax. In the example, €1,400 a month as a seasonal let leaves €136 a month, and €1,000 as a long-term let, €169. You need about €1,460 to match it.

How is a seasonal let taxed?

Under income tax, as income from property, after deducting costs, but without the 50% reduction that applies to lets of the tenant's main home.

How long can a seasonal rental contract last?

Usually one to eleven months, and always for a temporary reason stated in the contract. If it is really the tenant's permanent home, the rules for residential lets apply.

Do you have to register a seasonal let?

If you advertise it on platforms, yes: since 1 July 2025 you need the number from the Single Register of short-term lets.

Is there a rent cap on seasonal lets?

In Catalonia, since 2026, yes in high-demand areas: the same as for residential lets. In the rest of Spain, not for now, although Parliament is discussing it.

Cash flow/mo€136
ROI on equity2.9%
Gross yield10.20%