You should keep in mind that one of the most challenging tasks upon your arrival in Madrid is going to be finding a place to live, as housing can be expensive and hard to find in the city center.
If you do not reserve it before coming to Spain, we recommend that you arrive in Madrid at least one week before the beginning of your program to take your time to look for housing.
The first step to take is to decide on the area in which you want to live. Madrid has many neighborhoods to choose from, so we recommend you research which one would fit your needs best.
Metro stations closest to IE are Gregorio Marañón, Núñez de Balboa and Avenida de América. You can check the Madrid subway official website for further reference.
Property owners usually lease property for a minimum of one year; a shorter contract can be negotiated, though the rent often increases when paying for less than 12 months.
When renting an apartment or a room, property owners normally ask you for a security deposit equivalent to 1- or 2-month rent. In addition, property owners usually ask for guarantees, which can range from paying one or two months’ rent in advance to demanding proof of earnings or a bank reference. Since you are a student, it is a good idea to try convincing the property owner to settle for a deposit of no more than 2 or 3 months.
Payment is usually made monthly, either by setting up a direct deposit with your bank or by giving the property owner the money in person. If paying in person, the property owner must give you a receipt as proof of payment of the rent.
The rent paid should include the charge for communal services, which groups together payment for heating and hot water when they are central to the block, and the upkeep of the communal areas of the building.
Make sure the apartment has a good heating system, whether it is central to the whole building or the individual in the apartment. Air conditioning is not very common in homes. It is most likely that the apartment you choose to rent will not have it.
Check transport connections with IE; the house may be close but poorly connected to IE. On the other hand, you may find that an apartment that is further away, may be well connected. To check safety and noise levels in the area, before renting, take the trouble to go there at night. There may be a bar open until well into the early morning just below a potential apartment.
IE has an agreement with the accommodation provider BEYOND CAMPUS.
This company offers accommodation exclusively for IE students, connecting property owners and students, and ensuring the properties advertised on its website comply with the quality requirements expected by our students.
If you choose one of the agencies with whom we have an agreement, you will get a discount as an IE student.
Though they can be expensive, they are a good solution for students who wish to simplify your housing search.
Their fees normally amount to a month’s rent. Never pay in advance; agencies should only be paid when the contract has been signed.
Make sure you are aware of all conditions regarding the payment of fees or commissions before using their services.
It is unusual that agencies ask to pay for commission before closing the rent contract; therefore, be especially careful if they ask you to do so.
IMPORTANT: Please always confirm the terms of the discount agreement before making any payments.
You can also walk throughout the areas where you would like to live: There are many landlords in Madrid with property to rent who do not want to advertise in newspapers and simply hang a notice on the front door of the apartment block: look for the signs “SE ALQUILA” or “PISO EN ALQUILER” (apartment for rent, in Spanish).
Just because a property is not advertised in the newspaper or online does not mean the accommodation is not good. That is why we recommend taking a walk around the area you like and asking the local doormen/women.
They can provide information on apartments for rent in their buildings, and often on other apartments in the area as well. Remember that at lunchtime, between 14.00 and 17.00, very few porteros are working, and if, you call them on the buzzer, you will not be well-received.
To obtain a student visa, coverage by a private medical insurance plan (INCLUDING REPATRIATION COVERAGE) is required during your entire stay in Spain. The Spanish consulate will ask for proof of insurance when you submit your visa application. You can purchase any medical insurance of your choice if it complies with consular requirements.
You can find more information about the private insurance companies with whom IE has agreements on the Student Services Landing in Madrid’ guide.
IMPORTANT: These policies will remain valid at least until the day of your graduation; it is not possible to cancel them beforehand. You will be able to cancel the policy by presenting proof that you have finished your program and will be leaving Spain, or by reaching the policy’s renewal date.
One of the students’ main concerns is the total monthly budget they should count on when moving to Madrid to pay for their personal expenses, other than tuition (housing, bills, groceries, etc.).
Here you can find a document prepared by Student Services in which they have included an estimation of the monthly cost of living in Madrid for the upcoming school year.
