retirement

Cheap rental homes overseas for retirees

Rent homes abroad: Alicante, Spain
Rent homes abroad: Alicante, Spain © Pablo77/Shutterstock.com

Spanish developers had built condos, apartments and houses at a breakneck pace before the market collapsed in 2008. An overabundance of housing stock means the entire country remains both a buyer's and a renter's market. Even high-demand coastal towns like Alicante offer great bargains, thanks to an abundance of options.

"You can get a two-bedroom apartment with a bit over 1,000 square feet for about $725 per month," says Glynna Prentice, an expat who has lived and worked in Spain. Prentice notes that prices tend to be lower on the southern coast than in the northern part of the country, which tends to be wealthier.

Besides offering Spanish culture and warm weather, Alicante is also a steppingstone for all of Europe. "Lots of folks like Alicante, and it offers direct flights to the U.K.," she says. Also, direct flights to Germany, Switzerland and Paris mean that Europe is at your doorstep.

Renting an apartment in Alicante is similar to the United States, with renters giving a one- or two-month security deposit and signing a lease. While one-year leases are the norm, six-month contracts are available, but prices tend to be slightly higher.

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