El flex living en España ya es un asset class institucional: Colliers contabilizó unas 31.400 unidades en mayo de 2025, con más del 70% de los compradores Living del H1 2025 siendo fondos, SOCIMIs y vehículos de inversión. La inversión en Living cerró 2025 en torno a 4.094 M€, con el flex living representando alrededor del 17% del total anual, y el pipeline apunta a unos 1.600 M€ hasta 2028. La rentabilidad bruta orientativa del coliving es del 7-10%, frente al ~5,5% del BTR.
That's flex living (and why I stop being a fashion)
Flex living is the term umbrella for residential accommodation Management: housing with furniture and services and short contracts operated by a professional operator. Under the umbrella are three formats that should be broken:
- Coliving: Private room + common areas and shared services (cleaning, internet, sometimes coworking). The product isn't the whole housing, it's access to a managed community.
- Microliving: compact and complete studies designed for one or two people with building services.
- Serviced apartments / aparthotel: apartments with hotel services, at the border with the tourist.
The data that moves to capital: Colliers counts or some 31.400 flex living units at Espana in May of 2025, of which 18.800 were currently under developmentThe operational stock exceeded the 12.500 beds with close to the 65% focused in Madrid (Source: Colliers, 2025). It's an experimental niche: an asset class with pipeline.
How much the living flex gets: the real figure, and not the round figure
That's where we should read the small letter. Investment Living (the added alternative residential) Rog 2025 around 4.094 M EUR in Spanish (Source: Colliers, 2025). Within that total, the distribution changes after the period you look at and that's why we have to be exact:
- At First semester of 2025The Living was distributed as follows: PBSA 43%, flex living 25% and BTR 16% (Source: Colliers, 2025).
- At 2025, the living flex I represent around 17% of the total Living (Source: Colliers, 2025).
The two figures are true: one is a quarter / semester, the other the full year. Whoever's selling you "the living flex is the residential 45%" without saying what period she's talking about rounded up. The dataset can be activated pipelineThe production and production of production and production products and their production 1.600 M EUR Flow living up to 2028 (Source: JLL / Inmobiliario Observatory, 2025). And a demand quality figure: more about 70% from the buyers Living from H1 2025 were funds, sociMIs and inverting vehicles (Source: Colliers, 2025). It's institutional capital, not retail capital.
Coliving vs. BTR vs. PBSA: the table that orders the jargon
Three apes that the generalist content mixes and have different risk and return profiles. The difference's in the contract and whoever's broken up. The PBSA (student residences) deserves a separate chapter with its seasonal and defensive profile: we have been developing them at PBSA's thesis in Spanish.
| Criterion | Coliving / flex | BTR (built to rent) | PBSA (Students) |
|---|---|---|---|
| Contract | Short, flexible | Long (LAU) | Academic course |
| To be rented | Room + services | Whole housing | Plaza + services |
| Typical location | Urban centre | Period / transformation | University pole |
| Retirement ratio | 7-10% (sector) | ~5,5% (sector) | Stabilized, defensive |
| Operating intensity | High | Ground-half | Average (seasonal) |
| Revaluation of rent | At every rotation | Slow (long contract) | Annual |
The gross profitability ranges (7-10% coliving, ~ 5,5% BTR) are Sector estimate: they guide and do not guarantee. The important thing is logic: caulying changes less private area and more management by capacity to revaluation of rent every time the tenant breaks. That's the lever that falls in love with the European investor, because he's defending income from inflation. If you want details about the formats with hotel services, we develop them at The thesis of serviced apartments 2026.
How to structure the deal: propco, opco and whoever takes the risk
Living flex is an institutional product because it separates property and exploitation. The asset investor (propco) has the brick and a specialist operator (opco) manages it. The investor's income will be set by one of three ways and the choice will decide your return profile before signing:
Loan (fixed income)
The operator pays a guaranteed income, leasback type. The investor cites and cedes his upside. Maximum predictability, performance ceiling.
Management (variable)
The operator gets a fee and the investor keeps the result. Captures the upside, you assume an operative risk. Requires fine reporting.
Joint: ground and distribution
A guaranteed minimum that protects the flow and a distribution that captures growth. It lays out incentives without housing. The model applying Bliss.
The entrance structure also varies: purchase of up and running assets, turnkey, forward funding (financing work for discount) or forward purchase (pledge to buy at the end). The factor that decides net profitability, however, isn't the asset: operator quality. A pounding building with an opco bad becomes empty and expensive rotations.
The cascade of pre-sign euro: from raw to actual NOI
Here's Bliss's wedge. The announcement sells you a raw jield and we teach you what's in your hands. An illustrative example of an 20 production building operated with professional management. The figures are a model case To display the method, not a promise of profitability: your cascade is computed with your data.
| Concept | Annual amount | % on gross |
|---|---|---|
| Gross income (20 hab) | 360.000 € | 100% |
| − Channel / catching Commission | −36.000 € | −10% |
| − Cleanliness and rotation | −32.400 € | −9% |
| − Common supplies and services (Wifi) | −28.800 € | −8% |
| − IBI, community and insurance | −21.600 € | −6% |
| − Operator's management / fee | −43.200 € | −12% |
| − CAPEX reserve and gaps | −28.800 € | −8% |
| = NOI net by hand | 169.200 € | 47% |
The gross of 360.000 EUR remains at a NOI of 169.200 EUR: Raw 47% It survives operational reality. It's consistent with the industry's employer, where operational costs are put around the 70% of gross income into managed accommodation (sector estimate). The one that promises you "150% Annual" or "the passive 10%" without showing you this table is selling you the inflated raw. The cascade's the difference between a profitable deal and a trap. The same logic, applied to an entire building, you have at the complete tourist building purchase guide.
Bliss vs. the fixed canon and opacity of the category
That's where the investor loses money isn't his asset. and in the absence of number. That's how Bliss's proposal compares with the two usual market alternatives.
| Criterion | Bliss (mixed ground and distribution) | Fixed canon operator | Hand key promoter |
|---|---|---|---|
| EUR cascade | Yeah, with your number. | No, just the canon. | No, "+ X% round" |
| Capture of upside | Yes (distribution) | No (fixed ceiling) | Fuse |
| Flow with verifiable source | Yes (INE, Colliers) | Opaca | No source claims |
| Internal direct channel | Tudesvío 10% vs 15-18% OTAs | OTA Unit | Unspecified |
| Tramo intermedio (1-10 uds, rural, mid-term) | Yes | Just a big building | Just prime |
| Monthly Reporting to Owner | Yes (owner statements) | Trimalt / opaque | Limited |
The canon lays ceiling To your profitability: you get sure, but if the asset goes well the upside remains with the operator. The mixed model of Bliss ground and distribution protect the flow and let you capture growth. And the direct channel matters: our own Tudesvio charges the 10% commission against the 15-18% from the OTAs, leading directly to more NOI. It's not free: it's cheaper and under control. The detail of how that channel saving moves the NOI you have in financial model of VT investment.
Flex living + converted tourist asset: regulatory cover
The most interesting use of flex living for the tourist investor is hybrids. A building or aparthotel can be operated with short tourist stays in high and midterm season or causing in a valley. That does two things at once:
- Loosen Stationary: The valley ceases to be an income hole because the midterm fills it.
- It gives regulatory cover: in cities where the VT license is restricted (Barcelona removes licences at 2028; Madrid with the Reide Plan to the limit, local regulations 2025), the midterm / flexible residential format allows to continue to exploit the asset as the pure tourist gets complicated.
That's where Bliss covers the intermediate tranche That great operators ignore: medium, rural, non-resident and midterm buildings. If you propose to reconvert, the viability detail you have at how to turn a building into a parthoteland the heritage lace of several units at our multifamily page. The demand support is structural: Extracnote nights marked a record of 146,3 M at 2025 with tourist apartments already at the Extracnote 52,1% (Source: INE, EOAT 2025).
What to look at before signing a flex living deal
A brief checklist, in order of impact on NOI:
1. The operator
Real track record, stabilized care you can prove, and fee structure. The opco decides the result.
2. The contract
Fixed, variable or mixed income. Read the guaranteed minimum clause and who takes up empties and CAPEX.
3. The urban use
That figure allows the ground and the town ordinance. No compatible use, no deal.
4. The cascade of euro
demand passing from the raw to NOI with your numbers. If they just give you the raw, information's missing to decide.
The flex living buyer is institutional for a reason: he does the numbers before signing. applying that same rigour to a medium building or to a transformed tourist asset is exactly what professionalizes the return. More macro data to place the market, our tourist investment page.
FAQ
That's flex living
Flex living es el termino paraguas para alojamiento residencial gestionado con contratos cortos, mobiliario y servicios incluidos: cubre coliving (habitacion privada + zonas comunes), microliving (estudios compactos) y serviced apartments. El eje no es vender o alquilar una vivienda entera, sino dar acceso a vivienda flexible con un operador profesional detras. Colliers contabilizo unas 31.400 unidades de flex living en Espana en mayo de 2025, de las que 18.800 estaban en desarrollo (Colliers, 2025).
What difference causing from BTR
El BTR (build to rent) es obra nueva construida para alquiler residencial tradicional, con contratos largos sujetos a la LAU y, en general, en zonas en transformacion. El coliving alquila habitacion privada con zonas y servicios comunes, contratos cortos y flexibles, ubicacion mas central y rotacion alta. Por eso el coliving se mueve en rentabilidad bruta estimada del 7-10% frente al 5,5% del BTR (estimacion sectorial), a cambio de mayor intensidad operativa y dependencia del operador.
How much flex lives in Espana
La inversion en Living en Espana cerro 2025 en torno a 4.094 M EUR, y el flex living represento alrededor del 17% del total Living del ano (Colliers, 2025). En el primer semestre de 2025 el reparto del Living fue PBSA 43%, flex living 25% y BTR 16% (Colliers, 2025). El pipeline de flex living apunta a unos 1.600 M EUR de inversion hasta 2028 segun previsiones del sector (JLL / Observatorio Inmobiliario, 2025).
How to structure a caulifying fence
The usual scheme separates property and exploitation: the property investor (propco) buys or develops the building and a specialized operator (opco) manages it. The income to the investor is determined by lease (leaseback fixed income), by management (variable on result) or mixed. More of the 70%'s buyers Living at the H1 2025 were funds, sociMIs and inverting vehicles (Colliers, 2025), signalling the institutional character of the product.
Because the European investor prefers flex living
For adaptability. The short contract allows revaluation of income with the market at every rotation, defends income against inflation and reduces the risk of long blackberries. Also capture structural demand for labour, student and nomadic mobility that traditional rental doesn't care well. In exchange it requires intensive professional management: without a competent operator, flexibility becomes empty and expensive rotation.
Fills living flex with converted tourist assets
Si, y es uno de los usos mas interesantes. Un edificio turistico o un aparthotel reposicionado puede operarse en formato hibrido: estancias cortas turisticas en temporada alta y mid-term o coliving en valle, lo que suaviza la estacionalidad y aporta cobertura ante restricciones de licencia VT por ciudad. Es el tramo intermedio (1-10 unidades, edificio mediano, mid-term) que Bliss ya trabaja con pricing dinamico y canal directo propio.
Your flex living deal with the euro cascade ahead
Bliss operates his portfolio with 87% of medium care and improved income on market mean with his own direct channel and monthly reporting. We put you up with your actual number with no round promise.