A new rental law, set to be approved in 2022, would introduce a series of changes that will affect owners of rental houses, whether they are large investors or individuals. This report addresses the primary changes proposed in the new law, as well as the impact they will have on key variables in the Spanish real estate sector such as rent prices, investment, and housing starts. Uncertainty is high, and, through our analysis, we attempt to clearly elucidate the implications to help facilitate decision making.