After the significant rent increases in recent years, there is widespread talk in the sector about the potential formation of a bubble. Is this fear supported by data? Do we keep our stance on Spanish residential real estate as an attractive investment in the short and medium term? In chartbook, we present our outlook on this issue in a very visual and well-reasoned way. We analyse the opportunity from a structural perspective, including demographic changes and their influence on residential rental demand, with consequent implications for investors.