There is one type of buyer growing faster than any other in the ride-hailing market: those who have no intention of ever driving. They buy the licence in the same way as one might buy commercial premises, hand it over to someone who knows how to run the business, and collect a monthly rent under contract. The model works — and precisely because it works, it is worth setting it out using real figures and including the risks involved.
The benchmark calculation
The comparison published on invertir uses a typical case study with current market data: a licence worth €60,000 — in the Valencia or Seville range according to the July 2026 index — transferred to an operator with an indicative net rental income of €1,100 per month, after management fees have been deducted. That amounts to €13,200 a year: a benchmark gross return of 22 per cent on the property’s value, before tax and taking into account any periods when the property is unoccupied.
With direct letting — you as the landlord, without a management fee — the market rate currently ranges between €1,500 and €2,200 per month depending on the province: Seville at the lower end, Valencia around €1,900, and Madrid and Barcelona at the higher end. As a percentage of the property’s value, this amounts to around 2–3 per cent gross per month. Let’s not confuse the two figures: the first is net after the operator’s fee; the second is gross and includes the landlord’s workload — contracts, collections, and issues.
And this isn’t just theory from a brochure: the latest tenancy agreement recorded in the public register was signed in Madrid at €2,100 a month after 39 days on the market (July 2026).
The comparison everyone makes under their breath: what about a flat?
The typical buyer of a licence to let almost always comes from the property sector, so let’s make the comparison explicit. Compared to gross returns on residential property in major capital cities — usually in single figures — the 22 per cent return on a licence is a world apart. The flip side, because there always is one: a flat is a tangible asset with centuries of market history behind it and low regulatory risk; the licence is an administrative asset whose value depends on regulated scarcity and demand for the platform remaining as they are. Higher returns are, here as everywhere else, the price of higher risk — the difference is that in this market, the risk is documented and published, not hidden. The full investment thesis, including its drawbacks is in the guide.
The risk isn’t the rent: it’s the counterparty
The model has a single significant point of failure, and it isn’t the price of the licence: it’s who operates it. A tenant who pays €100 more but manages the property poorly will return the asset to you with penalties and the licence at risk; a poorly anticipated non-payment means months of lost rent (what to do if this happens).
That is why the network of verified operators publishes the data that an investor should look at before considering the rental income. Today there are three operators with a combined total of 70 vehicles: Meridiana Fleet in Madrid (24 vehicles, 87 per cent occupancy), Levante Mobility on the Valencia–Alicante route (15 vehicles, 82 per cent occupancy, specialising in 24-month leases to investors) and Sur Drivers on the Málaga–Seville route (31 vehicles, eight years’ experience operating third-party licences). The turnover they report — €6,500–7,100 per month per vehicle — is what underpins the rental payments: an operator with that level of turnover can pay your rent; one that doesn’t demonstrate it is merely making promises.
For those who want the worst-case scenario set out in writing, there is the guaranteed rental income: a minimum monthly rental income guaranteed by contract for 24 months by a verified operator, as stated in the licence certificate itself. It’s not a fixed rental income — it’s a contract with a counterparty — but it’s the closest thing available in this market.
What the brochure doesn’t tell you (but we do)
- The income is gross. You’ll need to deduct VAT and any applicable tax (how rental income is taxed), the licence fee and associated charges, agency fees, and the months of vacancy between tenants.
- The property requires administrative maintenance. Licence renewal, insurance and the assigned vehicle remain the owner’s responsibility; the contract must clearly set out these obligations in black and white (the requirements).
- Liquidity exists, but it has to be earned. Recent sales on the register took 43–63 market days. A licence with a solvent tenant and documented rent sells better and faster — it is an investment product, not an advertisement.
- Regulatory risk is real and varies by region: you are buying a location, not just a piece of paper. The status by province, with source and date, can be found on the regulatory map.
Where to start
Choose a province using the index as a guide, compare the expected rent with the profitability simulator, and look only at verified licences — with a track record, or with guaranteed rent — on the marketplace. Investors who don’t drive have just one tool at their disposal: data. Use it.