The rent is definitely growing. According to data emerged during the conference "A house to live - Innovative offers for new ways of living" organized by Sidief and Bank of Italy, there is an aggregate residential demand for young people, students and immigrant workers ranging between 2, 4 and 2.8 million people and half of these are able to pay a rent of about 500 euros a month.

The lease market is about 670,000 houses a year, to which another 730,000 are used for short-term leases, which in the last few years have exploded. This year we are approaching 1 million homes offered. In itself it is an important phenomenon, because it gives profitability to many properties, reducing the traditional lease.

The short-term lease (from 1 day to 1 year) greatly affects the tourist market, but also students and managers. This year we are approaching 1 million homes for short-term rentals. The phenomenon gives profitability to many properties, large homes in tourist areas and small homes that were not used. These homes give profitability to people, less to the state because there is a huge slice of black. But this one million houses, destined to increase, could reduce the market of the trades, or generate less offer of quality.

Some conferences focused on the need, but also on the difficulty, to proceed with a professional management of the location, on the importance of seeing the house as an instrumental asset and on the importance of institutional investments, but also on the need to rethink living and to regenerate. Thinking or promoting institutional investors in the residence can give an adequate offer. What the fund companies are doing today is to offer a product for investment in international standard leasing, where there are a few all categories. The house is perhaps used by young couples, during the winter by those who work and tourists in the summer. From a certain point of view, we go towards the hotel house.

The rent was considered a 'residual' investment until a few years ago, while today, also due to the sharp increase in the 'short-term lease', the profitability of the properties increases and has created a new market. Families are the largest owners of housing for over 84% in Europe and 92% in Italy. This has led to the absence of a structured rental offer for weaker social groups or for those who, like immigrants, have difficulty accessing the private market. Only recently have initiatives been created to build specialized residences for students or young graduates.

The management of buildings for residential use requires a transformation and redevelopment of the existing to adapt it to the changing demands of the market, but this management activity, purely of an industrial nature, can not be effectively used in the legal form of commercial companies, due to of the fiscal and legal constraints that characterize its operations. In particular, the impossibility of deducting the depreciation rates of leased residential properties tends to undermine the investments necessary for the reconversion and upgrading of existing assets. As a result, the management of residential assets remains the preserve of fiscally more efficient financial vehicles, which by definition are not focused on the industrial process. In order to re-launch investment in the residential real estate sector, it is therefore desirable that all properties be considered, even fiscally, instrumental in nature, thus providing that they participate in taxable income on the basis of actual costs and revenues, favoring the processes of large-scale industrial property management and this would also encourage aggregation or an increase in the size of economic operators.

Finally, the preliminary study of the long-term real estate market in Italy presented by Paolo Piselli of the Bank of Italy is interesting. The results, which were still preliminary and the object of further study, showed that in the average of the entire period considered (1927-2015), the total yield on residential real estate was higher than that of the stock market. Furthermore, this higher return was associated with lower volatility.