We are two people, wanting to rent an apartment in May in Madrid. Want to be in the older part of the city but in a relatively quiet area. Does La Latina area make sense and if so, any particular part of it? I have looked at both Friendly and Spain Select listings, but I'd prefer hands-on recommendations. Thanks

Most of La Latina is full of bars and often jammed with people.
If you have a particular location ( link) it would be easier to comment.
Habitat ( we used them in Barcelona) seems to have a number of apt. in Madrid now. Take a look.

http://www.habitatapartments.com/madrid-apartments

Check out Spain Select's apartments in the Latina area. They offer a number of excellent properties, several of which they own.

http://www.spain-select.com/prov.asp?prov=15

I have been very lucky using niumba.com
I don't like La Latina -too noisy/busy especially close to the Rastro on Sundays!It is becoming quite seedy with lots of shops selling only wholesale merchandise.
I prefer the area closer to the Prado museum/Retiro park.
In May it can be very warm and so I always want the option of having air conditioning.

In March 2009 we stayed at an apt through Spain Select in Plaza de la Paja. It's in the Latina area. I do prefer better the area closer to the Retiro park/Prado/ Plaza Santa Ana. However, even though we were very close to loud areas (there was a nearby plaza where a "botellón" formed every night, with crowds of young people in several stages of drunkeness), the Plaza de la Paja itself was quiet and nice. This past summer I walked by the apt building and saw they were renovating one of the apts but couldn't remember if it was ours.