In the last 10 years rents have increased by 85% in the Canaries but salaries by only 6%

In the last 10 years, salaries have grown by an average of 6% in the Canary Islands, while rents have increased by 85.9% in the same period, according to a new study called 'Relation of Wages and Housing Rent ' carried out by Fotocasa and InfoJobs.

In 2022, just after the pandemic, wages dropped by 5.1% in the Canary Islands while the price of rental housing went up for the eighth time in nine years, with an increase of 16.9%.

Additionally, the average salary has fallen again over the last year in both Canary provinces, and the price of rental housing has increased again. The Canary Islands had the biggest drop in Spain in 2022 with the average annual salary going from 23,082 euros per year in 2021, to receiving 21,897 euros in 2022, a drop of 5.1%.

At the same time, the price of rental housing became more expensive by 16.9% compared to the previous year, going from an average of 9.63 euros/m2 per month in 2021 to paying 11.26 euros/m2 per month in 2022.

Taking the last five years as a reference, Canaries residents have lost 1.6% purchasing power on average, while rents have risen by 56.8% in this time span.