Renting a home in the Canary Islands has become significantly more expensive, with costs rising by 137% over the past ten years, 41% in the past five years, and 12% compared to last year, according to the latest figures come from the real estate portal Fotocasa's study on the cumulative variation of housing in Spain so far in 2024.
In 2014, the average monthly rent was 464 euros, today, that figure has skyrocketed to 1,101 euros per month, an increase of 637 euros. This data is based on rental prices recorded in April over the past 17 years from the Fotocasa Real Estate Index.
“We are witnessing the biggest increase in rental prices in recent years. In some regions of Spain, they have gone up by more than 150% in just a decade, indicating a situation of rental overpricing," said Fotocasa in the report.
"This trend poses a significant challenge in accessing housing. Rental costs have risen sharply since the economic recovery, driven by the promotion of rental housing as the main solution following the 2008 recession," added María Matos, Fotocasa's Director of Studies.
Matos pointed out that "the reactivation of demand against the existing supply deficit has led to an increasingly intense price tension, exceeding the prices recorded during the 2007 real estate bubble by 33%."
Since 2014, the average price per square metre for rental housing in the Canary Islands has surged by 137%, from 5.80 euros/m² per month in April 2014 to 13.76 euros/m² per month in April 2024.
Consequently, residents in 2014 paid an average of 464 euros per month for an 80m² home, compared to 1,101 euros per month in April 2024.
The study highlights that residents in the Balearic Islands, Valencia, the Canary Islands, and Madrid are the most affected by rental price increases. Over the past decade, all regions of Spain have experienced rental price hikes, but these four have seen increases exceed 100% since 2014.
In the Balearic Islands, prices have increased by 158%, from 7.03 euros/m² per month in April 2014 to 18.14 euros/m² per month in April 2024. Thus, in 2014, Balearic residents paid an average of 562 euros per month for an 80m² home, compared to 1,451 euros per month in April 2024.
1. Balearic Islands (158%)
2. Valencia (139%)
3. Canary Islands (137%)
4. Madrid (103%)
5. Catalonia (99%)
6. Cantabria (98%)
7. Murcia (83%)
8. Spain (national average) (78%)
9. Andalusia (78%)
10. Navarra (74%)
11. La Rioja (72%)
12. Galicia (70%)
13. Asturias (64%)
14. Castilla y León (63%)
15. Basque Country (62%)
16. Aragón (53%)
17. Extremadura (49%)
18. Castilla-La Mancha (46%)
This significant rise in rental prices highlights the ongoing challenges for residents in accessing affordable housing and emphasises the need for effective housing policies and solutions.
