Apartment rents rose by up to 44% in 2022 in parts of the Canary Islands

Residential rents have become unrealistically expensive in the last year in parts of the Canary Islands with an average increase of 14.2% in 2022, but that is doubled or tripled in some tourist municipalities, with 44% and 40% in Adeje and Arona in the south of Tenerife, and 35% in La Oliva in Fuerteventura.

These figures have been published by one of the reference portals in the real estate sector, idealista.com, based on its monitoring of the housing rental market on the islands over the last twelve months.

According to their data, the current amount being paid to rent a property in the Canary Islands is at an average of 11.80 euros per month/m2, which reflects an increase of 14.8% in the province of Santa Cruz de Tenerife and 13. 5% in Las Palmas de Gran Canaria, and is the highest amount since Idealista started collecting data.

The greatest increase in the province of Las Palmas de Gran Canaria in the last twelve months has been in La Oliva (Fuerteventura), with 35.8%, followed by Arrecife (Lanzarote), with 30.8%, and Puerto del Rosario, in Fuerteventura, with 20.6%.

The most pronounced rise in the province of Santa Cruz de Tenerife has occurred in Adeje (44.1%) and Arona (40.1%), in both cases in Tenerife. On the contrary, the only market of those analyzed in which rents fell was La Laguna, in Tenerife, with -4.3%.

Housing is now the single biggest problem for workers in the tourist industry in these areas, as it is nearly impossible to find something that is affordable.

Workers are having to move out of these areas which is then causing traffic problems, problems travelling to work as they can’t afford cars, and staffing problems for businesses, so the Government is being asked to help by capping rents and providing social housing, but sooner or later the ‘bubble’ needs to burst.