The average cost of renting a home in the Canary Islands has risen to €1,200 per month, a 21.02% increase over the past five years, surpassing the national average, according to data published on Thursday by the property portal pisos.com.
Across Spain, rental prices have climbed from €898.34 per month in January 2020 to €1,125 in January 2025, marking a national increase of 20.15%.
The report attributes this sharp rise to population growth in major cities, a shortage of available properties, and an increasing demand for holiday rental accommodation.
It highlights that seven regions have seen monthly rental increases above the national average. These include the Balearic Islands (+37.14%), Catalonia (+31%), Valencia (+27%), Murcia (+23.52%), Madrid (+22.91%), Andalusia (+21.80%), and the Canary Islands (+21.02%).
Conversely, five regions have experienced a drop in rental prices over the past five years. These are the Basque Country (-1.62%), Asturias (-1.66%), Extremadura (-6%), La Rioja (-23.63%), and Navarra (-40.07%).
Currently, the provinces with the highest average monthly rents are the Balearic Islands (€1,672.45), Madrid (€1,656.90), Barcelona (€1,647.90), Las Palmas (€1,206.90), and Málaga (€1,201.50).
Meanwhile, the most affordable provinces for renters are Badajoz (€351.00), Ciudad Real (€346.50), Soria (€324.00), Ávila (€313.20), and Ourense (€293.40).
Pisos.com has drawn attention to the stark contrast in rental affordability across Spain, pointing out that in Ourense, you could rent up to five properties for the price of one in the Balearic Islands, Barcelona, or Madrid.
The company has also warned that the ongoing lack of rental property availability remains the biggest challenge in Spain’s housing market."The rising cost of rental accommodation is not solely driven by inflation and increasing demand but also by a fundamental shortage of available properties," said Ferran Font, Director of Research at pisos.com.
"Unless effective policies are implemented to stimulate supply and improve access to housing, the situation is likely to deteriorate further in the coming years."
