Renting a home in the Canary Islands has become increasingly challenging, as average rental prices in both provinces of Las Palmas de Gran Canaria and Santa Cruz de Tenerife have now exceeded the €1,000 a month mark.
According to the latest Rent Barometer released by Fundación Alquiler Seguro in collaboration with Rey Juan Carlos University, the average monthly rent in Las Palmas de Gran Canaria has reached €1,112, while in Santa Cruz de Tenerife it stands at €1,064.
These figures place the two Canarian provinces among the most expensive in Spain, ranking seventh and ninth respectively. The high demand for housing continues to outpace supply, with intense competition for available rental properties.
In Las Palmas de Gran Canaria, there are approximately 134 potential tenants for each rental listing, and in Santa Cruz de Tenerife, the figure is only slightly lower, with 101 people competing per property.
Despite predictions of a 4.9% drop in rental prices nationwide this year, the shortage of rental stock in the Canary Islands means local prices are expected to remain elevated. Analyst Sergio Cardona noted that rental rates have increased by 7.2% over the past year and by 2.5% since the end of 2024, pushing the national average rent to €1,146.
Other high-rent regions include Barcelona (€1,649), the Balearic Islands (€1,641), and Madrid (€1,558), which continue to lead the list of Spain’s most expensive rental markets.
The growing rental burden in the Canary Islands highlights a broader issue affecting residents: the critical shortage of affordable housing. With demand far outstripping supply, many are calling for urgent policy responses to alleviate pressure on tenants and increase the availability of rental properties.
