Finding a long-term rental property in the Canary Islands has become increasingly difficult, and finding an affordable long-term rental property in the Canary Islands almost impossible, as the supply has dwindled and prices are beyond the reach of many residents.
The latest data from Idealista highlights the dramatic increase which has seen rental costs double over the past decade, making the Canary Islands one of the most expensive regions in Spain for tenants.
Prices per square metre in the province of Las Palmas de Gran Canaria, have surged from €7.2/m² in June 2014 to €13.1/m² in June 2024, and have doubled in Santa Cruz de Tenerife from €5.9/m² to €11.8/m² over the same period.
The Canary Islands now rank among the top five most expensive regions for renting in Spain, just behind Madrid, the Balearic Islands, Catalonia, and the Basque Country.
The lowest rental price recorded by Idealista in recent years was €6.9/m² in February 2013. This rate remained consistent through mid-2014, but prices have steadily risen since then. From October 2016 onwards, prices have not fallen below €8/m², and by April 2022, they consistently exceeded €10/m², reaching €11.3/m² by April 2023.
This year has seen a significant rise in rental costs, with prices climbing from €11.9/m² in January to €13.1/m² in June.
Though slightly less expensive than Las Palmas, Santa Cruz de Tenerife has also experienced a 100% increase in rental prices over the last 10 years. 2014 was the last year when rental prices in Santa Cruz de Tenerife were relatively low, with costs hovering around €5.9/m² for most of the year.
Prices began to rise in 2015 and saw a more significant increase in 2017, jumping from €6.6/m² in April to €7.4/m² by the end of the year. From 2018 onwards, prices stabilized around €7/m², closing the year at €8/m².
The threshold of €9.1/m² was crossed in January 2022, and by July 2023, rental costs had reached €10.2/m². The upward trend continued, peaking at €11.1/m² in October 2023 and hitting an all-time high of €11.8/m² in 2024.
With rental prices continuing to climb, finding affordable housing in the Canary Islands is becoming increasingly difficult. The ongoing increase in rental costs, coupled with a limited supply of properties, presents significant challenges for residents and highlights the need for urgent measures to address the housing crisis in the region.
