The price of rental housing has fallen by an average of 2.4% in the Canary Islands during the third quarter of the year, although in Arrecife the drop has reached 6.9%, according to the latest Idealista price report. The capital of Lanzarote has thus registered the second largest decrease in the archipelago, only behind the majorero municipality of La Oliva, where it has been 10.9%.
For its part, in Las Palmas de Gran Canaria they fell by 4.4% (up to 10 euros/m2), while in other municipalities of the province there were increases. The most pronounced were those of Agüimes (5.6%), followed by Mogán (3.7%) and Santa Lucía de Tirajana (2.3%).
In the province of Santa Cruz de Tenerife, the rental price fell by 1.8% (compared to 2.7% on average in Las Palmas). In the capital it grew by 2.2% to 8.9 euros/m2, the highest price in the city since idealista has records. They are followed by the increases in Candelaria (0.9%) and Adeje (0.7%). On the contrary, the largest drops in the province occurred in Los Realejos (-6%) and Granadilla de Abona (-5.8%).
The data show that the increase in supply in the main markets has led to an adjustment of rents. However, if the fall has not been greater, it could be because many property owners are still waiting for tourism to recover to continue with vacation rentals, instead of taking the homes to the residential market.
Nationally, the price of rental housing has increased in Spain by 1.3% during the third quarter of 2020, leaving the square meter at 11.5 euros per month. In year-on-year terms, the growth reaches 5.7%, while in monthly terms it has increased by 0.4%. Even so, the price falls in six autonomous communities.
