The housing emergency has skyrocketed rental prices throughout Spain. In the Canary Islands, although prices continue to grow above salaries, they no longer do so as quickly.
And it's no wonder, they have long exceeded the highs of the 2008 real estate bubble. The square meter for rent currently costs an average of 13.95 euros in the archipelago.
In the last month, the price of rental housing has increased by 3.3% in the Canary Islands, and if compared with the prices of January 2024, prices are 8.9% higher, according to data from the real estate portal Fotocasa.
It is still a lot, but at the same time it is the third smallest increase among the autonomous communities. The previous year, the year-on-year increase in the Canary Islands amounted to 11.3%.
Rentals only rose less last year in the Balearic Islands, which also starts from higher prices, where they did so by 8.8% and Castilla y León, where the increase was 6.7%.
The largest increase was recorded in Castilla-La Mancha (19.9%), followed by Madrid (18.4%), Region of Murcia (15.0%), Navarra (14.7%), La Rioja (14.5%), Catalonia (14.1%), Aragon (13.3%), Asturias (12.7%), Galicia (11.6%), Comunitat Valenciana (11.0%) Andalusia (10.6%), Basque Country (9.6%) and Extremadura (9.0%).
There are five regions where the average rent to pay is higher than in the Canary Islands: Madrid with 20.88 euros per month, Catalonia (18.41 euros), Balearic Islands (18.34) and Basque Country (16.79).
It is cheaper than in the Canary Islands in all the others. Namely Navarra (13.04 euros), Comunitat Valenciana (12.95), Cantabria (11.51), Andalusia (11.17), Asturias (10.72), Aragon (10.56), La Rioja (9.88), Galicia (9.61), Murcia (9.38), Castilla y León (9.10), Castilla-La Mancha (7.47) and Extremadura (6.91).