According to the monthly price report from pisos.com, the typical rental apartment in the Canary Islands registered an average price of 12.66 euros per square meter in August 2024, which represented a monthly increase of 0.13%, the slightest in Spain. Compared to August 2023, it grew by 27.07%, the most marked national rebound.
The Canary Islands were the fourth autonomous community with the most expensive monthly payment for tenants, behind the Balearic Islands (18.41 €/m²), among others. For its part, the typical rental apartment in Spain had an average price per square meter of 11.85 euros in August 2024. This figure showed a monthly increase of 0.34%. In the year-on-year comparison, it grew by 8.22%.
According to Ferran Font, Director of Studies at pisos.com, "the increase in rental prices continues to frustrate citizens who are looking to become independent or rent a better home."
The expert indicates that "society is being forced to delay their life plans because it is economically impossible to respond, not only to the monthly payment, but also to the required guarantees, which include guarantors and co-signers." Font points out that "the requirements have become stricter because the fear of defaults, vandalism, and squatting has spread among owners."
Compared to July, the province of Santa Cruz de Tenerife (0.92%) showed very contained growth, while Las Palmas (-0.60%) recorded the second smallest decrease in Spain. In the year-on-year variation, Santa Cruz de Tenerife (28.15%) rose the most in the country, and Las Palmas (26.64%) occupied the second place in this same ranking.
With 13.17 euros per square meter in August 2024, Las Palmas was the fourth most expensive province in the country, while Santa Cruz de Tenerife, with 12.11 euros, was the sixth.
Regarding the Canary Island capitals, both Las Palmas de Gran Canaria (-1.59%) and Santa Cruz de Tenerife (-1.04%) showed intermediate adjustments. From one year to the next, Las Palmas de Gran Canaria (17.27%) was the seventh Spanish capital that grew the most, and Santa Cruz de Tenerife (12.66%) was the tenth. In the section on average monthly rents, Las Palmas de Gran Canaria (14.85 €/m²) was the eighth most expensive in Spain, while Santa Cruz de Tenerife (12.29 €/m²) was somewhat more affordable.
