Renting a home in the Canary Islands costs 137% more than ten years ago, 41% in five years and 12% more than one year ago. This is reflected in the data offered by the Fotocasa real estate portal through the study Cumulative Variation of Housing in Spain in 2024
In 2014, renting a house cost on average 464 euros per month, compared to the 1,101 euros per month it costs today. This shows an average increase of 637 euros. These data are based on the rental housing prices for the month of April of the last 17 years of the Fotocasa Real Estate Index Fotocasa.
“We are witnessing the greatest increase in rent in recent years. In some communities, the price has grown by more than 150% in just one decade, which indicates a context of overpricing of income," they highlighted from the real estate portal.
"This trend represents a very important difficulty in accessing housing. The cost of rent has risen significantly since the economic recovery due to the promotion of rental housing as the main housing solution after the 2008 crisis," added the director of Studies and spokesperson for Fotocasa, María Matos.
In addition, she indicated that "the reactivation of demand in the face of the existing supply deficit has led to a tension in prices that has become increasingly intense, even exceeding the price recorded in the real estate bubble of 2007 by 33%”.
Analyzing the accumulated percentage increases since 2014, the average price per square meter of rental housing has increased by 137% in the Canary Islands (from 5.80 euros/m2 per month in April 2014 to 13.76 euros/m2 per month in April 2024).
Thus, in 2014, Canary Islanders had to pay an average of 464 euros/month for the rent of an 80 m2 house (April 2014, 5.80 €/m2 per month) compared to the 1,101 euros/month (April 2024, 13.76 €/m2 per month) that is paid on average in the Canary Islands in April 2024.
The Balearic Islanders, Valencians, Canary Islanders and Madrilenians are the most affected by the increase in rent
In the last 10 years, all the autonomous communities have been affected by the increase in rent, but in particular, four of them have exceeded 100% of increases since 2014, according to the Fotocasa study Fotocasa.
The price of rental housing in the Balearic Islands has gone from €7.03/m2 per month in April 2014 to €18.14/m2 per month in April 2024 (that is, it has had a 158% increase in 10 years). Thus, in 2014, Balearic Islanders had to pay an average of 562 euros/month for the rent of an 80 m2 house (April 2014, 7.03 €/m2 per month) compared to the 1,451 euros/month (April 2024, 18.14 €/m2 per month) that is paid on average in the Balearic Islands in April 2024.
On the other hand, at the end of the table, Castilla-La Mancha has gone from €4.78/m2 per month in April 2014 to €6.99/m2 per month in April 2024 (46% increase). Thus, in 2014, people from La Mancha had to pay an average of 382 euros/month for the rent of an 80 m2 house (April 2014, 4.78 €/m2 per month) compared to the 559 euros/month (April 2024, 6.99 €/m2 per month) that is paid on average in Castilla-La Mancha in April 2024.
The order of the CCAA with cumulative increase of rents in Spain is: Balearic Islands (158%), Valencian Community (139%), Canary Islands (137%), Madrid (103%), Catalonia (99%), Cantabria (98%), Region of Murcia (83%), Spain (78%), Andalusia (78%), Navarre (74%), La Rioja (72%), Galicia (70%), Asturias (64%), Castilla y León (63%), Basque Country (62%), Aragon (53%), Extremadura (49%) and Castilla-La Mancha (46%).
