Rents rise less in the Canary Islands than nationally, but they remain more expensive

The month of July closed with an year-on-year increase in the price of rent in Spain of 6.8%, reaching 15.3 euros per square meter, according to the latest price report published by idealista. This figure represents an increase of 2.7% in the last three months, 0.8% compared to last month, and the highest rent prices in Spain since idealista has records.

Meanwhile, in Canary Islands, rents rose by 6.3%, making the price per square meter 15.5 euros. In the province formed by Lanzarote, Fuerteventura, and Gran Canaria, the increase was 6.4%, reaching 15.4 euros per square meter. 

All regions have experienced rent increases since July of last year. Aragón (10.5%) leads the increases, followed by Castilla-La Mancha (10%), Asturias (9.9%), La Rioja (8.4%), Castilla y León (8.1%), and the Comunitat Valenciana (6.9%). Below the national average are the increases in the Community of Madrid (6.6%), Canary Islands (6.3%), Extremadura (5.8%), Cantabria (5.7%), Andalusia (5.6%), Region of Murcia (5.2%), Catalonia (4.6%), Galicia (3.7%), Balearic Islands (1.9%), Euskadi (0.3%), and Navarra (0.1%).

The price of rent has increased in 48 out of 50 Spanish provinces in the last year, with Girona (19.5%) leading the way. This is followed by increases in Toledo (12.2%), Soria (11.2%), Zaragoza (10.9%), and Huesca (10.8%). On the other hand, only Álava (-2.7%) and Guipúzcoa (-0.9%) closed the month with annual decreases. In the Community of Madrid, the increase was 6.6%.

Following these increases, the Community of Madrid (21.4 euros per square meter) remains the most expensive province to rent a home in Spain, followed by the Balearic Islands (20 euros). Next are Málaga (18.8 euros), Barcelona (17.1 euros), Guipúzcoa (16.3 euros), Girona (15.6 euros), and Santa Cruz de Tenerife (15.6 euros). Jaén (7.3 euros) and Ciudad Real (7.6 euros), in contrast, are the most affordable provinces.

Almost all Spanish capitals analyzed by idealista registered year-on-year increases, with only two exceptions: San Sebastián (-1.8%) and Vitoria-Gasteiz (-1.5%). The largest increase is in Huesca (14.5%), followed by Soria (14.2%), Huelva (13.8%), Teruel (13%), Melilla (11.8%), Oviedo (11.3%), Zaragoza (11.3%), and Toledo (11.0%). On the other hand, A Coruña (0.3%), Bilbao (1.0%), and Pamplona (1.3%) represent the smallest increases in the last year.

The behavior of rents in the main markets of the country, with the sole exception of San Sebastián (-1.8%), has been upward: rent increases in Alicante (8.6%), Palma (5.9%), Madrid (5.8%), Seville (4.7%), Valencia (3.7%), Málaga (2.5%), Barcelona (2%), and Bilbao (1%).

Madrid remains the capital with the most expensive rents with a price of 23.2 euros per square meter, followed by Barcelona (20.1 euros) and Palma (19.2 euros). They are followed by San Sebastián (18.6 euros), Málaga (16.4 euros), Valencia (16.3 euros), and Bilbao (15.9 euros).

On the other hand, Cáceres (8.4 euros per square meter), Badajoz, and Ciudad Real (8.5 euros in both cases) are the capitals with the most affordable rent.

The Community of Madrid (21.4 euros per square meter), Balearic Islands (20 euros), and Catalonia (16 euros) are the regions with the highest price. They are followed by the Canary Islands (15.5 euros) and Euskadi (15.1 euros). On the opposite side of the table, we find Extremadura (7.8 euros) and Castilla-La Mancha (8.9 euros), which are the most affordable communities.