The average Canary Islander had to dedicate 55% of their gross salary to paying the rent for their home in 2024, compared to 51% they dedicated in 2023, according to the study "Relationship between salaries and rental housing in 2024" based on data from average salaries in InfoJobs job offers and average rental housing prices from the Fotocasa Real Estate Index.
In 2024, the price of rental housing in the Canary Islands closed with an annual increase of 5.6% and placed the price in December at 13.50 euros per square meter per month.
Thus, taking into account the average gross salary in the Canary Islands registered by InfoJobs, which in 2024 was 23,686 euros (1,974 euros gross per month if divided into 12 payments); Canary Islanders had to dedicate 55% of their salary to paying for a rental home of 80 square meters, the highest percentage since 2019.
"The accelerated rise in rental prices has exceeded the growth of salaries and is well above the 30% recommended by official control bodies," comments María Matos, Director of Studies and spokesperson for Fotocasa.
The average salary rose by 3.1% in InfoJobs and was above the 2.8% variation in the CPI, but well below the growth in rental prices.
