As indicated in the latest Idealista price report, the cost of rental housing in the Canary Islands during 2021 has experienced an increase of 4.5%, leaving the average monthly rent at 10.4 euros per square meter.
On the island of Lanzarote, the municipality of Tias has experienced the largest increase (+9.3%), followed by Teguise (+8.6%). The opposite occurs with the municipality of Arrecife, in which housing rental prices have decreased in 2021 (-3.8%).
By province, Las Palmas has the largest increase, with a price increase of 5.6%. The largest increase in the last year has occurred in Arucas (+11.1%), followed by La Oliva (+11%) and Ingenio (+10.8%).
As for the province of Santa Cruz de Tenerife in 2021, prices increased by 1.5%. The largest increase in the province has occurred in Los Realejos (+13.5%), while the largest decreases correspond to La Orotava (-8.4%), Arico (-4.6%) and Icod de los Vinos (-2.6%).
Idealista's spokesperson, Francisco Iñareta, has stated that he believes that "the available supply has been the factor that has set the pace of the rental market throughout 2021." "The large increases in the stock of rental housing, which was more than double in the main markets, brought with them drastic falls in rental prices," he explained.
Since April 2021, "the drops in rental prices marked a historical record," he said, but "since the summer, with the announcement of the return to universities, the end of many of the ERTEs, teleworking becoming a hybrid tool and the return of tourism, the supply begins to decrease progressively." he reasoned.
