The lack of rental housing continues to drive up the prices of monthly payments in the Canary Islands Archipelago, the price of housing for rent in the Canary Islands rose 3.3% in May, but accumulates 20.3% in the last twelve months so that the average price is located at €12.67/m2, according to data from the Fotocasa Real Estate Index Fotocasa.
By provinces, prices have risen less in Las Palmas (15.5%) than in Santa Cruz de Tenerife (28.6%), but the former started from higher prices and its average price per square meter is now 13.06 euros, while in the neighboring province it remains at an average of 12.13 euros.
To give an idea of the housing shortage, it is enough to verify that in Fotocasa there are only six housing ads for rent in the capital of Arrecife. In Idealista there are ten.
Rental prices have risen in May in all autonomous communities except Castilla-La Mancha where it fell by 5.5%. In seven communities, two digits are exceeded, specifically in the Balearic Islands (34.2%), Cantabria (22.0%), Canary Islands (20.3%), Comunitat Valenciana (15.0%), Navarra (13.3%), Andalusia (11.8%) and Madrid (11.1%).
In May 2023, eleven communities exceed the maximum prices of rent per square meter per month. The areas of Spain with the highest prices in the entire historical series are: Balearic Islands (€16.60/m2), Catalonia (€15.72/m2), Basque Country (€14.20/m2), Canary Islands (€12.67/m2), Cantabria (€12.19/m2), Comunitat Valenciana (€11.17/m2), Navarra (€11.13/m2), Andalusia (€9.83/m2), Galicia (€8.37/m2), Castilla y León (€8.26/m2) and Extremadura (€6.26/m2).
Canary Islands, fifth most expensive community in the country to rent an apartment
The Canary Islands is the fifth most expensive community in the country to rent an apartment. Regarding the ranking of Autonomous Communities (CC.AA.) with the most expensive price to rent a home in Spain, in the first places are Madrid and the Balearic Islands, with prices of €16.30/m2 per month and €16.37/m2 per month, respectively. They are followed by six more communities with prices above €10.00/m2 per month and are: Catalonia (€15.72/m2), Basque Country (€14.20/m2), Canary Islands (€12.67/m2), Cantabria (€12.19/m2) and Comunitat Valenciana (€11.17/m2) and Navarra (€11.13/m2).
