Rental crisis: Canary Islands rent skyrockets 15% in a year

The average rental price in the Canary Islands at the end of 2023 was 15.1% higher compared to December of the previous year, reaching 10.80 euros per square meter.

While comparing annual variation, Las Palmas province registered a 19.37% increase in rent and was the fourth Spanish province where the rent rose the most, while in Santa Cruz de Tenerife the rent increased by 9.88%.

With an average rental price of 11.48 euros per square meter in December 2023, Las Palmas was the fifth most expensive province in the country, while Santa Cruz de Tenerife, with 9.90 euros, was the seventh.

Also compared to 2022, the rent in the city of Las Palmas de Gran Canaria rose by 24%, which means that it registered the second-highest growth in all of Spain, while the capital of  Santa Cruz de Tenerife registered a 13.09% increase in average rental price.

In terms of average monthly rents, Las Palmas de Gran Canaria (13.89 euros) was the eighth most expensive in Spain, while Santa Cruz de Tenerife (11.32 euros) occupied the thirteenth position in this same list. 

At a national level, the Balearic Islands are the most expensive region of Spain to rent a property, with an average price of 16.20 euros per square meter, while in other autonomous communities like La Rioja, the average rental price per square meter is only 4.23 euros.