In December 2023, the average rental price in the Canary Islands closed with a significant increase of 15.1% compared to the same month in the previous year, reaching 10.80 euros per square meter. This data is highlighted in the annual rental price report by pisos.com.
Las Palmas experienced one of the highest year-on-year increases in Spain at 19.37%, ranking it fourth nationally, while Santa Cruz de Tenerife saw a slightly lower rise of 9.88%.
By December 2023, Las Palmas had become the fifth most expensive province in Spain for rentals, with an average price of 11.48 euros per square meter. Santa Cruz de Tenerife followed, ranking seventh with an average of 9.90 euros per square meter.
Year-on-year, Las Palmas de Gran Canaria recorded a significant growth of 24%, making it the second fastest-growing province in Spain, while Santa Cruz de Tenerife ranked fourteenth with a 13.09% increase.

In terms of average monthly rents, Las Palmas de Gran Canaria was the eighth most expensive city in Spain at 13.89 euros, and Santa Cruz de Tenerife stood thirteenth at 11.32 euros.
Nationally, the average rental price at the end of 2023 rose by 6.01% year-on-year to 11.12 euros per square meter, a slight increase of 0.18% from November of the same year.
The report also noted a quarterly increase of 1.74% and a semi-annual rise of 2.02% in average rental prices in December.
Barcelona was identified as the most expensive capital for tenants in the previous year, with an average price of 24.94 euros per square meter. Madrid (20.40 euros) and Donostia-San Sebastián (17.86 euros) followed. In contrast, the cheapest capitals were Jaén (6.56 euros), Ourense (6.68 euros), and Cáceres (6.92 euros).
Five capitals saw year-on-year increases of over 20%: Valencia (26.06%), Las Palmas de Gran Canaria (24%), Barcelona (22.71%), Zamora (21.84%), and Alicante (21.62%). Lugo (-2.91%) led the annual decreases. Month-to-month, Zamora (3.06%) saw the highest increase, while Teruel (-3.14%) experienced the most significant drop.
THE BALEARIC ISLANDS, THE MOST EXPENSIVE REGION IN SPAIN TO LIVE IN FOR RENTALS

The Balearic Islands were the most expensive region in Spain for rentals in 2023 at 16.20 euros per square meter, followed by Madrid (15.19 euros) and Catalonia (12.64 euros). The cheapest regions were La Rioja (4.23 euros), Castilla y León (4.87 euros), and Extremadura (5.17 euros).
Asturias recorded the most significant monthly increase (3.05%), while La Rioja saw the largest decrease (-3.19%). Year-on-year, the Comunidad Valenciana had the highest growth (22.84%), and La Rioja the most significant fall (-22.94%).
In the provincial rental rankings for December 2023, the Balearic Islands led at 16.20 euros per square meter, followed by Barcelona (15.45 euros) and Madrid (15.19 euros). The lowest were Ourense (3.40 euros), Ávila (3.40 euros), and Cuenca (3.42 euros). Toledo (3.12%) had the highest monthly increase, while La Rioja (-3.19%) saw the largest decrease. Year-over-year, Castellón (26.17%) experienced the most notable rise, and La Rioja (-22.94%) the most significant drop.
“The high monthly rental payments not only continue to delay the emancipation plans of many young people, but also pose a challenge for many tenants who struggle to find a home within their budget, even with a good salary,” comments Ferran Font, director of research at pisos.com.