It might be related to the day of your search or the specific online portals you’re using, but the stark reality is that major real estate websites and applications in Spain recorded very few rental property listings in the south of Tenerife yesterday. Between Candelaria and Santiago del Teide, only 134 were listed on Fotocasa, and Idealista had slightly more at 213.
However, the real issue here isn’t just the limited number of available properties but also the soaring rental prices. Most major banking institutions recommend that monthly rent should not exceed 30% of an individual’s net salary. Taking this guideline into consideration, the average salary of a resident in this region shouldn’t be far from 3,000 euros per month.
In essence, the southern part of Tenerife has become more of a haven for holiday homes, stretching from the renowned tourist areas to the midlands. If you restrict your search to rental properties at a maximum of 700 euros per month, there are some options available: four on Idealista and six on Fotocasa. All but one of these listings are priced at 700 euros per month, meaning that the minimum net salary needed should be at least 2,100 euros per month.
For example, one of the properties is situated in Tamaimo, offering an 85-square-meter flat with two bedrooms, a lift, and a garage – a true bargain. In Puerto Santiago, for the same price, you can find a 44-square-meter flat on the fifth floor with a lift, excluding water and electricity costs. La Caleta de Güímar advertises a 62-square-meter first-floor exterior flat with a lift. Lastly, in Las Galletas, there’s a 40-square-meter second-floor exterior flat, although it lacks a lift. For a slightly higher price of 750 euros, there are two more options in Granadilla de Abona and Arico.
However, it wasn’t always this way. A study by the real estate portal Indominio reveals the price evolution between 2016 and December 2023. During this period, rental costs have doubled, or even more in some cases. For instance, in Granadilla de Abona, the price has increased from six euros to 12.76 euros per square metre. In Arona, it went from 7.5 euros to the current 17.64 euros per square metre. Adeje, leading the ranking, saw prices rise from 8 euros to 18.30 euros per square metre.
Vilaflor, however, stands as an exception, maintaining an average of 3.06 euros per square metre.
Housing Renting in Tenerife: Las Américas, Los Cristianos and Costa Adeje, more than 1,300 euros per month
The areas of Las Américas, Los Cristianos, and Costa Adeje are the most expensive places to live, with average monthly rents of 1,552, 1,377, and 1,372 euros, respectively, for a 70-square-meter home. These are tourist hotspots where high prices are somewhat expected.
Nonetheless, it’s worth mentioning the 743 euros on average for a flat of this size in San Isidro, 812 euros in the Valle San Lorenzo-Cabo Blanco-Buzanada area, 1,047 euros in Las Galletas-Costa del Silencio, 828 euros per month in El Fraile, or 837 euros in the Guargacho area of San Miguel de Abona. The Arona area of this nucleus, although slightly more affordable, still reaches 725 euros per month.
Over the past seven years, prices have more than doubled in most municipalities in the south, with the most significant growth occurring in the last year. In Granadilla de Abona, between December 2022 and the same month in 2023, the average cost of a 70-square-meter flat has surged by 33.75%. In Arona, the increase was slightly over 31%, while in Adeje, it was 25.34%. As a result, the average monthly prices are now at 893 euros, 1,234.8 euros, and 1,281 euros, respectively.
To comfortably afford these rents, salaries in the region should ideally be above 2,700 euros per month.