The Canary Islands have emerged as the fifth most expensive region in Spain for rental prices, registering an average cost of 13.87 €/m2 as of June, reflecting a 7.9% increase from the previous year. Consequently, renting an 80 square metre residence on the islands now demands an average of 1,110 euros monthly, positioning the Canary Islands among the priciest regions in the nation, as reported by Fotocasa’s Real Estate Index.
Nationally, rental prices attained a new peak last June at 12.65 €/m2, marking a 9% rise year-on-year, culminating in an average rental cost of 1,012 euros for an 80 square metre property. “For the first time in history, rental prices have surpassed the thousand-euro mark per month. This follows two years of significant increases, the most rapid in recorded history, driven by a 30% contraction in available properties and surging demand, as renting remains a primary method for securing housing,” explains María Matos, Fotocasa’s Director of Studies and spokesperson.
Matos highlights the financial burden this places on renters: “A tenant has never before faced such steep rental costs. Considering the average Spanish salary is about 2,099 euros, the proportion of income needed for rent is 48%, significantly higher than the recommended 30%. For younger renters, who typically earn around 1,638 euros, this expense ratio climbs to 61%.”
Examining regional data, six autonomous communities also report average rents surpassing 1,000 euros monthly. The Community of Madrid leads with the highest rental costs in Spain; an 80 square metre apartment averages 1,577 euros monthly, translating to 19.71 euros per square metre. Following closely are the Balearic Islands and Catalonia, with average rents of 1,447 euros and 1,381 euros respectively for similarly sized apartments.
Conversely, Extremadura remains the most economical region, where renting an 80 square metre property averages 554 euros monthly (6.92 euros per square metre), closely followed by Castilla-La Mancha at 566 euros (7.07 euros per square metre).
Focusing on Spanish provincial capitals, Barcelona is the most costly city for renters, with an 80 square metre apartment averaging 1,775 euros per month. Madrid follows with an average rent of 1,682 euros. Both cities exceed 20 euros per square metre, with Barcelona at 22.19 €/m2 and Madrid at 21.03 €/m2. San Sebastian ranks third, with an average rent of 1,559 euros per month at 19.49 €/m2.
In the Canary Islands, Las Palmas reports an average rental rate of 1,166 euros per month (14.58 €/m2), reflecting a 7.8% increase from the previous year. In Santa Cruz de Tenerife, an 80 square metre apartment costs 1,048 euros, equating to 13.10 €/m2, marking one of the highest yearly increases at 18.7%.
Jaén remains the most affordable provincial capital for renting, where an 80 square metre apartment averages 573 euros per month (7.16 €/m2). It is closely followed by Cáceres and Ourense, where average rents are 582 euros (7.27 €/m2) and 588 euros (7.35 €/m2) respectively.
