The cost of renting a room in the Canary Islands has seen a sharp rise, reaching an average of 423 euros per month, a significant increase of 51.2% compared to five years ago (2019) and 91.3% compared to nine years ago (2015). This data comes from the mid-year study “Shared Housing in Spain in 2024,” based on rental prices for August over the last nine years, as recorded by the Fotocasa Real Estate Index.
According to Fotocasa, the rise in shared housing prices across Spain has been substantial, with the average cost of renting a room approaching 500 euros. The main driver behind this increase is the significant imbalance between housing supply and demand. As per OECD data, Spain is witnessing a steady rise in its education levels, with more young university students moving to major cities in search of housing. Additionally, the high cost of renting an entire home, which averages over 1,000 euros, forces many tenants to opt for shared accommodations, thereby keeping demand high and pushing prices up,” explains María Matos, Director of Studies and spokesperson for Fotocasa.
Regional Variations in Room Rental Price Increases
In 2024, several autonomous communities have experienced varying levels of price increases for room rentals. The Balearic Islands saw the highest increase at 21.5%, followed by the Basque Country (16.9%), Asturias (14.7%), the Valencian Community (14.5%), Galicia (11.4%), Andalusia (10.7%), Madrid (9.8%), Catalonia (8.0%), Castilla-La Mancha (7.9%), Navarra (7.5%), Castilla y León (6.4%), Extremadura (5.6%), and the Region of Murcia (4.9%). Conversely, two communities have experienced a decrease in year-on-year prices: the Canary Islands (-0.1%) and Aragon (-0.7%).
Current Prices Across Communities
As of August 2024, five regions have average room rental prices exceeding 500 euros per month: Catalonia (611 euros), the Balearic Islands (576 euros), Madrid (552 euros), the Basque Country (543 euros), and Navarre (512 euros). The next communities with lower prices are the Canary Islands (423 euros), Valencia (420 euros), Andalusia (367 euros), Cantabria (358 euros), Aragon (349 euros), Asturias (330 euros), Galicia (326 euros), the Region of Murcia (311 euros), La Rioja (305 euros), Castilla y León (284 euros), Castilla-La Mancha (269 euros), and Extremadura (239 euros).
Looking back to 2015, the cumulative increase in room prices has exceeded 50% in eleven communities: Navarre (131.9%), the Valencian Community (104.3%), Catalonia (97.3%), the Canary Islands (91.3%), Galicia (74.1%), the Basque Country (73.0%), Madrid (70.2%), Andalusia (66.5%), the Region of Murcia (59.3%), Asturias (55.6%), and Castilla-La Mancha (51.7%).
City-Specific Price Trends
Out of the 24 cities studied with year-on-year variations, 21 have seen an increase in the average price of rooms: Burjassot (39.3%), Oviedo (17.6%), Bilbao (15.9%), Valencia (15.1%), Valladolid (14.0%), Alcoy (13.3%), Getafe (13.1%), Malaga (11.4%), Pamplona (11.3%), Castellón de la Plana (10.4%), Alcalá de Henares (9.9%), Madrid (9.8%), Elche (8.7%), Villaviciosa de Odón (8.3%), Barcelona (8.1%), Seville (8.0%), Jaén (5.1%), Granada (4.9%), Salamanca (4.6%), Murcia (3.4%), and Alicante (3.3%).
However, three cities have seen a decrease: L’Hospitalet de Llobregat (-0.2%), Zaragoza (-2.3%), and Cordoba (-6.1%).
Most and Least Expensive Cities for Renting Rooms
The Fotocasa study also analysed prices in Spain’s main municipalities. The two most expensive cities to rent a room are Barcelona (638 euros per month) and Bilbao (621 euros per month). Other cities where room prices exceed 500 euros include Palma de Mallorca (594 euros), Villanueva de la Cañada (575 euros), Madrid (573 euros), Pamplona (561 euros), L’Hospitalet de Llobregat (533 euros), Malaga (516 euros), Getafe (505 euros), Cerdanyola del Vallès (504 euros), and Pozuelo de Alarcón (502 euros).
On the opposite end, the three cheapest cities for renting a room are Ontinyent (220 euros per month), Ponferrada (222 euros per month), and Badajoz (229 euros per month), followed by Alcoy (233 euros), Talavera de la Reina (245 euros), Jaén (252 euros), Cuenca (258 euros), Pontevedra (259 euros), Ávila (266 euros), Elche (270 euros), Córdoba (272 euros), Sant Joan d’Alacant (273 euros), Salamanca (275 euros), Jerez de la Frontera (277 euros), Algeciras (279 euros), Toledo (287 euros), Castellón de la Plana (288 euros), Almería (290 euros), Albacete (291 euros), Burgos (293 euros), León (296 euros), and Huelva (299 euros).
