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RENT RISE Monthly Rents Hit New Highs In Canaries

Tuesday July 16, 2019

RENT RISE Monthly Rents Hit New Highs In Canaries

Monthly rental rates have hit an all-time high in the Canaries, pricing locals out of many locations, according to recent research just released by the Spanish property portal Idealista.

The data, which was published yesterday, reveals that monthly rents broke through the 10 euros per square metre barrier for the first time this year, with the figure even higher in the Las Palmas Gran Canaria region, of which Lanzarote is a part.

As a result the cities of Las Palmas and Santa Cruz de Tenerife are now amongst the top 25 most expensive conurbations in Spain for long term rental properties. Whilst monthly rental rates have risen even more in popular tourist zones across the archipelago – often exceeding the average island wide income of around 1440 euros per month.

The increase in rental rates is being blamed on under investment in residential housing development as well as the holiday home rental boom of the last few years, which has seen thousands of properties on Lanzarote alone made available to tourists only.

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