Difficulties in finding a rental property on the island are becoming increasingly evident. The well-known real estate website Idealista has published a study in which the capital of the western province, Santa Cruz de Tenerife, ranks third in cities with the highest percentage of express rentals. This means that 27% of the offered properties were not available for even 24 hours. Ahead are Tarragona and San Sebastián, with 31% and 29% respectively.
Compared to the same period last year, the national average has increased from 16% to 18% in the first quarter. This figure is nearly 10% lower than that recorded in Santa Cruz de Tenerife. On the other hand, the capital of the eastern province, Las Palmas de Gran Canaria, is far from the top positions and is among the least affected by the phenomenon of express rentals.
When comparing percentages by province instead of by their capital, Santa Cruz de Tenerife maintains third place. The first and second positions are once again taken by Guipúzcoa (30%) and Tarragona (29%), but in a different order. The lowest incidence of rentals that are closed in just one day is in the provinces of Salamanca, Granada, and Badajoz, where it only affects 12% of rented properties.
According to Idealista spokesperson Francisco Iñareta, this issue leads to “many families feeling excluded from the market, both due to prices and competition, as well as the speed at which ads disappear”.
Currently in Tenerife, there are less than fifty two-bedroom properties below €800. Of these, only eight are in the municipality of Santa Cruz, but none in the city centre. In the last 24 hours, 39 rentals have been advertised across the island, with six of them in Santa Cruz de Tenerife.
General Increase in Prices
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Rental prices increased in all regions of Spain last May. The Balearic Islands stand out with a 7.6% increase. Canarias (2.3%), also with a significant rise, is above the national average of 1.8% and €13.2 per square metre. This is the highest price recorded in historical series since 2007.
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The most expensive regions in terms of price per square metre are the Balearic Islands (€19.1), the Community of Madrid (€17.6), and Catalonia (€17.1). Canarias, with €14 per square metre, is also among the priciest regions. In contrast, Extremadura (€6.5/m2) and Castilla-La Mancha (€7/m2) are the most affordable.
