Accessing rental properties in the Canary Islands has become a challenging endeavour for locals, who are confronted with the highest rental prices ever, coupled with the lowest salaries in Spain.
The surge in rental prices is compounded by restrictions imposed in some listings, which explicitly state: “Refrain residents”. This clause not only causes frustration but also highlights a troubling trend: the real estate market is increasingly favouring foreign buyers with stronger financial means, sidelining the local populace.
This restriction on Canarian residents is evident in a recent rental advertisement posted on a well-known property platform dedicated to renting and selling second-hand homes in Spain, where an estate agency in Tenerife has listed a flat on Puerto Franco street within the municipality of The Realejos.
The apartment, measuring a mere 70 square metres, consists of a bedroom, an open-plan kitchen, a bathroom, and an exterior balcony, all for the price of 700 euros per month, excluding utilities. The description prominently features a condition: “IMPORTANT!!!! At the owner’s request, refrain residents.”
Foreigners paying more while locals are excluded
This trend is not a new occurrence, although it has escalated in recent years. Data from the Canarian Statistics Institute (Istac) indicates that rental prices have increased by 40% in the past five years, surpassing the financial capability of many residents. Renting a house in the islands now costs approximately 1,200 euros monthly, exceeding the national average. Nationally, rental prices have risen from 898.34 euros per month in January 2020 to 1,125 euros per month in January 2025, according to figures released this Thursday by the property portal floors.com.
In contrast, incoming foreigners, predominantly from Europe, are able to afford significantly higher rents due to their enhanced purchasing power and elevated salaries.
Meanwhile, the local populace grapples with the harsh reality of sharing accommodation or continuing to live with family members, as they struggle to secure their own housing.
