Canary Islands Rental Price Hike Spurs Surge in Car Rental Demand

According to the latest reports on rental prices, published by Spanish real estate portals, the cost of renting residential properties in the Canary Islands increased again in April, with a 3.1% rise compared to the same month in 2022. This growth has led to a surge in car rental demand as tourists flock to the area.

Across Spain, April ended with an average price of 11.5 euros per square meter, representing an 8.9% increase compared to the same month of the previous year and a 1.7% rise compared to March of this year.

Experts say that the registered data for April this year marks the “highest price” that tenants in Spain have paid for housing throughout the entire recorded history. The growing car rental market is likely a consequence of these soaring rental prices, as more people opt for short-term stays and explore the country in rented vehicles.