As reported by Spanish real estate portals, residential rental prices in the Canary Islands experienced a notable increase in April, recording a 3.1% rise compared to the same month in 2022. This upward trend in rental costs has triggered a heightened demand for car rentals, especially among tourists drawn to the region.
The overall rental scenario in Spain reflects an average price of 11.5 euros per square meter at the end of April. This signifies an 8.9% surge compared to the same month in the previous year and a 1.7% increase compared to March of the current year.
Experts highlight that the rental prices registered in April mark the “highest price” tenants in Spain have encountered throughout the recorded history. The consequential impact of these soaring rental costs is evident in the growing demand for car rentals, as more individuals opt for short-term stays and choose to explore the country using rented vehicles.
