I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
Most people who live in Las Palmas rent an apartment; the rental market is moving fast at the moment so here’s my guide to searching for a place to live in the city.
The Las Palmas property rental market is currently high on demand and low on supply. Finding a good place to live at short notice is pretty tricky, especially if you want to be close to Las Canteras beach.
There are a couple of good reasons for this…
The first is that most people, local and foreign, want to live in the flat part of Las Palmas close to the beach.
The second is that a lot of residential property is now being rented out as holiday lets; short-term rental was legalised in the city in 2015 and the market is currently booming.
Good news if you own a property, not so good if you want to rent one.
The cost of renting a Las Palmas Property
Studios and one-bedroom apartments close to the beach cost at least 600 euros per month and up to 750 euros, depending on location and on whether they have outside space. A two-bed place costs upwards of 900 per month and three bedrooms will set you back well over 1000 euros per month.
As you move back from the beach and up the hill, prices drop in line with the distance from the flat part of town. In the high parts of the city you can rent three bedrooms for 700 euros per month.
Tenants pay the owner a month’s deposit and the first month’s rent in advance. Some owners ask for two month’s rent as a deposit if their apartment is well furnished or if you have a pet.
In most cases, you don’t have to pay anything else. However, it is legal for the property owner to include clauses in the rental contract that make the tenant liable for the monthly community charge (for lift and communal area maintenance) and even the annual IBI property tax.
Your rights as a Las Palmas rental tenant
See this article for a full guide to your rights as a tenant in Las Palmas & Gran Canaria.
Finding a Las Palmas rental property
It’s almost impossible to find a long-term rental property in Las Palmas before you arrive. Flats rent out fast and owners are not willing to wait for a tenant who isn’t on the island.
So, I advise you to book a holiday let apartment for the first few weeks you are in the city or stay in a hostel, co-working space, or cheap hotel. This way you know you have somewhere to sleep (and an internet connection) while you look for a long-term place to live.
The portals are the best place to start looking and to get a feel for prices and availability. Check them regularly as good rentals don’t stay on the market for long these days.
Note that many rentals advertised on the portals are listed by estate agents.
Using an estate agency to find a rental property
If you are in Las Palmas and ready to move into a flat, having a good agent scanning for new rentals is a good idea; agents see the latest rentals before they go onto the portals.
Estate agencies in Las Palmas charge a month’s rent as commission when they rent out a property. This fee is paid by the tenant.
So, if you use an agency you have to pay out three month’s rent in advance; one for the commission, one as a deposit, and one in advance.
Las Palmas property rental hacks
Many older owners still don’t trust the internet so it’s always worth walking around looking for signs that say ‘alquiler’.
Also, some owners don’t use agencies and rely on word-of-mouth to rent their apartments so it’s always worth asking in local shops and bars.
The porters in big buildings often act as unofficial letting agents and know if anything is about to become available.
Another option is to scan holiday rental websites like Airbnb and ask owners if they are willing to let you rent long-term. Most owners with property close to the beach will say no, but you may be lucky if you target properties in residential areas of the city away from the sand.
The best months to look are in the slowest months for holiday lets; May, June and September.
If you want to rent a room rather than a flat, look in Facebook groups like Rent & Share Gran Canaria. It’s also worth checking noticeboards in language bookshops and academies, and even up at the University in Tafira.
Las Palmas Property
I’m Laura Leyshon, Las Palmas’ resident British estate agent. If you’re looking for an apartment to rent in the city, please feel free to contact me with the details.
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Spanish law governing residential rental contracts changed in 2013, but many people don’t know about the new rules. Here’s a quick guide to the current Ley de Arrendamientos Urbanos or LAU for anyone renting a Las Palmas property. [Read more…]
Getting a holiday rental license in Las Palmas is very simple.
In theory. [Read more…]
The Las Palmas holiday rental market is booming as owners pile in chasing juicy, short-term rental yields. But, the time will come when supply exceeds demand and yields drop.
It’s why I advise all Las Palmas rental property owners to future-proof their investment now.
The Las Palmas holiday rental boom
Las Palmas estate agents are following the trend and every apartment within walking distance of Las Canteras beach is now labelled as ‘an ideal rental opportunity’.
I’d say we’re in the middle of a boom; the number of apartments in the market is growing so fast that it’s even pushing up residential rents in the Puerto district.
Supply and demand
Tourism in Las Palmas is booming but it isn’t infinite. There will come a point where even the growing number of tourists can’t fill all the rental apartments that pop up.
When the Las Palmas holiday rental market hits saturation, occupancy levels and rental yield will fall in the sectors with the most supply.
Studios and one-bedroom apartments are the most common property type, and the cheapest to refurbish for short-term rental. I’d expect them to hit saturation point first.
So is it too late to buy a Las Palmas holiday rental investment?
Just because there’s are lots of rentals on the market, doesn’t mean that you can’t get a good yield. Buy the right property, decorate it well, and market it right and a Las Palmas rental is a great investment. For a start, Spanish property prices are forecast to rise by 40% over the next decade. With high demand and a lack of new property, Las palmas property will follow this trend (at the least).
The key to earning a decent holiday rental yield is to make sure that your property stands out; it needs a hook to make potential renters choose it over competing apartments.
How to make your Las Palmas holiday rental property pop
Here are five ways to make sure that your tourist rental property stands out and gets booked.
Location, location, location
The easiest way to fill your Las Palmas rental property is to buy in a desirable area. The beachfront is always going to be popular because of the view and because the supply of apartments is limited. But, property prices are high so most buyers look just behind the beach in the Port District and Guanarteme. Here, demand is still high, but you do have to do a bit more to attract tenants because there is far more competition.
But it’s not all about the beach; Apartments in old town Vegueta and Triana, especially those with period features like balconies, high ceilings and original floors, are also in high demand. And top floor properties all over the city rent well, especially if they have outside space.
For more information on property areas, see my complete guide to Las Palmas’ property zones.
Outside space future-proofs your rental
Most Las Palmas visitors come for the climate so they want to be able to enjoy it as much as possible. This is why any Las Palmas property with outside space has an advantage.
The space doesn’t have to be a large terrace; a balcony, open roof, or a private internal courtyard are good too, provided that they well-decorated and look inviting in the photos.
Given the choice between two similar Las Palmas apartments, almost everyone will choose the one with outside space.
Decorate with style
When tourist rental was legalised in Las Palmas in 2015, it was fine to visit IKEA and buy basic, modern furniture to decorate your tourist rental. For properties that are well-located or have a great outside space, IKEA furniture is still good enough.
However, if your tourist rental property is in an area with lots of competition, you’ll need to think beyond basic to future-proof your yield.
Find some great art for the walls, choose original furniture, give your property a decorative theme. Anything that make it stand out from the beige.
Target a niche
Not everyone who comes to Las Palmas is here for a week- or two-week holiday. The city attracts businesspeople, surfers, divers, language students, etc.
So, if your property is close to the surf breaks at La Cicer, consider putting in surfboard storage. If you want to attract business people, provide fast internet access, a printer, and a decent iron.
Think beyond the fortnight
Las Palmas currently has a severe shortage of property that is available for rent for periods of between two weeks and six months.
It’s because most tourist rental property is too expensive for a stay that goes beyond a week or two, and most residential landlords won’t take tenants for less than six months.
This makes life difficult for ERASMUS students, digital nomads, language students and even Scandinavian winter visitors who want to spend a few months escaping the cold.
And it’s an opportunity for rental investors.
Target this niche and you’ll make less per night, but you’ll avoid empty periods as well. Success depends on making contacts in the nomad, co-working and language school scenes in Las Palmas city.
If you’re considering buying a Las Palmas property as a buy-to-let investment, or want to rent out your property, please get in touch for a chat. Often it’s the little things that make all the difference.
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You own a Las Palmas Property but you don’t use it all-year-round. Or you want to buy a property in the city as a buy-to-let investment. How do you earn a good yield with Las Palmas rental property?
Here’s my guide to everything you need to know about renting out your Las Palmas property. [Read more…]
If you own a property in the city, you’ve probably heard that short-term Las Palmas tourist rental it is now legal.
Gran Canaria tourist rental laws
The law about touristic rentals of private property changed in May 2015.
It is now legal to rent out residential property to tourists on a short-term basis provided that they are not in a resort area. But it is illegal to rent property in tourist resorts to tourists.
This has been compared to allowing beach parasol rentals, but only in the mountains.
However, as Las Palmas is a residential area, it is now legal to rent your city property on a short-term basis provided that you follow the rules. [Read more…]