The area is nice to walk around, but to visit the many wonders of the island I really recommend renting a car. There is a bus stop right there that takes you to Los Cristianos, Las Americas and Costa Adeje, and also nearby to other parts of the island. And of course you can make organized visits to many places (Teide, Loro Parque, etc), and most of them will pick you up in Costa del Silencio.