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After the Government's DNU, the rental offer in pesos doubled in CABA - Infobae
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Luego del DNU del Gobierno, la oferta de alquileres en pesos se duplicó en CABA
La confirmación proviene de un estudio privado que también proporcionó los valores de monoambientes y unidades de 4 ambientes que comienzan a figurara en diversos barrios porteños
www.infobae.com
February 14, 2024
The confirmation comes from a private study that also provided the values of studio apartments and 4-room units that are beginning to appear in various Buenos Aires neighborhoods.
By José Luis Cieri
After the repeal of the Rental Law, new proposals for renting in the city of Buenos Aires begin to appear (Illustrative Image Infobae)
In the city of Buenos Aires, the number of apartments available for rent in pesos registered an increase of 112% compared to December 2023. At the end of the first month of the year and approximately the same period since the implementation of the Decree of Necessity and Urgency ( DNU) that repealed the Rental Law, the data extracted from the analysis of the supply of apartments used for rent in CABA show a marked increase in their quantity compared to the previous month.
The supply of used apartments for rent with 1 to 4 rooms published on property search engines registered notable growth, going from 551 units last December to 1,169 available during January 2024. They represent an increase of 112% month-on-month according to the Real Estate Report.
According to José Rozados, representative of this platform, he told Infobae that “from June of last year until January 2024, the supply of used apartments remained below 1,000 units in all months. To find a similar figure, it is necessary to go back to February of the previous year, when 1,181 cases were recorded.”
The largest number of used apartments offered in pesos is concentrated in the two main rooms with 579 units. The number of studio apartments on offer reached 236, while the 3-bedroom units totaled 290. Finally, with 64 units, the largest 3-bedroom apartments are the units with the lowest availability with prices set in national currency.
In the first month of the year, the supply of studio apartments for rent in pesos experienced a growth of 59%, compared to the last month of last year. Furthermore, apart from singles looking for housing, there is an increase in interest from university students who are preparing to arrive in CABA and begin their studies starting in March.
Studio apartments for rent begin to be in demand by university students at this time of year
Armando Pepe, a reference in the real estate sector, highlighted that studio apartments are emerging throughout the city. “Students, in particular, prioritize being a few steps from subway stations, limiting themselves to about 200 meters from an access entrance. Currently, the apartments, also known as one-room apartments, located in Congreso, Barracas or San Telmo, have a price range that ranges between $120,000 and $180,000 per month,” he highlighted.
Experts point out that the predominant search for apartments is concentrated in one- and two-bedroom units. This trend is aligned with the demographics of Buenos Aires, where 70% of the homes correspond to single-parent homes, that is, inhabited by people alone or with a dependent child.
Prices for one-bedroom apartments can climb up to $250,000 per month, while for two-bedroom units they are in the range of $300,000 to $350,000 per month.
“It is important to highlight that this progression is not uniform; The presence of furniture can influence, and it is crucial to consider the expense of expenses. In some recent buildings, the absence of housing for the manager results in a significant reduction in costs. Furthermore, the expense rate may vary depending on the amenities offered by the building, which are beneficial if used, but which, if not, can unnecessarily increase expenses,” explained Oscar Puebla , architect and Real Estate expert.
Increases and adjustments
According to the Real Estate Report, although average values also increased, they did so below the inflation figure. Rozados explained: “The average rental values, when registering increases in the different departments, experienced increases in all cases lower than one digit, that is, below 10%.”Regarding the average requested rental values, an increase in prices was observed in all cases below double digits for 1, 2 and 4-room units compared to December. In contrast, three-room apartments experienced a slight decrease in their average price.
Pepe highlighted: “It is beginning to be noticed that the starting point of the values is lower due to the increase in competition. On another portal, there are 10,000 apartments available for rent, where 55% of the offers are still presented in dollars. I suggest considering agreements in pesos, since the majority of the population receives income in this currency. Furthermore, agreements with quarterly adjustments through the CPI or the ICL predominate, while to a lesser extent adjustments based on the Index of the Argentine Chamber of Construction (CAC) are used.”
More prices
In CABA, for example, the average value of the existing offer for a 1-room unit, last January, was $240,000 per month, while the average value of a 2-room unit reached $300,000 and units with 3 bedrooms were listed at $630,000 on average according to the Real Estate Report. The month-on-month increase was, thus, 4.35%, 7.14% and 5% respectively.
An analysis confirmed a slight reduction in the value of three-room apartments in recent days, when comparing January with last December
The 3 environments were quoted at $442,500 in the publications, 1.67% below the $450,000 recorded as the average value last December.
Rozados clarified: “There is no longer a formula or clause that is universally advisable to apply in all locations, qualities and environmental compositions of homes. The choice of the update clause or formula will depend on the specific demand to which the home is directed, being best adjusted for future compliance.”
The most likely and desirable thing is that the housing supply will expand even further as knowledge of the new legal conditions that may govern a rental contract deepens.
“In addition to semi-annual adjustments, in our contracts we also incorporate a one-year value renegotiation clause. It is important to note that no index is directly related to supply and demand in the real estate market. Therefore, the most sensible thing is to reach the year and evaluate the position,” Puebla concluded.
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