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Buenos Aires rentals: how much they have increased so far this year and which properties are worth looking for because they are worth less - Infobae
Source:
www.infobae.com
October 02, 2024
Although costs remain high for tenants, rental prices rose at a slower pace than last year. What are the current prices for studio - to two-bedroom apartments in Buenos Aires?
By Jose Luis Cieri
A studio apartment in Palermo. These apartments are the ones that have increased the most in price year-on-year
Although the supply recovered in record time and there are now apartments for rent in all neighborhoods of the city of Buenos Aires, different reports confirmed that studio apartments were the ones that increased their value the most year-on-year.
Due to the drop in inflation, analyses indicate that increases are no longer maintaining the strong pace they had until the end of 2023. According to Zonaprop, rental prices rose by 52%, half of the inflation recorded in that period, which was 102% so far in 2024.
The analysis by the Scalabrini Ortiz Center for Economic and Social Studies (CESO) also confirmed that studio apartments were the ones that saw the biggest increase in price, with a year-on-year rise of 111.8%.
Leandro Molina , country manager of Grupo QuintoAndar (Zonaprop) for Argentina and Peru, told Infobae that “rent for studio apartments has risen most sharply in Palermo, one of the areas most in demand by young people who come to study or work in CABA.”
According to the platform, the cost of a 40-square-meter studio apartment averages $424,583 per month. On the other hand, CESO estimates the price at $360,000 per month, but for units with surfaces averaging 30 m2.
Average rental price
“There has also been an increase in demand from individuals or couples who, due to the economic situation, are giving up a room. In addition, many of those who are looking for these apartments are people who are moving out on their own for the first time or are moving out on their own,” said Molina.
One-bedroom apartments rose 4.4% between September and August, according to Zonaprop. Meanwhile, CESO revealed that two-bedroom apartments, valued at an average of $600,000, barely increased 1% in the same period.
Lisandro Cuello , a real estate expert, highlighted that “two-room apartments are the most sought after at the moment and have increased in value by 95.5%, similar to the accumulated inflation up to August.”
The real estate market maintains that two-room apartments are also in demand because people are looking to downsize and are also looking to give up a room in order to be able to pay according to their income.
Heat map of Buenos Aires rentals
Next come Núñez ($570,317) and Palermo ($569,212 per month). “The most sought-after apartments after Puerto Madero are in the northern corridor. In the middle of the Buenos Aires offer are Villa Crespo, Villa del Parque, Parque Chacabuco or Saavedra, where it is possible to find one-bedroom apartments that fluctuate between $540,000 and $480,000 per month,” Cuello said.
Lugano is the neighborhood with the most affordable offer, with an average value of $357,256 per month. It is followed by Liniers ($427,766) and La Boca ($437,152 per month).
Apartments represent 60% of searches in CABA, with supply growing by 172% since the beginning of 2024, while demand increased by 22% in the last 6 months.
Molina stressed that Palermo remains the most sought-after neighborhood by tenants with 14% of searches, followed by Belgrano with 9% and Recoleta with 6 percent.
Rental Offers
PHs are currently in high demand, as they do not require the payment of expenses, which makes them an attractive option. This factor responds to one of the major problems in the city.
The cost of common maintenance of buildings has risen by 114.89% in the last year , in some cases reaching up to 50% of the monthly rent. This situation leads many tenants to opt for properties that do not include this type of expenses.
For example, in La Paternal, a two-bedroom apartment on Terrero 2300 has a monthly rent of $480,000, with expenses that already reach 215,000 pesos. In another case, a one-bedroom apartment on Avenida Martín García 400, in a building that is more than 30 years old, has expenses of $185,000 and a monthly rent of $380,000.
Cuello concluded that “in the past, expenses did not exceed 20% of the rent, but today they can reach up to 40% or half of the total cost of leasing a property. For this reason, the first thing many interested parties ask once they find out the value is how much expenses are paid.”
www.buysellba.com
Source:
Alquileres porteños: cuánto aumentaron en lo que va del año y que propiedades conviene buscar porque valen menos
Aunque los costos siguen siendo elevados para los inquilinos, los precios de los alquileres subieron a un ritmo menor que el año pasado. Cuales son los valores actuales para departamentos de uno a tres ambientes en Buenos Aires
www.infobae.com
October 02, 2024
Although costs remain high for tenants, rental prices rose at a slower pace than last year. What are the current prices for studio - to two-bedroom apartments in Buenos Aires?
By Jose Luis Cieri
A studio apartment in Palermo. These apartments are the ones that have increased the most in price year-on-year
Although the supply recovered in record time and there are now apartments for rent in all neighborhoods of the city of Buenos Aires, different reports confirmed that studio apartments were the ones that increased their value the most year-on-year.
Due to the drop in inflation, analyses indicate that increases are no longer maintaining the strong pace they had until the end of 2023. According to Zonaprop, rental prices rose by 52%, half of the inflation recorded in that period, which was 102% so far in 2024.
The analysis by the Scalabrini Ortiz Center for Economic and Social Studies (CESO) also confirmed that studio apartments were the ones that saw the biggest increase in price, with a year-on-year rise of 111.8%.
Leandro Molina , country manager of Grupo QuintoAndar (Zonaprop) for Argentina and Peru, told Infobae that “rent for studio apartments has risen most sharply in Palermo, one of the areas most in demand by young people who come to study or work in CABA.”
According to the platform, the cost of a 40-square-meter studio apartment averages $424,583 per month. On the other hand, CESO estimates the price at $360,000 per month, but for units with surfaces averaging 30 m2.
Average rental price
“There has also been an increase in demand from individuals or couples who, due to the economic situation, are giving up a room. In addition, many of those who are looking for these apartments are people who are moving out on their own for the first time or are moving out on their own,” said Molina.
What happens in other departments
While a one-bedroom apartment of 50 m2 costs $507,422 per month and a three-room apartment of 70 m2 costs $682,714 per month.One-bedroom apartments rose 4.4% between September and August, according to Zonaprop. Meanwhile, CESO revealed that two-bedroom apartments, valued at an average of $600,000, barely increased 1% in the same period.
Lisandro Cuello , a real estate expert, highlighted that “two-room apartments are the most sought after at the moment and have increased in value by 95.5%, similar to the accumulated inflation up to August.”
The real estate market maintains that two-room apartments are also in demand because people are looking to downsize and are also looking to give up a room in order to be able to pay according to their income.
Where are the most expensive and cheapest
Puerto Madero remains first on the list of the most expensive neighborhoods in CABA, with an average rental price of $1,047,664 per month.
Heat map of Buenos Aires rentals
Next come Núñez ($570,317) and Palermo ($569,212 per month). “The most sought-after apartments after Puerto Madero are in the northern corridor. In the middle of the Buenos Aires offer are Villa Crespo, Villa del Parque, Parque Chacabuco or Saavedra, where it is possible to find one-bedroom apartments that fluctuate between $540,000 and $480,000 per month,” Cuello said.
Lugano is the neighborhood with the most affordable offer, with an average value of $357,256 per month. It is followed by Liniers ($427,766) and La Boca ($437,152 per month).
Proposals
The current supply of properties is 3.1 times greater than that recorded in February 2023, the lowest value in the series compiled by the real estate portal.Apartments represent 60% of searches in CABA, with supply growing by 172% since the beginning of 2024, while demand increased by 22% in the last 6 months.
Molina stressed that Palermo remains the most sought-after neighborhood by tenants with 14% of searches, followed by Belgrano with 9% and Recoleta with 6 percent.
The problem is expenses
In 2024, there is a noticeable shift in preferences, with houses gaining prominence, representing 23% of searches, while apartments dropped to 60%, compared to 98% in 2023.
Rental Offers
PHs are currently in high demand, as they do not require the payment of expenses, which makes them an attractive option. This factor responds to one of the major problems in the city.
The cost of common maintenance of buildings has risen by 114.89% in the last year , in some cases reaching up to 50% of the monthly rent. This situation leads many tenants to opt for properties that do not include this type of expenses.
For example, in La Paternal, a two-bedroom apartment on Terrero 2300 has a monthly rent of $480,000, with expenses that already reach 215,000 pesos. In another case, a one-bedroom apartment on Avenida Martín García 400, in a building that is more than 30 years old, has expenses of $185,000 and a monthly rent of $380,000.
Cuello concluded that “in the past, expenses did not exceed 20% of the rent, but today they can reach up to 40% or half of the total cost of leasing a property. For this reason, the first thing many interested parties ask once they find out the value is how much expenses are paid.”
www.buysellba.com
