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Due to the greater supply, rental prices had slight decreases in less sought-after neighborhoods of CABA - Infobae
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Por la mayor oferta, los precios de alquileres tuvieron leves descensos en barrios menos cotizados de CABA
Un informe reveló que las cotizaciones de locaciones habitacionales empiezan a estabilizarse al inicio de nuevos contratos, aunque los costos continúan altos para los asalariados
www.infobae.com
April 18, 2024
A report revealed that quotes for housing locations are beginning to stabilize at the start of new contracts, although costs remain high for employees.
By José Luis Cieri
In some neighborhoods the starting point prices of new contracts decreased 4.44% and 10.57% in 3 and 4 environments respectively
Rental prices in the city of Buenos Aires registered a decrease in the average values of 3- and 4-room homes, decreasing by 4.44% and 10.57% respectively in March compared to February, especially in less sought-after neighborhoods such as Villa Luro, Liniers, San Cristóbal and Constitución, among others.
This phenomenon was recorded in a Real Estate Report report that highlighted the beginning of a stabilization in valuations at the beginning of new rental contracts after the DNU that repealed the Rental Law.
However, costs for wage earners remain high, challenging accessibility to the real estate market. The values of a three-room apartment range from $400,000 per month and those with 4 rooms stood at an average of $500,000.
Additionally, during March there was an increase in the supply of used apartments listed in pesos and unfurnished, continuing the upward trend that began last January.
This increase marks the third consecutive month of growth in the number of units available for rent , contrasting with the decreasing trend that dominated the market during the previous year, when month after month a reduction was observed in the supply of rentals quoted in national currency.
José Rozados, from Reporte Inmobiliario, told Infobae that “the average rental price throughout CABA experienced a decrease, mainly because the new units entering the market are located in areas of lower general value or belong to lower price ranges. This dynamic produces a direct effect in the reduction of the average price and this phenomenon reflects how the offer adjusts to the economic and local realities of each neighborhood.”
Previously, the rental market was characterized by limited offers with excessively high initial prices, seeking to compensate for the inability to adjust the rent to inflation during the contract.
Rozados projected that, maintaining the current contracting conditions, it is likely that the rental supply will continue to increase: “Prices will adapt to what tenants in each neighborhood can pay, abandoning the idea of a single adjustment formula to adopt criteria that consider the diversity of the market and the payment capabilities of tenants.”
It is advisable to adapt rental prices and conditions to the economic capacity of the tenants, considering the diversity of the real estate market and seeking the viability of long-term payments.
Supply expansion
The supply of used apartments from 1 to 4 rooms for rent and in pesos experienced a notable increase last March in the Real Estate Report, reaching 1,874 units available, which represents an increase of 240.11% compared to the 551 units in December of 2023, and 17.4% more than the 1,596 units in February.The average rental value for 1- and 2-bedroom apartments remained stable after February, with average prices of $250,000 for one-bedroom and $300,000 for two-bedrooms.
This adjustment in prices, especially in 3- and 4-bedroom apartments, combined with the increase in the availability of units, indicates a trend towards greater accessibility in the rental market.
The three- and four-bedroom apartments showed a decrease of 4.44% and 10.57% respectively, evidencing an adaptation in prices in the face of market dynamics.
Panorama
The trend observed in the deceleration of rental prices both in CABA and in Greater Buenos Aires is due to an increase in the number of properties available and greater predictability in the face of inflation, which allows owners to make more precise projections and , along with greater competition, balances supply and demand.Diego Migliorisi, of Migliorisi Propiedades, stated: “The decrease in initial prices results from a greater number of properties and more intense competition between three- and four-bedroom properties. Furthermore, the increase in ordinary expenses, which is not always completely passed on to the tenants, contributes to this situation.”
For one-room and two-room apartments, no significant increases are anticipated. “Any adjustment in prices is expected to keep pace with inflation, which is projected to decrease month by month, keeping the values of these properties at moderate growth,” Migliorisi added.
In high-priced layouts such as Núñez, rental values did not decrease but they did stabilize for new agreements
In contrast, in some highly valued Buenos Aires neighborhoods such as Núñez, Palermo, Belgrano or Recoleta , prices did not decrease, but they are moving towards stabilization for new contracts.
“Values remained stable; Although they did not increase since February, they did not drop 10% either; Large apartments, aimed at a segment with greater purchasing power and with characteristics such as flexibility in distribution, maintain their value, fluctuating between USD 1,000 and USD 1,300, depending on various factors such as the apartment, the availability of a garage and the condition. general of the property,” said Jorge Toselli , from JT Inmobiliaria.
Closing operations with this type of property, generally sought by professionals, is usually more complex than with more conventional units, such as two-room units.
Toselli added: “Counteroffers are more common and the role of the real estate broker and management is crucial in the success of the negotiation. The presence of one or two property guarantees facilitates the completion of the rental.”
Rental values for one- and two-bedroom apartments increased 10% to 15% month-on-month, with two-bedroom units in Recoleta priced between $350,000 and $400,000, conditioned by their condition and maximum age of 30 years.
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