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Few and very expensive: renting a 2-bedroom house in GBA costs at least $400,000 per month - Infobae
Source:
www.infobae.com
September 30, 2023
The lack of housing worsened both in the north and in the west and south of the suburbs. Dollarized offers and unattainable values for the pockets of employees. Short-term extensions, informal rentals and an emerging phenomenon: tenants returning to their parents' house.
By José Luis Cieri
In Greater Buenos Aires, rental prices for houses with more than two-bedrooms have experienced a significant increase. Limited supply rarely presents options below $400,000 per month.
While the possible reform of the Rental Law remains bogged down in the legislative field, the difficulty in accessing housing is becoming increasingly worse. In Greater Buenos Aires, finding a house with 2 or 3 bedrooms has become almost an impossible mission. In addition, monthly prices frequently exceed $400,000, a figure unattainable for most employees.
Among the few options available, most properties have been dollarized in the three suburban corridors. As in the city of Buenos Aires, numerous owners who previously rented their houses have chosen to sell them instead of offering them again for traditional rentals.
In other cases, some decided to publish their properties for temporary rentals with contracts of no more than one year in duration.
Beruti at 1100, residential area in Martínez, San Isidro district.
The sharp decline in the supply of rental houses is similar to that observed in the apartment market. Demand far exceeds available supply.
Marina Hairabedian, a real estate expert in the northern part of the GBA, commented that due to the shortage of houses on the market, “families face difficulties in finding properties that meet their internal layout and aesthetic requirements.”
“Young people, in particular, look for modern constructions that are scarce in the northern area. “This situation represents an opportunity for owners to update their properties and, in this way, satisfy demand and improve their profitability,” he told Infobae.
Francisco de Laprida at 1000 in Vicente López, a sought-after area that is close to the border between the province of Buenos Aires and CABA.
In terms of tenant preferences, current demand shows a growing interest in homes with en-suite bedrooms, not just the master bedroom as was previously common. This is a particularly notable requirement among stepfamilies.
“In the northern area, most house rentals are dollarized, by agreement between the parties. This is because the current law has become obsolete and unworkable due to high inflation,” Hairabedian added.
Between San Isidro, Vicente López and Tigre, you can get 2 or 3 bedroom houses between USD 1,500 and USD 2,800 per month. The price varies depending on the surface of the lot, the square meters built, the quality of construction and the location.
GBA real estate specialists advise tenants to start searching for a new house to rent three or four months before the contract expires.
“The demand for properties intended for housing does not stop growing,” said Javier Igarzábal , director of DIC Propiedades, to Infobae . “The offer is historically the lowest. There are almost no 2- and 3-bedroom houses for rent with a garage. In our firm, which has seven branches, we always had many options to offer and at this moment we have only three houses to rent with those characteristics. The little that comes in for rent is reserved in one day. Clients interested in renting are really experiencing a desperate situation due to the lack of supply.”
PH and duplexes are also in high demand in the GBA. Some of those looking for them choose them because they usually avoid paying expenses for this type of property.
The values of 3- or 4-bedroom houses in the northern area start at $350,000 in locations such as Munro, Carapachay, Beccar and can be offered from $700,000 in locations such as La Lucila, Martínez, San Isidro, Florida or Vicente López.
The rental market problems are similar in houses and apartments. “Owners, who have experienced three-year contracts that recently expired, are finding themselves with out-of-date prices for an entire year. For example, in a contract for a 3-bedroom duplex in Martínez, the tenant paid $135,000 in the last months of the contract, while the real value of the rental already exceeds $500,000 per month,” Igarzábal added.
Faced with this situation, many owners choose to extend the contract for a few months with an updated price or vacate the property while they wait for Congress' decision on possible changes to the Rental Law. They are looking for the flexibility of signing shorter contracts with price updates every three or four months at most.
Several houses have a swimming pool and are also chosen by young families with children.
Due to the current situation, many people who rented apartments are returning to their parents' houses, as they cannot afford the current rental prices. At the same time, families who rent homes are negotiating short extensions with owners while they explore cheaper options, accepting fewer amenities or less ideal locations to fit their budget.
María Rodríguez Dávila, general manager of Matías Szpira Bienes Raíces, informed Infobae that “this trend has been exacerbated in the last year due to the economic context and the Rental Law, which has considerably reduced the supply of houses with 3 or more bedrooms. the most sought-after typology by families who rule out the option of an apartment due to the number of rooms or the lack of green spaces.”
Larralde at 3500, area with a large presence of houses in Castelar
In towns such as Castelar, Morón, Haedo and Ituzaingó, the few houses available for rent present a wide variability in prices and requirements established by the owners.
“The majority of owners opt for rentals in dollars or contracts with durations of less than the three years stipulated by current law. Although it is difficult to establish an average value at present, a four-room property with a garden and pool in a good residential area of Castelar or Ituzaingó is around USD 1,000 per month,” said Rodríguez Dávila.
Coronel Allende at 2600 in Remedios de Escalada, Lanús district
Jorge Antúnez Vega, from Antúnez Vega Propiedades, highlighted that in houses with three or four rooms the values are very high. “They range from $500,000 to very considerable figures. And since sometimes there are tenants who have a certain purchasing power, they end up accepting contracts in dollars, which violates what is established by the Rental Law, although due to the lack of publicly known offers, operations of these characteristics are closed," he told Infobae.
According to specialists, homeowners prefer to freely negotiate their agreements with tenants, in several cases resorting to contracts without real estate intermediation in the GBA.
Chalet-style homes are also favored by large families due to the number of rooms and especially if they have a park.
Many owners avoid three-year contracts with annual adjustments in a context of high inflation. “We are in a significant housing crisis. Repealing the current law could benefit both parties by allowing more freedom in agreements. Currently, neither the value of the property nor the rent paid by the tenant are sustainable in relation to his income. Facilitating the rental process by eliminating the need for guarantees could be a solution, as long as a law is established that allows immediate vacancy in the event of non-payment,” said Antúnez Vega.
It is estimated that 4,000,000 homes are needed to guarantee adequate accommodation. Creating affordable housing is crucial, although in an environment of high inflation, it is complex.
“However, if construction is promoted in this segment, it would be justifiable for the State to offer fiscal incentives and favorable interest rates for an extended period. Building could be a significant source of employment, addressing social problems and allowing people and their families to establish their own home, which provides stability and roots,” concluded Antúnez Vega.
By Jose Luis Cieri
www.buysellba.com
Source:
Pocas y muy caras: alquilar una casa de 3 ambientes en el Gran Buenos Aires cuesta al menos $400.000 mensuales
La falta de vivienda se agravó tanto en el norte como en el oeste y sur del conurbano. Ofertas dolarizadas y valores inalcanzables para el bolsillo de los asalariados. Prórrogas de corto plazo, alquileres informales y un fenómeno emergente: inquilinos que regresan a la casa de sus padres
www.infobae.com
September 30, 2023
The lack of housing worsened both in the north and in the west and south of the suburbs. Dollarized offers and unattainable values for the pockets of employees. Short-term extensions, informal rentals and an emerging phenomenon: tenants returning to their parents' house.
By José Luis Cieri
In Greater Buenos Aires, rental prices for houses with more than two-bedrooms have experienced a significant increase. Limited supply rarely presents options below $400,000 per month.
While the possible reform of the Rental Law remains bogged down in the legislative field, the difficulty in accessing housing is becoming increasingly worse. In Greater Buenos Aires, finding a house with 2 or 3 bedrooms has become almost an impossible mission. In addition, monthly prices frequently exceed $400,000, a figure unattainable for most employees.
Among the few options available, most properties have been dollarized in the three suburban corridors. As in the city of Buenos Aires, numerous owners who previously rented their houses have chosen to sell them instead of offering them again for traditional rentals.
In other cases, some decided to publish their properties for temporary rentals with contracts of no more than one year in duration.
Beruti at 1100, residential area in Martínez, San Isidro district.
The sharp decline in the supply of rental houses is similar to that observed in the apartment market. Demand far exceeds available supply.
Marina Hairabedian, a real estate expert in the northern part of the GBA, commented that due to the shortage of houses on the market, “families face difficulties in finding properties that meet their internal layout and aesthetic requirements.”
“Young people, in particular, look for modern constructions that are scarce in the northern area. “This situation represents an opportunity for owners to update their properties and, in this way, satisfy demand and improve their profitability,” he told Infobae.
Francisco de Laprida at 1000 in Vicente López, a sought-after area that is close to the border between the province of Buenos Aires and CABA.
In terms of tenant preferences, current demand shows a growing interest in homes with en-suite bedrooms, not just the master bedroom as was previously common. This is a particularly notable requirement among stepfamilies.
“In the northern area, most house rentals are dollarized, by agreement between the parties. This is because the current law has become obsolete and unworkable due to high inflation,” Hairabedian added.
Between San Isidro, Vicente López and Tigre, you can get 2 or 3 bedroom houses between USD 1,500 and USD 2,800 per month. The price varies depending on the surface of the lot, the square meters built, the quality of construction and the location.
GBA real estate specialists advise tenants to start searching for a new house to rent three or four months before the contract expires.
“The demand for properties intended for housing does not stop growing,” said Javier Igarzábal , director of DIC Propiedades, to Infobae . “The offer is historically the lowest. There are almost no 2- and 3-bedroom houses for rent with a garage. In our firm, which has seven branches, we always had many options to offer and at this moment we have only three houses to rent with those characteristics. The little that comes in for rent is reserved in one day. Clients interested in renting are really experiencing a desperate situation due to the lack of supply.”
PH and duplexes are also in high demand in the GBA. Some of those looking for them choose them because they usually avoid paying expenses for this type of property.
The values of 3- or 4-bedroom houses in the northern area start at $350,000 in locations such as Munro, Carapachay, Beccar and can be offered from $700,000 in locations such as La Lucila, Martínez, San Isidro, Florida or Vicente López.
The rental market problems are similar in houses and apartments. “Owners, who have experienced three-year contracts that recently expired, are finding themselves with out-of-date prices for an entire year. For example, in a contract for a 3-bedroom duplex in Martínez, the tenant paid $135,000 in the last months of the contract, while the real value of the rental already exceeds $500,000 per month,” Igarzábal added.
Faced with this situation, many owners choose to extend the contract for a few months with an updated price or vacate the property while they wait for Congress' decision on possible changes to the Rental Law. They are looking for the flexibility of signing shorter contracts with price updates every three or four months at most.
Several houses have a swimming pool and are also chosen by young families with children.
Due to the current situation, many people who rented apartments are returning to their parents' houses, as they cannot afford the current rental prices. At the same time, families who rent homes are negotiating short extensions with owners while they explore cheaper options, accepting fewer amenities or less ideal locations to fit their budget.
West
The supply of long-term rentals for houses in the area has historically been limited, with temporary locations being more common during the summer season in areas such as Parque Leloir, Ituzaingó district.María Rodríguez Dávila, general manager of Matías Szpira Bienes Raíces, informed Infobae that “this trend has been exacerbated in the last year due to the economic context and the Rental Law, which has considerably reduced the supply of houses with 3 or more bedrooms. the most sought-after typology by families who rule out the option of an apartment due to the number of rooms or the lack of green spaces.”
Larralde at 3500, area with a large presence of houses in Castelar
In towns such as Castelar, Morón, Haedo and Ituzaingó, the few houses available for rent present a wide variability in prices and requirements established by the owners.
“The majority of owners opt for rentals in dollars or contracts with durations of less than the three years stipulated by current law. Although it is difficult to establish an average value at present, a four-room property with a garden and pool in a good residential area of Castelar or Ituzaingó is around USD 1,000 per month,” said Rodríguez Dávila.
Southern course
In the southern area of the GBA, between Lanús, Lomas de Zamora or Banfield, among other locations, the supply of houses is also zero. What is found is in private neighborhoods and in dollars.
Coronel Allende at 2600 in Remedios de Escalada, Lanús district
Jorge Antúnez Vega, from Antúnez Vega Propiedades, highlighted that in houses with three or four rooms the values are very high. “They range from $500,000 to very considerable figures. And since sometimes there are tenants who have a certain purchasing power, they end up accepting contracts in dollars, which violates what is established by the Rental Law, although due to the lack of publicly known offers, operations of these characteristics are closed," he told Infobae.
According to specialists, homeowners prefer to freely negotiate their agreements with tenants, in several cases resorting to contracts without real estate intermediation in the GBA.
Chalet-style homes are also favored by large families due to the number of rooms and especially if they have a park.
Many owners avoid three-year contracts with annual adjustments in a context of high inflation. “We are in a significant housing crisis. Repealing the current law could benefit both parties by allowing more freedom in agreements. Currently, neither the value of the property nor the rent paid by the tenant are sustainable in relation to his income. Facilitating the rental process by eliminating the need for guarantees could be a solution, as long as a law is established that allows immediate vacancy in the event of non-payment,” said Antúnez Vega.
It is estimated that 4,000,000 homes are needed to guarantee adequate accommodation. Creating affordable housing is crucial, although in an environment of high inflation, it is complex.
“However, if construction is promoted in this segment, it would be justifiable for the State to offer fiscal incentives and favorable interest rates for an extended period. Building could be a significant source of employment, addressing social problems and allowing people and their families to establish their own home, which provides stability and roots,” concluded Antúnez Vega.
By Jose Luis Cieri
www.buysellba.com
