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How much does it cost to rent a one-bedroom apartment in CABA and what are the few neighborhoods in which they can be found?
December 7, 2023
Values continue to rise. The combination of inflation, sustained demand, shortage of units in local currency and regulations are the factors that shape the market. Search for suitable professionals grew
By José Luis Cieri
The 1-bedroom apartments among the most in demand and those that increased their price the most
The Buenos Aires real estate market is witnessing a constant increase in the rental costs of one-bedroom apartments. Attention is focused on expectations regarding the upcoming inauguration of Javier Milei next week and the possibility of a review of the Rental Law, enacted in June 2020 and currently in force (the president-elect said that he would repeal it and that the contracts would once again be governed by the Civil and Commercial Code of the Nation). However, at present, rental prices reached an unprecedented increase of 220.4% in the last twelve months.
According to information provided by the Zonaprop platform, Palermo is positioned as the most expensive neighborhood to rent, with a value of $426,861 per month. In contrast, Barracas emerges as the most affordable option, where an apartment with one bedroom, 50 square meters and a 5 m2 balcony has a rental price of $217,496 per month.
In specific Buenos Aires neighborhoods such as Agronomía, Lugano, Villa Riachuelo, Versalles, Parque Avellaneda, Villa Ortúzar, Paternal, Nueva Pompeya, Parque Chas, Mataderos and Villa Real, current events reveal the lack of availability of one-bedroom apartments for rent.
This shortage is related to various factors, such as the economic situation and a high demand that contrasts with a limited supply of properties. It is important to note that property owners contributed to this situation by showing resistance to the current law, especially after its reform last October. The modification maintained the three-year agreements, but with semiannual adjustments based on the Casa Propia coefficient, which represents a minor update compared to the Lease Contract Index used annually before the modification made by the national Congress.
Why are they the most sought after?
In CABA, both 1-bedroom apartments and studio apartments are highly in demand.Leandro Molina, country manager of the QuintoAndar Group for Argentina and Peru, stressed to Infobae that “these departments are a priority due to their proximity to access and easy circulation to various parts of the city, facilitating the connection between workplaces and universities. Those looking for smaller units tend to be young people who live alone or as a couple.”
Although some experts indicate that one-bedroom apartments are beginning to arouse interest, especially when they have the condition of being suitable for professional use. This situation also translates to the search for apartments with more rooms.
Professional candidates are also sought after among those who choose to rent one-bedroom apartments.
“This trend is particularly relevant among professionals looking to share space. Groups of doctors showed a growing interest in partnering to provide care in the same place, establishing an exchange of days and times. This collaboration not only contributes to the optimization of costs, including the payment of the secretary and the monthly rent, but also promotes synergy between the professionals involved,” explained Jorge Toselli, from JT Inmobiliaria.
With higher magnification
The routes with the greatest increase in rental prices are Saavedra, Retiro and Belgrano, with an annual variation of 347%, 345.4% and 338.6%, respectively.“They are highly in-demand neighborhoods, which causes a sharp increase in prices, notably exceeding the inflation rate,” Molina added.
In Recoleta and Palermo, a one-bedroom apartment has a price range of around $300,000 per month, while a two-bedroom apartment in good condition costs approximately $420,000 per month.
Toselli clarified that these values correspond to properties 25 to 35 years old and considering agreements with real estate agencies. “In the case of more recent constructions, these prices can increase between 20% and 30%,” he noted.
What is expected
Experts maintain that, until the new government announces new economic measures, in particular, if it decides to annul the Rental Law, the market remains at an impasse.A decision on the locations is eagerly awaited, with the suggestion of cancellation and a return to 24-month contracts with agreements free of semi-annual increases.
More than three years ago, signing a rental contract was easy, today it was complicated by the lack of units and the high costs that increase month by month (Photo: Getty)
Toselli expanded: “Return the possibility of charging owners a month to compensate for the considerable work, highlighting the lack of fees for real estate professionals (rule in force only in CABA). There is a general wait on the part of the owners, while some sign few contracts, and tenants are desperately looking for housing options due to the complications generated by the current law.”
Values
Below are the rental prices for 1-bedroom properties in pesos in CABA according to Zonaprop, with 50 m2 and 5 m2 of balcony:Palermo: $426,861.
Belgrano: $426,028.
Núñez: $416,735.
Withdrawal: $407,525.
Schoolchildren: $405,713.
Saavedra: $400,770.
Recoleta: $390,857.
Villa Urquiza: $377,385.
Coghlan: $375,465.
Chacarita: $373,830.
Villa Luro: $355,946.
Villa Crespo: $339,363.
Chacabuco Park: $333,668.
Almagro: $330,166.
Caballito: $328,248.
Villa Devoto: $325,998.
San Telmo: $317,880.
Villa Pueyrredón: $302,000.
Boedo: $300,481.
Flowers: $298,140.
Villa del Parque: $296,331.
Villa General Miter: $279,722.
Villa Santa Rita: $279,334.
Monserrat: $276,144.
San Cristóbal: $275,924.
San Nicolás: $274,167.
Balvanera: $273,481.
Liniers: $267,926.
Floresta: $262,614.
Constitution: $240,545.
Barracks: $217,496.
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