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Increasingly more expensive rentals in CABA - Infobae
Source:
www.infobae.com
November 07, 2023
Access to housing through a location increasingly requires more time to find a property and the values are also skyrocketing month after month. A three-room apartment averages $343,227 per month
By José Luis Cieri
Renting in the city of Buenos Aires is becoming more and more expensive: prices have no brakes month after month
In Argentina, renting a home continues to be a challenge, despite changes to the controversial law that has governed the sector since 2020. According to a private report, in the city of Buenos Aires, those who currently sign a contract face to an increase of 206.7% year-on-year.
An apartment that cost $100,000 in November 2022 is now priced at $220,670 per month.
This increase, which has a negative impact on tenants' pockets, exceeds the accumulated inflation of the last year, which stands at 138.3% according to Indec, and the adjustment of the Rental Contract Index (ICL), which in November showed an increase of 119.5% year-on-year in rental values.
It is important to highlight that as of today, new contracts are no longer governed by adjustment through the ICL and, instead, are adjusted every 6 months through the Casa Propia coefficient. However, those who must update their rental price will continue to do so based on 119.5% year-on-year.
The work of the Zonaprop platform also confirmed that with just a few weeks left until the end of the current year, prices will accumulate an increase of 175% in 2023 alone. The price of a 3-room, 70-square-meter apartment averages $343,227 per month; a studio apartment ranges from $207,000; and a two-room apartment of 50 m2 reaches $255,600 per month.
In real estate agencies there are inquiries daily but they cannot satisfy the demand and experts estimate that those who need to move in March because their contract is ending already have to search, because there are tenants who take between 3 and 5 months to find another property. Something unprecedented, they confirmed from the sector.
Neighborhood by neighborhood
Rental prices in CABA increased by 13.2% in October according to the analysis.
Currently, Palermo is positioned as the most expensive neighborhood (for several months the work has excluded Puerto Madero, where all rents are in dollars and mostly for temporary agreements) with an average price of $350,735 per month. Belgrano and Nuñez follow with $343,994 and $341,255 per month, respectively.
In the middle zone are Chacarita ($288,237 per month), Parque Chacabuco ($280,171) and Villa Pueyrredón ($254,959 per month).
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Rentals with greater increases
The cheapest neighborhoods to rent are Barracas ($176,576 per month), Floresta ($218,736) and Constitución ($219,310 pesos per month).
There are neighborhoods where rentals of two- and three-bedroom apartments are not available through real estate agencies, such as Agronomía or La Boca. Informality and agreements between owners and tenants outside the regulations and lasting two years grew.
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Rentals by area
Ricardo Botana, president of the Argentine Union of Tenants, told Infobae that the situation is critical for those looking for a home. Agreements that expire through the law continue to be extended for 3 to 6 months at most. We advise you to extend the agreement for as long as possible, so you have more time to find another home. And the biggest complaints we receive are about abusive requests to sign a contract or requests to pay an extra price while the contract lasts.”
Data from the Statistical Observatory of the Real Estate Market according to the Buenos Aires Real Estate Professional College confirmed that the share of the supply of properties for rent for housing is 4.29% of the market pie (average according to publications in different portals as of November 2nd). ). The supply of properties for housing rental is at historically low levels announced by this institution.
Buenos Aires sales by neighborhoods
The value of a studio apartment is $94,810. On the other hand, a two-room apartment of 50 m2 has a value of $113,953. A three-room apartment of 70 m2 costs $158,908.
The price ranking by neighborhood is headed by Puerto Madero (USD 5,698 per m2), Palermo (USD 2,987) and Belgrano (USD 2,739 per m2). The cheapest neighborhoods in CABA are Lugano (USD 1,008 per m2), Nueva Pompeya (USD 1,323) and La Boca (USD 1,416 per m2).
www.buysellba.com
Source:
Alquileres cada vez más caros en CABA: las suba en los últimos 12 meses superó el 206 por ciento
El acceso a la vivienda a través de una locación cada vez exige más tiempo para encontrar un inmueble y además los valores cada vez se disparan mes a mes. Un tres ambientes promedia los $343.227 por mes
www.infobae.com
November 07, 2023
Access to housing through a location increasingly requires more time to find a property and the values are also skyrocketing month after month. A three-room apartment averages $343,227 per month
By José Luis Cieri
Renting in the city of Buenos Aires is becoming more and more expensive: prices have no brakes month after month
In Argentina, renting a home continues to be a challenge, despite changes to the controversial law that has governed the sector since 2020. According to a private report, in the city of Buenos Aires, those who currently sign a contract face to an increase of 206.7% year-on-year.
An apartment that cost $100,000 in November 2022 is now priced at $220,670 per month.
This increase, which has a negative impact on tenants' pockets, exceeds the accumulated inflation of the last year, which stands at 138.3% according to Indec, and the adjustment of the Rental Contract Index (ICL), which in November showed an increase of 119.5% year-on-year in rental values.
It is important to highlight that as of today, new contracts are no longer governed by adjustment through the ICL and, instead, are adjusted every 6 months through the Casa Propia coefficient. However, those who must update their rental price will continue to do so based on 119.5% year-on-year.
The work of the Zonaprop platform also confirmed that with just a few weeks left until the end of the current year, prices will accumulate an increase of 175% in 2023 alone. The price of a 3-room, 70-square-meter apartment averages $343,227 per month; a studio apartment ranges from $207,000; and a two-room apartment of 50 m2 reaches $255,600 per month.
The supply of three-room rental homes decreased significantly due to the reluctance of owners to commit to three-year contracts. The recent regulatory reform further accentuated this trend.
In real estate agencies there are inquiries daily but they cannot satisfy the demand and experts estimate that those who need to move in March because their contract is ending already have to search, because there are tenants who take between 3 and 5 months to find another property. Something unprecedented, they confirmed from the sector.
Neighborhood by neighborhood
Most expensive and cheapest neighborhoods
Rental prices in CABA increased by 13.2% in October according to the analysis.
Currently, Palermo is positioned as the most expensive neighborhood (for several months the work has excluded Puerto Madero, where all rents are in dollars and mostly for temporary agreements) with an average price of $350,735 per month. Belgrano and Nuñez follow with $343,994 and $341,255 per month, respectively.
In the middle zone are Chacarita ($288,237 per month), Parque Chacabuco ($280,171) and Villa Pueyrredón ($254,959 per month).
Rentals with greater increases
The cheapest neighborhoods to rent are Barracas ($176,576 per month), Floresta ($218,736) and Constitución ($219,310 pesos per month).
Scarcity prevails
Both in CABA and in other areas of the country, it is difficult to find housing to rent. In dropper the first contracts are beginning to be made through Casa Propia, a mechanism that is based on the lowest indicator between the average inflation of the last year and 90% of the salary variation in that period. In contrast, the ICL is composed in equal parts of the monthly variations of the Consumer Price Index (CPI) and the Average Taxable Remuneration of Stable Workers (Ripte).There are neighborhoods where rentals of two- and three-bedroom apartments are not available through real estate agencies, such as Agronomía or La Boca. Informality and agreements between owners and tenants outside the regulations and lasting two years grew.
Rentals by area
Ricardo Botana, president of the Argentine Union of Tenants, told Infobae that the situation is critical for those looking for a home. Agreements that expire through the law continue to be extended for 3 to 6 months at most. We advise you to extend the agreement for as long as possible, so you have more time to find another home. And the biggest complaints we receive are about abusive requests to sign a contract or requests to pay an extra price while the contract lasts.”
Data from the Statistical Observatory of the Real Estate Market according to the Buenos Aires Real Estate Professional College confirmed that the share of the supply of properties for rent for housing is 4.29% of the market pie (average according to publications in different portals as of November 2nd). ). The supply of properties for housing rental is at historically low levels announced by this institution.
Stability in sales values
The prices of advertisements published on the Zonaprop portal again register a slight monthly increase, rising 0.1% in October. Since July 2023, a change in trend has been recorded and they have accumulated 0.7% since then.
Buenos Aires sales by neighborhoods
The value of a studio apartment is $94,810. On the other hand, a two-room apartment of 50 m2 has a value of $113,953. A three-room apartment of 70 m2 costs $158,908.
The price ranking by neighborhood is headed by Puerto Madero (USD 5,698 per m2), Palermo (USD 2,987) and Belgrano (USD 2,739 per m2). The cheapest neighborhoods in CABA are Lugano (USD 1,008 per m2), Nueva Pompeya (USD 1,323) and La Boca (USD 1,416 per m2).
www.buysellba.com
