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Rentals: How much was the increased the first part of the year - Infobae
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Alquileres en CABA: cuánto aumentaron en la primera parte del año los departamentos de uno, dos y tres ambientes
Un informe de la Dirección General de Estadísticas y Censos del Gobierno porteño detalló la dinámica del mercado de alquileres en el primer trimestre del año
www.infobae.com
June 04, 2024
A report from the General Directorate of Statistics and Censuses of the Buenos Aires Government detailed the dynamics of the rental market in the first quarter of the year
ByJosé Luis Cieri
Price monitoring focuses only on used apartments with studio to 2 bedrooms, by neighborhood and commune (Illustrative Image Infobae)
A report from the General Directorate of Statistics and Census of the Buenos Aires Government on the rental market in CABA revealed significant data on the supply of apartments, based on units of studios to 2 bedrooms, both used and brand new, published in pesos on the portal Argenprop.
These are data from the first quarter of the year in which a significant year-on-year increase is observed in the price per square meter for rentals of used apartments: in one-room apartments it increased by 266.2%, in one-bedroom apartments by 287.6% and in those with 2 bedrooms 282.9 percent.
The analysis confirmed, in turn, that after the DNU that repealed the Rental Law, the values slowed down in relation to the previous quarter: for studio apartments, 12.7 percentage points (pp); those in two environments, 14.1 pp; and those with three rooms, 17.4 points. The average valuations of these base apartments thus reached the following values: $273,918 for 1 room; $372,541 for 2 rooms, and $566,749 for 3 rooms.
For the first time in more than two years, the year-on-year trajectory of rentals showed a slowdown, with different rhythms depending on the type of unit.
Source: General Directorate of Statistics and Census of the Buenos Aires Government
The quarterly increases ranged between 19% and 22%, figures significantly lower than the records of the previous period (49% to 59%).
Soledad Balayan, from Maure Inmobiliaria, commented to Infobae: “In some cases, where renting more quickly is prioritized, the price is lowered as time passes and the property does not receive visits. There are other owners who are afraid that the price will be below inflation, after having experienced it with the Rental Law. These are the cases that present the greatest resistance to downward pressure and to making conditions more flexible. As inflation subsides and salaries regain their purchasing power, everything will fall into place.”
According to the Buenos Aires Government agency, the average growth in the publication value of rents barely exceeded the variation estimated by the Consumer Price Index of the City of Buenos Aires (IPCBA), which averaged 263.8% year-on-year for January/ March.
Maximus and minimous
In the first quarter of 2024, rental prices in CABA showed significant variations depending on the neighborhood and the type of unit. The highest levels were concentrated in traditional areas of high demand, while the most accessible values were found in more peripheral or emerging areas.Rental prices by neighborhood:
Regarding rental prices by neighborhood, the highest value studio apartments were observed in Palermo ($322,705), followed by Chacarita and Colegiales, while the publications of Villa Devoto ($233,130) and the Parque Chacabuco/Flores area presented the most affordable price of the set.
Average prices for used properties
For the 2 environments, the highest valuation also corresponded to units in Palermo ($430,333) followed by neighborhoods in the northern corridor such as Recoleta, Belgrano and Colegiales. For its part, the lowest average amounts were found in Liniers ($293,986) and Villa Santa Rita ($307,532).
For the 3 rooms, again Palermo ($649,992) won the highest rents and after it appear the Villa Urquiza apartments ($638,026); At the other extreme were Barracas ($445,360) and Montserrat ($461,838).
Alberto Héctor Loyarte , Real Estate expert and real estate broker, highlighted that “Palermo witnessed a boom in the construction of investment properties that remains active. It is a fashionable neighborhood with a great commercial and university scene, with health centers and gastronomic centers. For this reason, today it leads the number of proposals within the market and there are the highest values after Puerto Madero, where most of the valuations are dollarized.”
Expanding offer
The period that includes the first quarter of 2024 showed the highest volume of publications in pesos since 2015, being 2.5 times greater than that of the previous quarter.
Average publication price for 3-room apartments (General Directorate of Statistics and Census of the Buenos Aires Government)
This increase becomes relevant after two years of very low offers, mainly from the beginning of 2022 until its minimum in July/September 2023.
“The supply of used apartments grew significantly, reaching a ratio of 9 to 1 with respect to brand new units. This growth could be linked to the repeal of the rental law and the liberalization of the market at the end of December 2023,” reported the General Directorate of Statistics and Census.
Geographical distribution
Communes 14 and 13 concentrated more than a quarter of the total rental publications, and the first five communes represented just over 54% of the total, although these proportions were lower than in the previous quarter.
Average publication price for 3-room apartments (General Directorate of Statistics and Census of the Buenos Aires Government)
This indicates that the increase in supply was distributed throughout the city, especially in the central and southern communes.
Finally, the proportion of apartments offered in dollars remained almost unchanged compared to the previous quarter, suggesting a possible stabilization of the market where 3 out of every 10 publications remained in this currency.
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