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Rentals: In Greater Buenos Aires, 1-bedroom apartments do not go below $140,000 per month - Infobae
Source:
www.infobae.com
October 27, 2023
The increase in the north and west-south corridors is around 123% so far this year. Although the reforms to the Rental Law are now in force, the offer remains ironed.
By José Luis Cieri
Young people observe the expenses to maintain the home and pay rent, increasingly expensive in Argentina (Illustrative image Infobae)
Finding housing to rent at reasonable prices is very difficult in Greater Buenos Aires (GBA). In the north, south and west corridors, 1-bedroom apartments are not available for less than $140,000 per month.
This was confirmed by a private analysis that also recorded that in the northern GBA the values increased by 11.8% in the month of September and accumulated 43.4% in the third quarter of the year. So far in 2023, values are up 122.9 percent. The average rental price of a 1-bedroom apartment of 50 square meters is $194,330 per month. One with 2-bedrooms and 70 m2, meanwhile, reaches $245,940 per month.
While in the west-south GBA, according to Zonaprop, prices rose 15.1% in September and accumulated an increase of 123.6% so far this year. Renting a 1-bedroom, 50 m2 apartment represented $140,781 per month, while a 2-bedrooms, 70 m2 apartment was rented for $176,019 per month.
Rental signs in Greater Buenos Aires are not easy to find, the supply remains at historic low levels
The lowest prices are found in San Miguel ($141,878), Pilar ($149,988) and Muñiz ($157,135).
Source: Zonaprop
For its part, the town of Avellaneda leads the price ranking with a value of $183,409 per month in the west-south GBA. They are followed by Wilde ($182,507) and Santos Lugares ($181,394 monthly).
“The west-south corridor registers similar increases to the north so far in 2023 (123.6% vs 122.9%); However, renting a 1-bedroom apartment in the west-south area costs 27.5% less than in the north,” Molina clarified.
“In CABA, unlike the GBA, the maximum demand is concentrated in the studio apartments,” said the analyst.
Source: Zonaprop
There are GBA parties with less than 30 homes in traditional locations, the majority are in dollars and for temporary agreements.
Alejandro J. Altamirano , from Altamirano Properties, said that “the air is one of disappointment, since the only thing that changed was the periodicity of the adjustments, but with a coefficient lower than the ICL. Therefore, what is gained by receiving the increase earlier (because it is now semiannual) is lost when applying Casa Propia. We feel that practically nothing changed.”
Experts suggest that the regulations will not change immediately, even if La Libertad Avanza comes to power.
Alvarez Jonte at 1500, in Castelar, Morón district, where there is also a shortage of real estate in traditional locations (Google Street View)
“In this context, we suggest owners put their properties back on the market. Although we recognize that current legislation does not necessarily motivate owners, we believe that we must comply with it. Keeping a property unoccupied involves unnecessary expenses. If we consider that the law will not undergo significant changes in the future, the only solution we see lies in reducing inflation,” added Altamirano.
In Villa Ballester, San Martín district, the offer is very limited, there are completely different prices. A 1-bedroom apartment ranges between $150,000 and $250,000 per month. A 2-bedroom apartment has a base of $300,000 and you have to do a lot of research to get it because there are few of them.
In the south, there is an increase in inquiries from owners who decide to rent out their units with the reformed law. “Although not very enthusiastic about the guidelines, they see the fact of shortening the update period as positive. Others, not convinced, prefer to wait,” commented Silvia Castro , manager of Antúnez Vega Propiedades.
Source: Zonaprop
The already reformed law does not seem to satisfy any of the parties. In the case of owners, it improves their situation by allowing them to update the amounts every 6 months instead of 12, using the Casa Propia coefficient, which, although more moderate than the ICL, is attractive as it is applied in shorter periods and has some fiscal benefits.
Castro added: “Tenants, in general, accept market conditions due to the urgent need to resolve their housing problems, which are becoming more and more pressing. The expectation of improvements in the sector in the short term is limited or non-existent, and this law has not brought substantial benefits to the parties involved.”
Between Lanús and Avellaneda, depending on the location, condition and characteristics of the properties, the values start at $270,000 for 2-bedroom houses and in the case of apartments from $170,000 for 1-bedroom and $240,000 for 2-bedrooms, plus garage. $20,000 approximately.
Experts agree that the changes in the legislation that regulates traditional rentals did not generate substantial changes in the market trend. Most owners remain expectant and cautious.
Source: Zonaprop
María Rodríguez Dávila , general manager of Matías Szpira Bienes Raíces, explained that “the law is very recent and was approved in the midst of an electoral climate, so a large part of the market prefers to wait to see what happens after December 10. From the perspective of the owners, the three-year period and the adjustment with a coefficient that they consider complex or unfavorable in the face of inflation have not encouraged an increase in the supply of rental properties.”
The price of a 1-bedroom apartment with a garage in Castelar and Ituzaingó is around $180,000, while a 2-bedroom apartment with a garage in that same area averages $300,000 per month.
“At the moment, very few contracts have been concluded under the new law. Although we always advise our clients to enter into contracts under current legislation, most prefer to opt for extensions with different conditions or leave the property empty for a few months until they have a clearer picture of how to proceed. Those who opt for extensions seek terms of a maximum of one year, with semiannual adjustments based on the CPI,” concluded Rodríguez Dávila.
www.buysellba.com
Source:
Alquileres: en el Gran Buenos Aires, los departamentos de dos ambientes no bajan de $140.000 por mes
La suba en los corredores norte y oeste-sur ronda el 123% en lo que va del año. Aunque ya está en vigencia las reformas a la Ley de Alquileres, la oferta sigue planchada
www.infobae.com
October 27, 2023
The increase in the north and west-south corridors is around 123% so far this year. Although the reforms to the Rental Law are now in force, the offer remains ironed.
By José Luis Cieri
Young people observe the expenses to maintain the home and pay rent, increasingly expensive in Argentina (Illustrative image Infobae)
Finding housing to rent at reasonable prices is very difficult in Greater Buenos Aires (GBA). In the north, south and west corridors, 1-bedroom apartments are not available for less than $140,000 per month.
This was confirmed by a private analysis that also recorded that in the northern GBA the values increased by 11.8% in the month of September and accumulated 43.4% in the third quarter of the year. So far in 2023, values are up 122.9 percent. The average rental price of a 1-bedroom apartment of 50 square meters is $194,330 per month. One with 2-bedrooms and 70 m2, meanwhile, reaches $245,940 per month.
While in the west-south GBA, according to Zonaprop, prices rose 15.1% in September and accumulated an increase of 123.6% so far this year. Renting a 1-bedroom, 50 m2 apartment represented $140,781 per month, while a 2-bedrooms, 70 m2 apartment was rented for $176,019 per month.
Leandro Molina , country manager of Grupo QuintoAndar (company that owns Zonaprop) for Argentina and Peru, told Infobae that “with the continuous decrease in the supply of rental properties and in the midst of growing inflation, prices will continue to experience increases with great force".
Rental signs in Greater Buenos Aires are not easy to find, the supply remains at historic low levels
Where they rose the most and where the least
The neighborhoods of Olivos and Nordelta are those with the most expensive offer in the north of the GBA with a value of $314,460 and 260,926 pesos per month, respectively.The lowest prices are found in San Miguel ($141,878), Pilar ($149,988) and Muñiz ($157,135).
Source: Zonaprop
For its part, the town of Avellaneda leads the price ranking with a value of $183,409 per month in the west-south GBA. They are followed by Wilde ($182,507) and Santos Lugares ($181,394 monthly).
“The west-south corridor registers similar increases to the north so far in 2023 (123.6% vs 122.9%); However, renting a 1-bedroom apartment in the west-south area costs 27.5% less than in the north,” Molina clarified.
High demand and low supply
Across all districts, a similar preference structure is observed: rental demand is highest for smaller properties (less than 60 m2) and decreases as larger units are considered.“In CABA, unlike the GBA, the maximum demand is concentrated in the studio apartments,” said the analyst.
Source: Zonaprop
There are GBA parties with less than 30 homes in traditional locations, the majority are in dollars and for temporary agreements.
After the reform
With the reform of the 2020 law already in force, where agreements with a duration of three years and semiannual adjustments were maintained through the Own House coefficient instead of the Rental Contract Index (ICL), the shortage of supply continues to be the protagonist in the real estate market.Alejandro J. Altamirano , from Altamirano Properties, said that “the air is one of disappointment, since the only thing that changed was the periodicity of the adjustments, but with a coefficient lower than the ICL. Therefore, what is gained by receiving the increase earlier (because it is now semiannual) is lost when applying Casa Propia. We feel that practically nothing changed.”
Experts suggest that the regulations will not change immediately, even if La Libertad Avanza comes to power.
Alvarez Jonte at 1500, in Castelar, Morón district, where there is also a shortage of real estate in traditional locations (Google Street View)
“In this context, we suggest owners put their properties back on the market. Although we recognize that current legislation does not necessarily motivate owners, we believe that we must comply with it. Keeping a property unoccupied involves unnecessary expenses. If we consider that the law will not undergo significant changes in the future, the only solution we see lies in reducing inflation,” added Altamirano.
In Villa Ballester, San Martín district, the offer is very limited, there are completely different prices. A 1-bedroom apartment ranges between $150,000 and $250,000 per month. A 2-bedroom apartment has a base of $300,000 and you have to do a lot of research to get it because there are few of them.
In the south, there is an increase in inquiries from owners who decide to rent out their units with the reformed law. “Although not very enthusiastic about the guidelines, they see the fact of shortening the update period as positive. Others, not convinced, prefer to wait,” commented Silvia Castro , manager of Antúnez Vega Propiedades.
Source: Zonaprop
The already reformed law does not seem to satisfy any of the parties. In the case of owners, it improves their situation by allowing them to update the amounts every 6 months instead of 12, using the Casa Propia coefficient, which, although more moderate than the ICL, is attractive as it is applied in shorter periods and has some fiscal benefits.
Castro added: “Tenants, in general, accept market conditions due to the urgent need to resolve their housing problems, which are becoming more and more pressing. The expectation of improvements in the sector in the short term is limited or non-existent, and this law has not brought substantial benefits to the parties involved.”
Between Lanús and Avellaneda, depending on the location, condition and characteristics of the properties, the values start at $270,000 for 2-bedroom houses and in the case of apartments from $170,000 for 1-bedroom and $240,000 for 2-bedrooms, plus garage. $20,000 approximately.
Experts agree that the changes in the legislation that regulates traditional rentals did not generate substantial changes in the market trend. Most owners remain expectant and cautious.
Source: Zonaprop
María Rodríguez Dávila , general manager of Matías Szpira Bienes Raíces, explained that “the law is very recent and was approved in the midst of an electoral climate, so a large part of the market prefers to wait to see what happens after December 10. From the perspective of the owners, the three-year period and the adjustment with a coefficient that they consider complex or unfavorable in the face of inflation have not encouraged an increase in the supply of rental properties.”
The price of a 1-bedroom apartment with a garage in Castelar and Ituzaingó is around $180,000, while a 2-bedroom apartment with a garage in that same area averages $300,000 per month.
“At the moment, very few contracts have been concluded under the new law. Although we always advise our clients to enter into contracts under current legislation, most prefer to opt for extensions with different conditions or leave the property empty for a few months until they have a clearer picture of how to proceed. Those who opt for extensions seek terms of a maximum of one year, with semiannual adjustments based on the CPI,” concluded Rodríguez Dávila.
www.buysellba.com
