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Rentals in Greater Buenos Aires: There is a recovery in supply, but year-on-year increases exceed 230 percent - Infobae
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Alquileres en el Gran Buenos Aires: hay recuperación de la oferta, pero los aumentos interanuales superan el 230 por ciento
Un análisis privado y especialistas en los corredores norte, sur y oeste del conurbano confirman la tendencia. Los valores promedio para departamentos de dos ambientes alcanzan los $208.000 mensuales
www.infobae.com
January 17, 2024
A private analysis and specialists in the northern, southern and western corridors of the suburbs confirm the trend. The average values for two-room apartments reach $208,000 per month
By José Luis Cieri
Maintaining the cost of a home in times of inflation is becoming more complex and requires more effort. In the GBA, supply begins to recover but prices remain high (Illustrative Image Infobae)
After the repeal of the Rental Law due to the effect of the recent presidential DNU, the supply of properties in Greater Buenos Aires (GBA) begins to recover. However, values continue to rise, with accumulated increases that exceed 230% year-on-year in the three suburban corridors.
On average, a two-room apartment of 50 square meters does not go below $208,087 per month, while a three-room apartment of 70 m2 ranges from $310,119 per month.
According to Zonaprop, the northern area of the GBA experienced an increase of 16.8% in December, raising the average rent for a three-room apartment to $438,584 per month.
Olivos, in the Vicente López district, is the neighborhood with the most expensive offer in the GBA market, with a value of $530,670 per month. It is followed by Vicente López with a value of $514,937 and Nordelta with a value of $483,565 per month. On the other hand, San Miguel and Villa Ballester have a lower price, $218,647 and $239,655 pesos per month, respectively.
Rentals by prices (Zonaprop)
The rental price in the west-south area increased by 13.4% last December.
Villa General Paz, party of 3 de Febrero, leads the ranking with the most expensive offer with a price of $254,247 per month, followed by Caseros ($252,162) and Wilde ($250,925 per month).
On the contrary, the cheapest rentals are found in Moreno ($161,758 per month), Villa Luzuriaga ($163,906) and Haedo ($177,249 per month).
Rentals by price, west and south of GBA (Zonaprop)
Gradual return of owners
Specialists agree that, in the three GBA corridors, the supply reacts positively gradually after the DNU. It is estimated that in some parties such as Tigre, Avellaneda, Quilmes, among others, there are now 20% more proposals compared to 40 days ago.In Morón, for example, there are currently about 140 apartments, in contrast to 115 units at the beginning of December. However, more than 65% are still offered in dollars.
“Since the repeal of the Rental Law, landlords have shown increasing interest in renting out their properties again. After facing the difficulties of a law that was never in their favor, they view this repeal with satisfaction,” Ariel José Córdoba of Córdoba Propiedades told Infobae.
In San Miguel, agreements are promoted with a maximum duration of two years.
Source: Zonaprop
Córdoba specified: “In each contract, we establish a clause to adjust the amounts in the event of abrupt changes in the economy. We consider various options. The focus is on the variables and maintaining a constant dialogue between the parties.”
Quarterly adjustments of 45% for inflation are being agreed upon. “Sometimes it is not feasible to make adjustments of such magnitude. We propose to review our position in the market every 4 months. Mutual collaboration is essential in this process,” Córdoba added.
In this area that connects the north with the west of the GBA, the rental values for a 2-room apartment, 45 m2 with garage, are around $185,000 plus $35,000 for expenses. For 3 rooms with 65 m2 it costs $210,000 plus $45,000 for expenses. A 3-room duplex with garage, patio and barbecue has a price close to $245,000; A 4-room house with garage, pool and grill costs around $285,000 per month.
Source: Zonaprop
In the southern area, supply seems to be about to expand. Several owners who previously chose to wait, not authorize new reservations or withdraw their apartments from the offer, are now showing interest in renting their homes.
Leandro Gómez , of Gómez Propiedades, noted: “Doubts persist among tenants, as those without an urgent need to move are evaluating the possibility that the law could undergo a new change in Congress. We consider that, for the moment, the situation will not be reversed.”
Currently, homeowners between Lanús and Avellaneda opted for the rental modality in pesos with a duration of 2 years, with quarterly adjustment according to the Consumer Price Index (CPI).
“As for current values, these were adapted to supply and demand, influenced by the current devaluation. Geographic location also plays a crucial role, with the units closest to commercial areas experiencing the greatest increases in price,” Gómez pointed out.
In Lanús Centro, a 2-room apartment with a garage reaches $300,000 per month. For 3 rooms with a garage, prices range between $400,000 and $500,000, depending on the type of tower and the presence of amenities.
More properties gradually enter the southern GBA market
In the segment of 3 or 4 room houses, the majority are offered in dollar value, especially during the summer season and for temporary agreements. There is a tendency to allocate houses with several rooms to professional rentals, such as offices or studios.
Finally, in Castelar and its surroundings, in the western area, it is observed that gradually, owners are showing a willingness to return to the housing rental market.
Matías Szpira, from Matías Szpira Bienes Raíces, indicated: “Our approach is always to facilitate rapprochement between the parties to achieve the best possible agreement. The preference for 2-year contracts persists in the residential sector, and we observe that the quarterly adjustment by CPI is mostly gaining popularity.”
Alvarez Jonte at 1500 in Castelar. Experts consider this new stage in the rental market to be very positive.
A two-bedroom with garage in Castelar Norte is rented for $300,000 per month, and a three-bedroom for $420,000 with garage.
“The values continue to increase, but with the increasing supply that is expected, a readjustment in the form of a plateau or even, in some cases, a slight decrease in the starting point is anticipated. This adaptation is due to increasing competition in the real estate market,” Szpira concluded.
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