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Rentals: It is increasingly difficult to find 3-bedroom apartments in CABA and they already exceed $700,000 per month - Infobae
Source:
www.infobae.com
November 19, 2024
They are among the most sought after in the Buenos Aires rental market. The lack of available units and the preference of large families drive up prices, especially in the northern areas of the city, Villa Devoto and Caballito.
By Jose Luis Cieri
3-bedroom apartments usually exceed 100 m2 of surface area
The rental market for three-bedroom apartments in the city of Buenos Aires presents a particular panorama, in which reduced supply and growing demand lead to a sustained increase in prices, even above inflation in some cases.
The real estate sector confirmed that the shortage of this type of property generated special conditions in setting prices and negotiating contracts. Although the DNU that repealed the Rental Law encouraged an increase in supply, and it is now possible to find apartments with three bedrooms, the lack of construction of this type of units in recent years made their availability difficult.
Since 2000, developers have focused more on building units with up to three rooms, making larger apartments, over 100 square meters, difficult to find.
Patricio Bedetti , from Patricio Bedetti Servicios Inmobiliarios, explained to Infobae : “It is a very sought-after segment but there is a lack of properties for rent. Prices follow inflation and in some cases are slightly above. This is different from smaller apartments, which increase below inflation.”
In areas of the northern corridor of the city, such as Palermo, Belgrano and Núñez, plus Puerto Madero, prices are usually set in dollars and show the most significant increases due to the greater purchasing power of residents.
In these neighborhoods, the price of a three-bedroom apartment can easily exceed $2,000,000 per month, especially in units with premium features, such as amenities or privileged locations.
Marta Liotto , from Liotto Properties and former head of the Buenos Aires Real Estate Association, said: “Rents are growing below inflation in general, but three-bedroom apartments, being the most difficult real estate product to obtain, have seen a certain rise in price.”
The few brand new 3-bedroom apartments were built recently in the northern area of Buenos Aires, such as Núñez, Saavedra or Belgrano.
In its area of action (Villa Devoto, among the areas), the prices for these apartments start at $700,000, depending on the neighborhood. In areas such as Villa Urquiza, for example, the rent for a three-bedroom apartment can be between $900,000 and $1,400,000 per month.
Liotto added that the greatest demand is concentrated in the northern part of the city, similar to what happens with other types of properties, although neighborhoods such as Caballito and Villa Devoto also stand out. “These neighborhoods have a greater presence of PH or house-type units, which increases their demand by families looking for large spaces.”
As for demand, the main interested parties are large families, many of them with pets, who are looking for spacious and comfortable spaces.
Another relevant issue is the impact of expenses on total costs, which have accumulated a 145% year-on-year increase . Four-room apartments are usually found in buildings with services and amenities that considerably increase expenses, which translates into an additional burden for tenants. “In buildings with a pool, private security or multiple garages, expenses can represent a significant part of the monthly cost,” said Bedetti.
On the other hand, PH or house type units, which do not have common expenses, present an advantage in this sense, which also makes the demand for these properties increase.
“Rates for this type of property are usually agreed upon every four months based on the Consumer Price Index (CPI), but we have noticed that owners are more open to negotiation due to the attention they pay to the quality of their tenants,” Bedetti said.
Since the Government's DNU came into force and free contracts were agreed between parties, each negotiation became particular, since many factors influence it, from proximity to schools to the owner's willingness to renew the contract. "Each negotiation is a world apart, in which the needs of families and the expectations of the owners intersect," concludes Liotto.
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Source:
Alquileres: cada vez es más difícil encontrar departamentos de 4 ambientes en CABA y ya superan los $700.000 por mes
Están entre los más buscados en el mercado de alquileres porteño. La falta de unidades disponibles y la preferencia de las familias numerosas impulsan precios altos, especialmente en las zonas norte de la ciudad, Villa Devoto y Caballito
www.infobae.com
November 19, 2024
They are among the most sought after in the Buenos Aires rental market. The lack of available units and the preference of large families drive up prices, especially in the northern areas of the city, Villa Devoto and Caballito.
By Jose Luis Cieri
3-bedroom apartments usually exceed 100 m2 of surface area
The rental market for three-bedroom apartments in the city of Buenos Aires presents a particular panorama, in which reduced supply and growing demand lead to a sustained increase in prices, even above inflation in some cases.
The real estate sector confirmed that the shortage of this type of property generated special conditions in setting prices and negotiating contracts. Although the DNU that repealed the Rental Law encouraged an increase in supply, and it is now possible to find apartments with three bedrooms, the lack of construction of this type of units in recent years made their availability difficult.
Since 2000, developers have focused more on building units with up to three rooms, making larger apartments, over 100 square meters, difficult to find.
Patricio Bedetti , from Patricio Bedetti Servicios Inmobiliarios, explained to Infobae : “It is a very sought-after segment but there is a lack of properties for rent. Prices follow inflation and in some cases are slightly above. This is different from smaller apartments, which increase below inflation.”
Prices
There are currently approximately 1,300 three-bedroom apartments on offer in CABA, and prices exceed $700,000 per month. In Caballito, the price is around $850,000, while in Almagro it is $750,000 and in Boedo it is around $800,000, three of the most sought-after areas.In areas of the northern corridor of the city, such as Palermo, Belgrano and Núñez, plus Puerto Madero, prices are usually set in dollars and show the most significant increases due to the greater purchasing power of residents.
In these neighborhoods, the price of a three-bedroom apartment can easily exceed $2,000,000 per month, especially in units with premium features, such as amenities or privileged locations.
Marta Liotto , from Liotto Properties and former head of the Buenos Aires Real Estate Association, said: “Rents are growing below inflation in general, but three-bedroom apartments, being the most difficult real estate product to obtain, have seen a certain rise in price.”
The few brand new 3-bedroom apartments were built recently in the northern area of Buenos Aires, such as Núñez, Saavedra or Belgrano.
In its area of action (Villa Devoto, among the areas), the prices for these apartments start at $700,000, depending on the neighborhood. In areas such as Villa Urquiza, for example, the rent for a three-bedroom apartment can be between $900,000 and $1,400,000 per month.
Liotto added that the greatest demand is concentrated in the northern part of the city, similar to what happens with other types of properties, although neighborhoods such as Caballito and Villa Devoto also stand out. “These neighborhoods have a greater presence of PH or house-type units, which increases their demand by families looking for large spaces.”
Shortage of supply
According to Liotto, “the main factor influencing price increases is the low supply on the market,” since, in most cases, these properties belong to owners who rent them temporarily while legal proceedings are being resolved or they decide to sell.As for demand, the main interested parties are large families, many of them with pets, who are looking for spacious and comfortable spaces.
Another relevant issue is the impact of expenses on total costs, which have accumulated a 145% year-on-year increase . Four-room apartments are usually found in buildings with services and amenities that considerably increase expenses, which translates into an additional burden for tenants. “In buildings with a pool, private security or multiple garages, expenses can represent a significant part of the monthly cost,” said Bedetti.
On the other hand, PH or house type units, which do not have common expenses, present an advantage in this sense, which also makes the demand for these properties increase.
“Rates for this type of property are usually agreed upon every four months based on the Consumer Price Index (CPI), but we have noticed that owners are more open to negotiation due to the attention they pay to the quality of their tenants,” Bedetti said.
Since the Government's DNU came into force and free contracts were agreed between parties, each negotiation became particular, since many factors influence it, from proximity to schools to the owner's willingness to renew the contract. "Each negotiation is a world apart, in which the needs of families and the expectations of the owners intersect," concludes Liotto.
Neighborhood by neighborhood
Below are the average prices in the Buenos Aires neighborhoods where there are 3-bedroom units for rent for more than 100 m2 based on data from Zonaprop and Cabaprop (Puerto Madero is not included because all prices there are in dollars):- Nuñez: $1,268,300.
- Palermo: $1,237,700.
- Chacarita: $1,220,200.
- Colegiales: $1,186,400.
- Belgrano: $1,177,000.
- Villa Urquiza: $1,168,500.
- Recoleta: $1,130,900.
- Caballito: $1,115,500.
- Villa Devoto: $1,110,000.
- Almagro: $1,109,800.
- Saavedra: $1,104,200.
- Parque Chacabuco : $1,100,000.
- Villa Crespo: $1,097,000.
- San Telmo: $1,025,300.
- Flores: $1,019,600.
- Villa Del Parque: $1,018,700.
- Boedo: $1,016,500.
- Retiro: $1,005,600.
- Barracas: $990,200.
- Balvanera: $949,900.
- Villa Luro: $943,800.
- Santa Rita: $941,300.
- San Cristobal: $939,100.
- Montserrat: $929,000.
- San Nicolas: $898,100.
- Floresta: $895,400.
- Velez Sarsfield: $883,000.
- Constitucion: $854,600.
- Liniers: $760,000.
- Lugano: $727,300.
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