Apartment Rental Three-bedroom apartments are back for rent in CABA: How the offer has changed and what the prices are, neighborhood by neighborhood - Infobae

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Three-bedroom apartments are back for rent in CABA: How the offer has changed and what the prices are, neighborhood by neighborhood - Infobae​

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Volvieron los departamentos de 4 ambientes para alquilar en CABA: cómo cambió la oferta y cuáles son los precios, barrio por barrio

En diciembre pasado había menos de 40 propiedades de estas características, la mayoría en dólares. Hoy se cuentan unas 1.200 unidades ofrecidas, la mayoría en pesos

www.infobae.com

August 3, 2024

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Last December there were fewer than 40 properties of this type, most of them in dollars. Today there are about 1,200 units offered, most of them in pesos.

By Jose Luis Cieri

The 3-bedroom apartments that are in a tower and are in the northern area of Buenos Aires are the most expensive on the real estate market

Since the implementation of the DNU that repealed the Rental Law, the real estate supply panorama has changed completely, especially in the city of Buenos Aires (CABA). At the end of 2023, the number of available units of 4-room apartments was less than 40, while currently this number has expanded significantly.

At that time, the shortage was noticeable and of the few that were offered, 80% were in dollars . With the dynamics of the new regulations to carry out contracts based more on the Civil and Commercial Code, everything changed. Free agreements between parties, with adjustments previously agreed between owners and tenants, motivated property owners to return to the traditional rental market.

Currently, the CABA offer averages 15,200 apartments in general. However, in 4-bedroom options it is estimated that there are about 700 in pesos and about 500 in dollars. In total, 1,200 3-bedroom units.

In the last twelve months, the values of four-room apartments increased by 152%, compared to 89.47% for studio apartments in the same period.

Various measurements claim that, after the DNU, supply expanded between 150% and 218% when comparing July with January.

Germán Gómez Picasso , from Reporte Inmobiliario, said that the supply of four-room apartments remains limited in relation to the high demand and the scarce construction of these units in the last 30 years. “This type of property is highly sought after by families, which increases its value in the market,” he told Infobae .

Since they are the least found in the city, Real Estate Report also confirmed that they are the ones that have increased the most in value. When comparing last July with July 2023, the prices of 4-room apartments rose 152% year-on-year, compared to 89.47% for studio apartments in the same period.

Demand for four-room apartments remains high, with a tenant profile mostly made up of families with school-age children.

Francisco Altgelt , from Altgelt Negocios Inmobiliarios, highlighted that “in the northern corridor, (the rental value of) these apartments is approximately $1,000,000 per month. It is important to consider the amount of the expenses ( in some cases this cost can represent up to 50% of the rental value ) and increasingly influences the price, and whether the apartment has a garage.”

Demand​

The sector maintains that the public that most seeks them out are large families with several children of school or secondary school age.

“As they are scarce on the market, it is a type of apartment that is difficult to find in good condition or that meets the characteristics of current demand. As they have several spaces in addition to the bedrooms, they are expensive to maintain in good condition,” added Gómez Picasso.

They are generally double or triple circulation and luminous.

The most sought-after apartments are those in Caballito, Recoleta, Palermo, Belgrano or Núñez.

Altgelt pointed out that tenants who need four rooms choose apartments close to schools and with easy access to transportation . “Priority is given to having a garage and, if they are in modern buildings, to having amenities such as a gym, swimming pool and green areas for recreation.”

These homes usually have double or triple circulation surfaces and bright rooms, some even have more than one kitchen. Features such as a study, playroom and utility rooms are prioritized. Sometimes, they are sought after by professionals who transform a bedroom into their work space.

Over the past month, prices for four-room apartments have remained stable, barely moving 1.5% below inflation.

Gómez Picasso added: “The increased supply has allowed for a certain stabilisation of prices, although there is still a high demand for this type of units.”

The premium ones, located in Puerto Madero, range from $2,000,000 per month and are less than 10 years old.

Values​

Below are the average prices for the neighborhoods where there is currently supply in CABA. These are average rental values in pesos based on data from Reporte Inmobiliario and Cabaprop, and generally exceed 110 m2 covered.

Puerto Madero: $2,000,000.
Palermo: $900,000.
Belgrano: $880,000.
Saavedra: $800,000.
College students: $770,000.
Nunez: $750,000.
Recoleta: $720,000.
Caballito: $715,000.
Villa Devoto: $700,000.
Chacarita: $680,000.
Congreso: $660,000.
Balvanera: $650,000.
Park Village: $630,000.
Monte Castro: $600,000.
Villa Crespo: $600,000.
San Nicolas: $600,000.
Almagro: $590,000.
Montserrat: $580,000.
Floresta: $575,000.
Barracas: $560,000.
Downtown/Microcenter: $550,000.
Flores: $500,000.
St. Kitts: $450,000.
Liniers: $430,000.
Constitution: $400,000.
Villa Lugano: $375,000.



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