Those who need
to renew or start a rental
in Buenos Aires today find a completely changed market.
With new rules for contracts, brought by DNU 70/2023.
With more homes offered.
And also with
shocking prices
.
According to a survey by the Zonaprop real estate portal, in
January
, the first month with the DNU in full force,
supply grew by 62%
compared to December.
While the
intended values
in pesos, which were already very high, increased another 21%.
Thus, in January 2024 the average price of a
typical two-bedroom
in Capital was already
308% higher
than that registered in January 2023. In other words: today the owners are asking
four times as much
as a year ago for a similar unit.
"The accumulated increase in the last 12 months is the
maximum recorded
since the beginning of the series (2012)," Zonaprop highlighted.
Furthermore, according to the study, in the last
24 months
rents have already become more expensive by
732%
: that is, they
have increased eightfold
.
Now, then, what are
the prices
to consider?
And
what neighborhoods
can each tenant in the City aspire to according to their budget?
The
value map
was radically modified and it is key to know it before undertaking a search.
For rent today they ask for four times as much as a year ago.
Photo: Andrés D'Elía.
The new rental prices in the City of Buenos Aires
Currently, for the rental of a
studio apartment
in Capital they are asking around
$327,295 per month
for the
first period
(later the fee will have adjustments with the mechanism agreed upon).
For a two-bedroom
apartment
- which two years ago required $48,680 per month and a year ago $99,290 - the amount rose to
$405,218
.
Renting a
three-bedroom
, meanwhile, is now worth about
$558,710
per month, always according to Zonaprop.
Now, beyond these averages,
notable differences
appear between the
different neighborhoods
, both in prices and in the variation they suffered.
There are points in the City where rents increased by
234%
or 256% year-on-year, while in other areas they skyrocketed by 360%, 387% or even
more than 400%
.
The cheapest and most expensive neighborhoods in Buenos Aires today to rent a 2-bedroom
Considering a standard
two-room
apartment with
50 m2 covered
and a small balcony, the report shows that the most expensive Buenos Aires neighborhood to rent continues to be
Palermo
, where the average price was
$508,160 per month
(Puerto Madero is excluded from the analysis because has values mostly in dollars).
Among the
most expensive
neighborhoods to rent a similar property are
Belgrano
(
$497,300
),
Chacarita
(
$492,018
),
Núñez
(
$486,712
), Retiro ($466,328), Recoleta ($462,257), Villa Urquiza ($450,036), Saavedra ($445,375) and Colegiales ( $437,649).
With an intermediate
price level
there are now neighborhoods such as
Caballito
(
$395,763
), Parque Chas ($395,728),
Almagro
(
$394,644
), Villa Pueyrredón ($391,978),
Villa Devoto
(
$387,405
), Parque Chacabuco ($386,018) and Villa del Parque ($372,662). .
While the
most economical
districts to rent a 2-bedroom were in January
Liniers
(
$301,392
per month),
Mataderos
(
$310,634
), Monte Castro ($314,811), Floresta ($316,520), Santa Rita ($318,991) and Barracas ($329,749).
Palermo heads the price ranking and at the opposite end is Liniers.
Photo: Maxi Failla.
In which neighborhoods did the price of renting a 2-room apartment increase the most and in which the least?
When comparing
how much the values varied
in each area in the
last 12 months,
it appears that the neighborhoods with the hardest rent increases were
San Telmo
(with
414%
average increase),
Monserrat
(
387%
),
Belgrano
(
364%
), San Nicolás (360%) and Paternal (358%).
The
Top 10
neighborhoods with the highest increases are completed by Retiro (353%), Chacarita (346%), Núñez (335%), Parque Chacabuco (327%) and Saavedra (326%).
At the other extreme, the places where
the cost of renting
increased the least were
Villa Santa Rita
(
234%
),
Monte Castro
(
252%
),
Boedo
(
256%
), Constitución (270%), Mataderos (283%), Liniers (290%). %) and Villa del Parque (290%), according to the report.
In Constitución, renting a 2-bedroom now requires $354,833 per month.
Photo: Maxi Failla.
What were the main changes that DNU 70/2023 brought to rentals?
The decree swept away the rental laws of 2020 (27,551) and 2023 (27,737), and reformed key articles of the Civil and Commercial Code referring to the issue to
reduce state intervention
.
In this way, as
main novelties
, the DNU of Javier Milei:
-
Removed the minimum duration
.
There was no longer a legal requirement to rent homes for at least 3 years.
The parties can now freely agree on the deadline.
-
The penalty changed for leaving earlier
.
The tenant can now terminate at any time, paying the owner compensation equivalent to 10% of everything remaining to be paid under the contract.
-
Allowed you to agree on the settings
.
Previous laws imposed the frequency of updates (annual or semi-annual) and the indices to be used.
But after the DNU, the parties can freely negotiate which formula to apply and with what frequency.
-
Enabled contracts in dollars
.
"The rents may be established in legal tender or foreign currency, at the free discretion of the parties," defines the decree.
-
Allowed the deposit to be agreed upon
.
The previous limit of 1 month's rent was eliminated and the obligation for that money to be returned updated to the value of the last rental.
Now, the parties can "freely determine" these aspects.
-
Allowed advance payments
.
After the DNU, it is accepted that in housing rentals the parties agree to payments for several months together, which was previously prohibited.
MDG