The market remains a problem for the punished pockets of people looking for rental properties. According to a survey by Zonaprop, the price in Greater Buenos Aires (GBA) North increased 63.2% in the last 12 months and 60.6% in West-South GBA, both records imply increases well above inflation, which accumulated 52.3% year-on-year.
The analysis established that rental prices in GBA in the north rose by 4.8% in February. A two-room 50 m2 apartment sits at $54,498 per month, while a three-room, 70 m2 apartment is rented for $80,467.
In the north, the neighborhoods of Nordelta, in Tigre, and La Lucila, in Vicente López, have the most expensive rents with values of $83,117 and $78,086 per month, respectively. On the other hand, those with the lowest contributions are General Pacheco ($30,769 per month) and José León Suárez ($34,873).
While in the west-south zone this value increases by 3.7% in the month and reaches $37,093 in two environments. A three-room apartment with 70 m2 is worth $48,560 per month.
In GBA West-South, Canning is the neighborhood with the most expensive supply ($62,043 pesos per month) and, in turn, it has the highest annual gross return, it is the best neighborhood for investors looking for income. It is followed by Don Bosco with a monthly rental value of 53,939 pesos. On the contrary, the cheapest are in Merlo and Lomas del Mirador with a value of $23,417 and 29,626, respectively.
As in the rest of the country, the sector is waiting for changes that may be applied to the Rent Law (No. 27,551), for this purpose the national government and opposition referents have held meetings with the sectoral chambers trying to find a twist and modify the current regulations in the National Congress so that two-year contracts (and not three as it is now) and semi-annual (rather than annual) adjustments return.
“Although nothing can confirm that if the law is turned back the market will react in favor. Because clearly the problem is supply, the lack of properties is a common concern on the part of the whole sector that more properties are added to help lower prices. Many owners preferred to put up for sale, or in the temporary rental market or another destination, because of the decouplings generated by the law, especially since profitability remains low,” Alejandro Bennazar, head of the Argentine Real Estate Chamber (CIA), told Infobae, who held several meetings with officials and representatives of the Training Institute (ICI) to provide ideas and exchange data to find a solution to the problem.
In the northern area, the scenario did not change compared to the end of 2021. The supply is scarce and any property well located, they report from the sector, is occupied within a month and there is a waiting list.
Federico Vinelli, from Vinelli Inmobiliaria, told Infobae that “if it is well occupied it is rented in a week or 10 days. It varies a lot if it is a house, triplex or apartment, or if it is open or closed neighborhood. The great demand is for all cases.”
Today in Tigre Centro, a two-room apartment is $70,000 and a three-room apartment is $90,000, while if it is a house in an open neighborhood it is $150,000 with a swimming pool, and a private neighborhood, not in the most expensive ones, the monthly rent is around 220,000 pesos.
Profitability rises and is 3.29% per year in northern GBA, it takes 30.4 years of rent to repay the purchase investment, 22% less than a year ago. In the south and west, the rent/price ratio has continued to rise since June 2020 and stands at 2.88% per annum. 34.7 years of rent is required to repay the purchase investment, 26% less than 2021.
In the first months of the year rental values in the western zone continue to trend upward, with little chance of declining in the short term. This is due to the sustained demand for both apartments in downtown areas and houses in closed neighborhoods. There are many requests to rent in Ramos Mejia, Ituzaingó, Merlo, Haedo and Morón downtown.
María Rodríguez Davila, general manager of Matías Szpira Real Estate, told Infobae that “general terms there are areas that have risen 25% in the last three months.”
Today renting in Castelar Norte, a two-room apartment is $40,000 and one with 3 rooms, $70,000 without garages (with car storage space they can be worth more than 15% more). Whereas a 3-bedroom house today is obtained for approximately $130,000 a month.
Zonaprop also reported that a two-room 50 m2 apartment in the north has a value of USD 112,244 and a three-room apartment with 70 m2, $169,867. The municipalities in the area with the highest sales values are Vicente López (USD 2,895 per m2), San Isidro (USD 2,692) and Tigre (USD 2,440). The cheapest are Jose C Paz (USD 1,210), Malvinas Argentinas (USD 1,471) and San Miguel (USD 1,598).
In the west-south area the values fall 0.5% in the month and the square meter stands at USD 1,752 per m2. In 2021, prices fell by 6.0%, while inflation and dollar costs increased 17.1% and 18.8% respectively. In 2022 prices are down 0.9%. The current price level is 1% lower than in January 2017 and is similar to that of December 2016.
In the south and west of Greater Buenos Aires the cost of a two-room apartment with 50 m2 is USD 88,214, while a three-room apartment with 70 m2 reaches 127,183 dollars. The municipality of Lomas de Zamora leads the ranking with a price of USD 2,065 per m2 and a higher average price, followed by Almirante Brown (USD 2,045) and Ezeiza (USD 1,854).
The lowest value is found in Hurlingham (USD 1,264 per m2), Moreno (USD 1,358) and Merlo (USD 1,452), the portal reported.
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