The Government will put an end to the Rental Law. At least, it is the determination that at these hours circulates in the corridors of the offices of both the president Alberto Fernandez as the Minister of Economy, Sergio Massa.
According to reports from Government House, after the meeting between the President and the Minister of Economy, there were several definitions. One of them, which aims to annul the Rental Laweffective from July 2020.
In the framework of the talks between both officials, something became clear: the controversial law that regulates rents must be changed. Although it is not yet known how and what will be the guidelines that will define the new norm to regulate rental and housing contracts throughout the country.
The decision would be defined, something that for several months has been circulating in the corridors of the offices both the executive and legislative branches. Despite several attempts to change and reformulate the current law 27,551, the data is compelling: since its entry into force on July 1, 2020, the increase in rents reached almost three years, increases of 245%.
Currently, the rental market has very little offer, with a demand that remains high and with prices through the roof. For example, a rent that in July 2020 paid $50,000 per month, today has a value of $122,500.
As indicated Mariano Garcia Malbranpresident of the Chamber of Real Estate Services Companies (CAMESI), the suspension should detail the procedure to be followed in the contracts in force with the new law and those that are signed from now on with the law already suspended.
The president of Keymex Argentina, lawyer, notary public and real estate broker explained to Ambit that one of the possibilities will be that in the “current contracts, the recently suspended current law continues to apply, since the clauses of the lease contract were negotiated and agreed with said law”.
Meanwhile, García Malbrán estimated that in relation to the contracts that are signed from now on, “As long as a new rule is not issued, they are governed by the old rental law. In this case, a minimum contractual term of two years may be set and the update may be freely negotiated by the parties.”
The prices of apartment rentals in the city of Buenos Aires had increases from 2.6% to 15.4% in Marchaccording to the number of rooms, according to the survey released today by the Center for Economic and Social Studies Scalabrini Ortiz (CESO).
The report noted thathe increases with respect to the values of February were 2.6% in studio apartments, 5.9% for two-room apartments and 15.4% in three-room apartments.
He also indicated that Accumulated increases in the last twelve months were 110.5% for studio apartments in Buenos Aires, 100% for units with two rooms, and 114.3% for those with three rooms, in a period in which inflation rose to 102 ,5%according to the National Institute of Statistics and Censuses (Indec).
The entity specified that the median of studio apartments offered in the City is $80,000Therefore, the Minimum Vital and Mobile Salary, which in March is $69,500, is enough to cover 86.87% of a rent, a relationship similar to that of March of last year.
On the other hand, the median of the offers for two-room apartments is $90,000 and those with three rooms $150,000with a minimum wage coverage of 77.22% and 46.33%, respectively.
Source: Ambito
