The offer of properties for rent the number of properties offered for rent was reduced while Airbnbs growsas revealed by two recent studies, which, on the other hand, reflect that housing rental prices have risen above inflation and many are published in dollars.
These data come from a report made by the company Mercado Libre together with the University of San Andrés, according to which, in AMBA, the 94% of the offer is for sale and only 6% for rent and it can be seen that there was a 30% drop in the supply of 1 and 2-room apartments in the last year.
It also indicates that the increase in prices have been exceeding year-on-year inflationsince, taking values from March of this year, in the City, the average for 1 room is 90,000 pesos, with an interannual increase of 138% (compared to the same month of 2022), those of 2 rooms are at 120,000 pesos, with an increase of 144%, and those with 3 rooms average 210,000 pesos, with an increase of 144%.
rents, in dollars
A fact that draws attention from the study by ML and the University of San Andrés is that, in AMBA, more than 50% average rentals are in dollarsa strong increase compared to 2022, when they represented 32% and, from 2020, when they represented 20% of the publications.
This is a modality that is increasing, even though it is prohibited by law, which provides that the contracts must be in local currency and that they must be adjusted by the Lease Contract Index index.
These data reveal a complex picture for tenants, but the scenario becomes even worse when crossed with the data just published by the Center for Metropolitan Studies (CEM), which warns that competition deepened between the supply of temporary rentals and that of the permanent ones.
Indicate that more than 15,000 properties in the City of Buenos Aires, which could supply the supply of permanent rentals, have been displaced to the temporary rental market. This has evolved over the years, since, in 2019, the volume was 9,338 units. Thus, in just four years, it grew 62%.
Many houses, in the hands of few
Another key fact is that, in Buenos Aires, 45% of surveyed homes are in the hands of digital identities who manage more than three offers, known as “multi-hosts”, some of which have up to 100 offers.
All of this leads to a very complex situation for tenants, who, on the one hand, cannot find homes, are asking for very high rents and are under pressure from dollarization. As a result, more and more people go into debt to be able to pay and the participation of the rent in the monthly expenses of families grows, which are drowned by the lack of supply and the growing inflation.
Source: Ambito
