The repeal of the Rental Law, which is included in DNU 70/2023, is expected next Friday, December 29.
The president’s decision Javier Milei to repeal the Rental Law activated the interest of owners, who intensified their consultations with the aim of replenish the income at the market level.
The repeal is included in the DNU 70/2023 which could be valid next Friday, December 29. In the event that this happens, the regulations that will govern will open a greater range of possibilities that can lead to a greater offer.
Although, given that we still have to wait until next week for the change in rules to be consolidated, the owners sought to understand the new conditions and queries to real estate agencies multiplied.
This was confirmed, Ivan Ginevra, president of the Argentine Real Estate Chamber (CIA) in statements to the press. “Owners began to call real estate agencies to rent properties and we began to see a drop in prices,” he said.
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In the same way it was expressed, Claudio Rabahead of the Propuni real estate agency in the City of Buenos Aires: “People started calling to find out what the change and repeal were about. They have not immediately given us their units to rentbut we do perceive a different climate and many are waiting for the DNU to be firm so that at that time they can return to the market.”
Raba was more cautious on the issue of prices: “It is possible that if the supply expands, prices will drop, but I don’t think it’s something immediate. Those who must renew or move these days may still find it a little difficult, but “From February or March there may be a substantial change.”
The DNU enables the rental terms, payment conditions and currency to be agreed upon through an agreement between the parties, granting the possibility of adapting each need.
What does the repeal of the Rental Law mean?
According to Grouped Tenantsthe repeal of the rental law will imply the following:
- Term: returns to 2 years of contracts
- Dollarization: it can be agreed in any currency
- Settings: it can be updated under any index (inflation, dollar, gasoline, etc.)
- Guarantee: any can be requested and the surety insurance is universalized.
- Deposit: there will be two months of deposit. It could be in dollars. They can return it 60 days after the contract ends.
- House arrangements: obligation of tenants.
- Expenses: tenants must pay ordinary and extraordinary expenses.
- Electronic address: there will no longer be the possibility of establishing a contact email between tenants and owners.
Source: Ambito
