This year, after the repeal of the Rental Law, there was an increase in the supply of apartments for rent. According to a Mercado Libre report, in October 2024, in the Buenos Aires Metropolitan Area (AMBA), the number of apartments available for rent increased 164%, compared to November 2023.
However, 3 and 4 room apartments, which are the most sought after by families, are not as easy to obtain as smaller units, and their prices are more resistant to accommodation.
“The 3 or 4 rooms, because they are a real estate product that is more difficult to obtain, are the ones that have adjusted their prices the least, and have even had a certain rise in price,” said Marta Liotto, former president of the City Real Estate College. from Buenos Aires.
How much does a 3 and 4 room apartment rent in CABA?
According to a Zonaprop survey, The average rental price rose 3.4% in October and accumulated an increase of 57% in 2024, almost half of the inflation recorded in the period (108%).
A three-room apartment is rented for an average price of 707,201 pesos per month and the average rental price of a 4-room apartment in CABA is 1,109,424 pesos per month.
While a studio apartment registers an average price of 440,643 pesos per month in the City and One of two rooms has an average price of 524,907 pesos.
Real estate: which are the most sought after areas
In statements to the Noticias Argentinas agency, Liotto pointed out that “the main applicants for this type of property are families, both those with school-age children, for whom the factor of distance to school establishments is added as central, and /or those who are in charge of their elders.”
In this context, he explained that this year, “the general rule is that, so far this year, and“rental values are growing below inflation.”
Regarding the most sought-after areas, he said that “they are concentrated above all in the northern part of the City” while “in the type of properties for families, neighborhoods such as Caballito or Villa Devoto also stand out, which are the neighborhoods with greater presence of properties such as PHs or houses”.
Liotto considered that in the increase of these properties “the main factor that influences is the little supply that the market has” given that “there are very few that are put up for rent, because in the majority of properties of this type live owners and/or their immediate family members”.
Furthermore, he stated that “there are even fewer who renew the contract after a first period because, generally, a 4 room comes from an inheritance or a dissolution of marriage and is put up for rent while the corresponding judicial procedures are completed, and then be the home of some successor, or be put up for sale”.
Increase in expenses
On the other hand, a survey by ConsorcioAbierto.com showed that expenses in CABA increased 136% from January to October, is driven by various factors, such as increases in basic services, maintenance and salaries.
In October, the average expense reached 221,441 pesos, which represents an increase of 6.27% compared to September (208,370 pesos).
If compared to October 2023, the year-on-year increase is 222.92%, thus exceeding inflation (193 percent year-on-year).
The main expenses in the consortia in CABA buildings are: salaries 34%; public services, 17%; other services, 13% and maintenance, 10%.
Source: Ambito
