Expenses have increased by almost 120% in the first eight months of this year, according to Octopus PropTech’s survey. What payment methods do users choose to pay such high costs?
The expenses increased on average by 9.32% in August and the average value was $145,497, According to the survey of Octopus PropTech carried out from more than 120,000 homes. In this way, the increase more than doubles the inflation estimated for the eighth month of the year, around the 4%.
Thus, the expenses accumulated an increase of 118.38% in 2024, according to the survey carried out by Octopus PropTecha platform that provides digital solutions to all people who manage or live in buildings, country houses, or neighborhoods. This variation is also found well above the cumulative total for 2024, which is around 100%.
The average value of household expenses was $145,497 in August“These figures reflect the average of all the consortium’s expenses: salaries, payment for services, purchases, public services, security, cleaning, maintenance, professional fees, among other costs,” the platform said.
Payment of expenses: what methods do users choose?
The sharp increase in expenses, the high cost of these, the impossibility of having high-denomination bills and the increasingly frequent use of virtual wallets led to the growth of payment via QR. While in January 2024 only 0.31% of users used this method, in August 2024 it was adopted by 2.07%.
“This change clearly reflects that residents are looking for simpler and faster options to meet their expenses”expresses Nicolas BaccigalupoCEO & Founder of Octopus Proptech.
“More and more residents are choosing QR because it makes their lives easier. It is fast, convenient, and also saves them from having to worry about payment errors or sending receipts. It is another step towards digitalisation in the area of consortia,” he added.
Regarding payment by bank transfercontinues to be the most popular payment methodalthough a decrease in its use is observed. Being used by 91.28% in January 2024 compared to 90.87% who used it in August.
Rent increases: annual increase is in three figures
September arrived with a new rent increase. Those tenants who are still governed by the old rental law and therefore make annual adjustments, showed an increase in 243.1%. Although this is a high figure and will impact pockets, the increase is less than that of August when the Lease Agreement Index (ICL) climbed 247% annually.
In this way, a tenant who paid $100,000 in August will pay $343,160 starting next month.
For their part, those tenants who closed semi-annual agreements will suffer increases in September 66.3%below the accumulated inflation until July, which stood at 87%.
Source: Ambito
