The contracts of rent which are governed by the ancient law of rentals will suffer a new increase in December. This time, tenants will have to face increases of 208.67%. In this way, a rental that until now involved the disbursement of $200,000, will now cost $617,339.
Currently, an uncomfortable situation is occurring for those who rented prior to DNU 70/2023 since the updates are greater than the offer found on the market today. This leads in some cases to tenants renegotiating with the owners what they pay in rent and in others to directly ending the contracts.
“There are tenants who signed with the previous law and continue with the contract, and others who decide to terminate because when the offer increases they compare with other apartments and find options with a lower price than the update by ICL,” explained Francisco Altgelt, CEO of the homonymous real estate agency. “Today it is no longer so easy to find tenants,” added the broker.
Strong increase in rental stock
In this regard, the offer of Real estate for rental housing grew by 174.95% this year in the City of Buenos Airesaccording to data from the Statistical Observatory of the Real Estate Association. The neighborhoods with the most offer are Palermo, Belgrano, Caballito, Recoleta, Barrio Norte and Puerto Madero.
“With the liberalization of the market of rentals There was an offer again. Many people who had apartments for sale converted them to rent. But, the index that had been used for some time, in many cases remains above the market value when it is updated, due to a question of demand. Before, due to the shortage of estate“The value was established by the owner, today the value is what the market validates, because the tenant has many more options to choose from,” explained Gabriel Brodsky, Chairman of Predial. “What is happening is that if the contract was completely outdated, at the time of updating, many times a new agreement is reached“Brodsky said.
Similarly, Christian Basilio, owner of Basilio Inmobiliaria, said about the contracts agreed upon before the repeal of the law: “What we are trying to do is for the parties to come to an agreement, a middle ground that is convenient for both the tenant and the tenant. owner”.
How much the contracts governed by the rental law increased in recent months
The October adjustment was 238%, while in September it was 243.1%, in July 244% and in June 233%. Despite the high prices, these numbers show that the rental contract index shows a slowdown. These increases are calculated based on the index carried out by the Central Bank, which takes into account the variation in inflation (according to the Indec CPI) and salaries, according to the average remuneration of stable workers (RIPTE).
Source: Ambito
