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Rentals: How much does an apartment cost per month, neighborhood by neighborhood in the city of Buenos Aires - La Nacion Propiedades
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Alquileres: cuánto cuesta un departamento por mes, barrio por barrio en la ciudad de Buenos Aires
Los precios de los departamentos continúan en alza, aunque a un ritmo menor que los meses anteriores y se evidencia la desaceleración
www.lanacion.com.ar
April 2, 2024
Apartment prices continue to rise, although at a slower rate than previous months and the deceleration is evident
The rental prices of properties located in the City of Buenos Aires registered the lowest monthly increase since January 2019, 1.3 % in the month of March that just ended - in February it was 2.9% -, registering a strong deceleration after increasing 21% in January and 18.6% in December, according to the index published every month by Zonaprop. These are new publications that enter the real estate market.
This phenomenon occurs in a context marked by the validity of the Decree of Necessity and Urgency (DNU) promoted by President Javier Milei in December, a set of measures that marked a radical change in the regulation of the real estate market due to the repeal of the rental law, and which is currently under discussion.
In turn, the rental supply increases by 15.3% in the month of March and accumulates an increase of 125% in the first quarter of 2024 . “After hitting historic lows in February 2023, new increases in the supply of apartments for rent are being recorded, especially starting in December 2023,” says Leandro Molina, director of Zonaprop.
New rental contracts have accumulated a price increase of 261.7% in the last 12 months , advancing below inflation (299%) and above the ICL adjustment (188.6%). The latter is the index by which contracts signed under the law repealed by the DNU are adjusted annually.
The repeal of the rental law (27,551), approved in July 2020 and subsequently modified in October 2023, allowed freedom between the parties to prevail from now on in the negotiation of crucial points in rental contracts. The key for both parties, owners and tenants, lies in reaching written agreements on these points, as well as any other relevant aspect, with the aim of preventing possible conflicts in the future.
In numbers, the average rent for a one-bedroom apartment in the city is $365,546 per month , a two-bedroom apartment can be rented for $422,502 , while a three-bedroom apartment can be rented for $567,747 , according to Zonaprop.
Regarding profitability, it fell again in March. The rent/price ratio is 4.67% annually. The reason for the decline is due to the slowdown in the increase in rental prices. Today it takes 21.4 years of rental to recover the investment, 4.2% less than what was required a year ago. “ Balvanera and Paternal remain the best neighborhoods for investors seeking income , with an average return of 5.7%, 5.6%, respectively. While Palermo (4%) and Belgrano (4.1%) are the ones that generate the least profitability,” says Molina.
Rents slowed for the second consecutive month
The most expensive and cheapest neighborhoods to rent in CABA
Depending on the area in which the properties are located, the prices of the apartments vary: the real estate portal publishes the average monthly prices of the apartments in the different neighborhoods of the city, using as a concrete example the units of two environments.In this case, Palermo continues in first place as the most expensive neighborhood , with an average price of around $497,645 per month, while on the other hand, La Boca is the cheapest with $321,253 per month.
The neighborhoods with the most expensive rents
- Palermo: $497,645
- Núñez: $476,741
- Belgrano: $471,623
- Recoleta: $467,420
- Schoolchildren: $463,342
Belgrano is among the most expensive neighborhoods to rent, with an average rent of $471,623
The prices of apartments in the cheapest neighborhoods
- La Boca: $321,253
- Avellaneda Park: $327,737
- Liniers: $336,109
- Slaughterhouses: $343,018
- Forest: $346,245
Intermediate rental values
- Parental: $442,117
- Almagro: $415,760
- Villa Devoto: $394,019
- Balvanera: $382,864
- Santa Rita: $372,852
The offer prices and how the variation was
For its part, regarding the interannual increase, the neighborhoods that showed the greatest increase are Paternal, Mataderos and San Nicolás, with an increase in the last 12 months of 324.6%, 318.4% and 294.4% respectively.
While on the opposite side, there are Villa Ortuzar, Parque Avellaneda and Chacarita . In this case, rents grew by 209.3%, 209.9% and 224.9% respectively. One fact to keep in mind is that, in addition to being the neighborhoods that showed a smaller variation in prices compared to the rest of the areas , they are also below the increase in inflation in the last year, which was 276, 2% in February (the latest report).
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