How long does a apartment rent in CABA
From the Repeal of the Rental Lawthe rules of rent an apartment In the Autonomous City of Buenos Aires (CABA) They changed completely: properties that in 2023 were rented in hours today can take more than three weeks to close contract. In a reconfigured market after the repeal of the regulations – in December 2023 – and with a Exponential growth of the offertimes stretch, real prices fall and tenants regain negotiation power. According to a recent report by the Single College of Real Estate Corridors of the City of Buenos Aires (Cucca) The value of housing rentals is down in real terms -That is said, they rise below inflation- Since January 2024. On average, The fall was 34%although in some cases reductions in nominal values are already detected. This means that Prices not only lose against inflationbut in certain published departments they are going down directly by not renting. “Today Negotiation between parts works very well And the reality is that the owner already has less strength when negotiating, because a property that in 2023 was rented in hours, can now take more than three weeks to be rented, ”explains the specialist Chej Muse. The counteroffers, by the tenants, are increasingly common and accepted. The amount of properties available for rent in CABA shot 176.55%. Only in the last month, the offer grew another 10.87%, consolidating a trend that is fully impacting the market dynamics, according to the data provided by the College. There are about 15,000 properties for rent for housing in the cityaccording to sector data. Of them, Between 12,000 and 12,500 they expire every monthbut only about 8500 are renewed. The rest is available and feeds the stock of options for new tenants. “If you're going to look, You have between 4000 and 5000 new options in different neighborhoods and different prices”Adds muse. In this line, The six neighborhoods with the greatest offer are Palermo, Belgrano, Recoleta, Barrio Norte, Caballito and Puerto Madero. Together, they concentrate 56% of the total offer published in the main real estate portals. Only Palermo has 3354 properties available, which represents 21.67% of the total. While they are very wanted areas, the abundance of available units makes it more difficult to close operations quickly. One of the most relevant changes since the repeal of the previous law is the PREDOMINANCE OF CONTRACT CLOSURE IN PESOS, WITH CONSUMER PRICE INDEX (CPI) adjustments. This generated greater predictability and acceptance of both owners and tenants. “Before the repeal of the law, the owners asked for dollars so as not to be outdated by inflation. But with IPC adjustments, The owners are calm and the tenants too. The tenants charge in pesos, so they also prefer to do so in pesos, ”explains Soledad Balayán, head of Maure Inmobiliaria. The Preference for 24 month contractsinstead of the minimum term of three years imposed by the old regulations. The new duration is perceived as a shorter and more flexible commitment for both parties. The new contracts are closed in pesos already 24 months Daniel BasualdoThe real decline – and in some cases nominal – of rental prices is one of the most visible effects of this new stage. The abundant offer, the economic pressure and the need to quickly occupy the empty units led the owners to more flexible their requirements. In this context, The Rent market in CABA shows a more balanced trend: The urgency of the demand side is no longer imposed, but the need on the side of the offer. And with more options on the table, tenants are taking advantage of the new scenario to negotiate better conditions.
