Average rent prices in Buenos Aires City have risen 52-percent so far this year, with an average flat now above 500,000 pesos a month, according to a new survey.
The report, put together by real-estate portal Zonaprop, indicates that the average price of a one-bedroom flat in Buenos Aires City increased by 4.4 percent in September.
The cumulative rise in the cost of rent in 2024 to date is over 52 percent, roughly half the inflation recorded during the same period (102 percent).
Breaking down the analysis on the variation of prices in relation to the dimension of properties, the report showed that small flats are units recording the highest increases in value.
An average 40-square-metre studio is rented for 424,583 pesos per month, while a 50-square-metre one-bedroom flat goes for 507,422 pesos per month. A 70-square-metre two-bedroom for 682,714 pesos per month.
After taking office, President Javier repealed the Rent Law, passed in 2020 under his predecessor, former president Alberto Fernández,
Underlining the impact of the removal of restrictions, the real-estate portal highlighted that “the current volume of options is 3.1 times higher than recorded in February 2023.”
In the meantime, they informed that “the rent/price ratio is rising and is now at an annual 4.58 percent.”
As for the change in values by area, the survey showed that Puerto Madero continues to top the list of the most expensive neighbourhoods in Buenos Aires City with an average rental price of 1,047,664 pesos per month. Núñez (570,317 pesos per month) and Palermo (569,212 pesos per month) complete the podium.
Conversely, Lugano is the neighbourhood with the most affordable options with an average value of 357,256 pesos per month. It is followed by Liniers (427,766 pesos per month) and La Boca (437,152 pesos per month).
– TIMES/NA
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