Properties. Rising rent prices doubled inflation

In a turbulent 2020 for real estate, rental prices were the first affected. In the fourth quarter of last year in the city of Buenos Aires, the value of the square meter for rent has increased departments used: on average 53.8% for one and two-room units and 63.7% for three-room units, according to the General Directorate of Statistics and Censuses (DGEyC) of the ´porteño government.

On a year-over-year basis, residential rental contracts were up sharply compared to the previous quarter. In the case of studio apartments the price increase was 5.9 percentage points, the two-bedroom units reflected an increase of six percentage points, and the three-bedroom 11.9 percentage points. “These significant accelerations are in addition to those of July / September, framed in a context of full force of the new law on leasing, which established new rules for rental contracts,” notes the official report.

By taking as a reference value soaring prices of 63.7% of three-room apartments If we compare it to the average cumulative inflation for the same period October-December, the data impact: rents more than doubled the Buenos Aires City Consumer Price Index (IPCBA), which was 30.6% in annual terms. “In other words, rents were assessed at a rate much higher than that recorded by the trajectory of consumer prices, unlike what happened between July 2018 and June 2020,” added the DGEyC.

If you analyze the cost of units, the studios had an average value of $ 19,595 (53.8% higher than the same period of 2019) and accounted for 28.8% of the total apartments offered in the city of Buenos Aires. Those located in Palermo and Belgrano recorded the highest rents, at $ 21,275 and $ 21,085 respectively. Meanwhile, one-room apartments in San Cristóbal had the lowest values, averaging $ 17,096, seconded by San Nicolás ($ 17,555), according to the report.

For used two-room apartments, the average rent was $ 25,957 (53.8% year-over-year growth) and they made up 45% of the supply. The highest prices were in the region of Núñez ($ 29,576) and Palermo (28,656). In contrast, Montserrat recorded the most affordable rents ($ 22,410), followed by San Nicolás ($ 22,794) and Balvanera ($ 22,966).

Finally, used three-room apartments cost an average of $ 40,499 and, of the total universe offered, 18.5% corresponded to units with these characteristics. The most expensive were in Belgrano ($ 47,489) and Villa Urquiza ($ 45,746); while at the other extreme were Flores ($ 33,366) and San Nicolás ($ 34,340).