Mendoza posted the largest increase in average rents from 2009-2011 followed by Cordoba.
Mendoza and Cordoba are the two cities in Argentina’s interior that posted the largest increases in residential rental rates according to a new report by Reporte Inmobiliario. An analysis of all major Argentine metros focused on the average rent for an existing two-room apartment in January 2009 and January 2011.
Mendoza led the ranking with a 55% increase, although the percentage was probably closer to 60% as data for Mendoza focused on an 18-month window. Average rents in Mendoza rose from $770 pesos in July 2009 to $1,195 in January 2011. Cordoba took second place with a 51% increase over the two-year period. Two-room departamentos cordobeses rented for an average of $800 pesos in 2009 and now fetch just north of $1,200. Other northern cities posting two-year, double-digit gains include Santa Fe (48.6%) and Corrientes (47%) where average rents rose to $1,100 and $1,090, respectively.
And while northern cities are posting the largest gains in average rents, cities in Southern Argentina are still posting strong double-digit gains. RÃo Gallegos posted a 32% increase ($870 to $1,150 pesos), Cipolletti rates rose 27% ($920 to $1,170) and Comodoro Rivadavia rents jumped 26.8% ($1,190 to $1,510) making CR the most expensive rental market in Argentina’s interior followed closely by Bariloche where the average two-room apartment listed for $1,440 pesos in January 2011.
In terms of affordability, Gabriela Origlia reminds La Manana de Cordoba readers that the highest private sector salaries are paid in southern provinces like Santa Cruz, Chubut and Neuquen where average salaries are twice the national average of $3,700 pesos. Conversely, salaries in Northwest and Northeast Argentina are much lower than the national average making housing affordability a more pressing issue. (Full Story in Spanish)
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