Residential rents in some Buenos Aires neighborhoods have risen 39% over the past twelve months, as property owners attempt to keep pace with inflation through rent hikes and semi-annual adjustments.
Capital Federal Rents Rise Almost 40% In One Year is the headline of today’s article in iProfesional detailing the new double-digit data from the City of Buenos Aires Statistics and Census Office.
While the average rent increase in Buenos Aires is around 27%, the highest annual adjustments were seen in the popular neighborhoods of Recoleta, Belgrano and Villa Urquiza. The 39% increase in those barrios reflect what many private economists believe to be the annual inflation rate.
The BA barrios with the lowest annual rent adjustments were Villa Devoto and Nunez which came in at 20% and 19%, respectively.
The three most expensive Buenos Aires neighborhoods in terms of average rental rates for an existing 50 square meter (538 sf) condominium are currently Puerto Madero ($7,124 pesos or US$850), Palermo ($4,091 pesos or US$480) and Nunez ($3,656 pesos or US$435).
The Statistics and Census Office estimates property owners of existing 2-room condos in Buenos Aires now need a 30-year horizon to recoup their investment compared to last year when that estimate was 22.5 years. (Full Story in Spanish)
For more information about living and investing in Buenos Aires, complete the form below.