Residential rental rates in the City of Buenos Aires rose 30% on average during the one-year period ending November 2014, according to new data from the city’s Department of Statistics and Census.
The report compares average prices for existing 2 and 3-room apartments with approximately 50 square meters (538 square feet) of living space in thirteen Buenos Aires neighborhoods. In terms of inflation, the report mirrors average price trends highlighted in the July 2014 report.
The report finds the three most expensive Buenos Aires neighborhoods were Palermo (5,334 pesos), Belgrano (5,145) and Recoleta (4,870), while the three most affordable were Flores (3,673), Balvanera (3,875) and Villa del Parque ((4,087).
In terms of one-year percentage increases in average rental rates, Nunez posted the smallest increase (10.5%), because several high-end units that were on the market in 2013 were not available in 2014. Palermo (26%) and San Nicolas (24.9%) were the other neighborhoods showing the smallest year-over-year rental increases. The two barrios posting the largest percentage increases in rental prices were Belgrano (40.3%) and Recoleta (40.0%).
In terms of supply of available housing, the five barrios of Almagro, Belgrano, Caballito, Palermo and Recoleta account for almost half of all available rental units and total square meters of available space. Going forward, the report forecasts another 30% average increase in Buenos Aires rental rates in the coming year. (Full Story in Spanish)
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