A new wave of rental properties is coming to market in Buenos Aires, as many would-be BA sellers opt to lock in rental income for one or two years rather than selling their properties for pesos or waiting for greenback buyers in the current dollar-depleted environment.
According to a new article in BAE, the number of new rental properties coming to market in Capital Federal rose 60% during the six-week period from May 1 to June 15. Sources cited in the article say 8 out of 10 existing property owners in Buenos Aires, who want to sell their properties, are now choosing to wait out the uncertainty and rent them instead.
The new rush of rental inventory will certainly place downward pressure on rates for BA long-term rental properties, and local brokers say they are seeing more monoambientes, one and two-room units. On the positive side, local demand for rental properties is extremely high, so rental absorption is almost immediate in Buenos Aires, the metropolis La Nacion recently dubbed the “Ciudad Monoambiente.”
Considering the BAE article does not cite a data source, the “8 out of 10” sellers-turned-renters may be purely anecdotal speculation from local brokers; however, field research can be conducted in most corners of Capital confirming the number of rental listings outweigh the number of for sale listings in the windows of BA brokerages. (Full Story in Spanish)
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