Rents in Buenos Aires rise above inflation: which are the most expensive neighborhoods

Rental prices of an apartment in the City of Buenos Aires increased 25.7% in the first quarter of 2023 and 118.6% in the last months of the year, well above inflation, which in February showed a year-on-year variation of 102.5%.

According to a Zonaprop report, a two-room apartment in the City of Buenos Aires is around $116,822 (US$555.4), whose value should be updated ─ according to the current rent law ─ in one year based on an index that combines inflation and salaries and that between March 2022 and March 2023 approached 90% increase.

THE MOST EXPENSIVE RENTS

According to a report by Reporte Inmobiliario, in February, rental prices in the City of Buenos Aires registered the highest year-on-year increase in 14 years.

According to the sector, the main reason is a drop in supply.

HOW RENTS ARE RISING

Following the evolution of this index, March’s increase was close to 90%, as the index rose from 1.82 a year ago to 3.45 today (89.56% higher).

This means that if a person paid $50,000 per month in rent, with the increase established by the LCI, they would now have to pay $94,750.

THE MOST EXPENSIVE NEIGHBORHOODS IN THE CITY

According to the ZonaProp report, Palermo is currently the most expensive neighborhood in the City of Buenos Aires to rent an apartment.

Chacarita and Villa Ortuzar follows it.

Buying an apartment in Puerto Madero at US$5,638 per square meter is the most expensive, followed by Palermo (US$2,918 /m2) and Belgrano (US$2,711 /m2).

With information from Bloomberg