Rent Soars Across Argentina

[Judi Lynn]

Rent Soars Across Argentina

Buenos Aires, Feb 11 (Prensa Latina) Amid skyrocketing inflation, the long term rentals in Argentina could not avoid the increases and today are asking 40 percent rises for renewing contracts, said Thomas Marolda, secretary general of the Chamber of Real Estate.

The lack of regulation of the housing market, the lifting of controls on the dollar, devaluations, poor access to credit and rising rates of services are some of the reasons for the increases.

Some real estate agencies and owners ask for increases of up to 60 percent for renewing a contract. The rent of a small two-room apartment in Buenos Aires can cost 6.500 pesos (USD 457), according to the portal El Destape.

Real estate agencies by law must collect 4.15 percent of a rental contract in Buenos Aires City, but in practice, they charge up to nine percent.

'The business is becoming more difficult with the high cost of living', said Claudio Faiman, a real estate manager in Barrio Once.

More:
http://www.plenglish.com//index.php?option=com_content&task=view&id=4600871&Itemid=1

[Bacchus4.0]

1. $457 for a two bedroom apartment in Buenos Aires. Where do I sign up? nt