Rentals in Mexico City are soaring as digital nomads from the United States relocate to the Mexican capital to take advantage of a stronger US dollar and remote working opportunities.
As a result, local residents are increasingly feeling priced out, with many long-term tenants leaving the city for good, according to a report by CNN.
Landlords, in the meantime, are evicting their low-paying tenants and remodeling the properties in the hope of sealing lease agreements with wealthier American expats.
Around 1.6 million US citizens are living in Mexico, according to the US State Department, but it is not clear if all of them are working for US companies. What is clear, howver, is the significant jump in the number of Americans flying to Mexico.
More than 5.3 million US tourists flew to Mexican airports between January and May this year. “That is nearly a million more compared with that same period in 2019,” said the US broadcaster.
These digital nomads are saving a large part of their salary because rentals in Mexico are far cheaper than in many US cities.
CNN has cited the example of an expat named Rodriguez. In San Diego, Rodriguez spent US$2,500 on monthly rentals. In Mexico City, he is only paying $800.