Narayan AmmachchiRent prices in Argentina are skyrocketing.
A study by Zonaprop found that rent prices have increased by an average of 90% in the past seven months, the highest increase seen in the country in over a decade.
The astronomical surge in rentals is having a significant impact on tenants in major cities, with many being forced to move out of their homes.
Several factors have contributed to the rise, including soaring inflation, a rising population and a lack of new construction.
The highest price hikes were seen in the cities of Buenos Aires, Córdoba and Rosario, where rentals for apartments with two bedrooms increased by an average of 95% in the past seven months.
According to Argentina’s central bank, rental prices have jumped even higher. In Argentina, rental contracts are typically for three years and are updated annually based on the Construction Costs Index (ICL), which is built and published by the central bank.
As of July of this year, the ICL registered an increase of 105%.
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