Tijuana Rental Prices Shot Up After Wave of American Arrivals

A flock of Americans have arrived  to Tijuana fleeing from high living costs in the US. Unfortunately, their landing seems to have caused a skyrocketing in rental prices in the Mexican border town.

In recent months, an increasing number of homeowners in Tijuana have been renting their properties to tenants who pay in US dollars. According to local media reports, nearly 90 percent of rents are collected in dollars.

Some wealthy Mexicans are buying homes with the intention of reselling them at a higher price, which is driving real estate prices further upward.

In spite of the skyrocketing prices, rent in Tijuana is still way below what’s seen in neighboring US cities. Renting a flat in San Diego (California), for exmaple, can cost between US$2,500 and US$3,000 a month. In Tijuana, a similar apartment can be rented for less than US$1,200 a month. Renting some luxury homes in Tijuana can cost upwards of  US$2,000, but they tend to have accomodations such as parking space, recreation rooms and gyms.

Tijuana has the highest rent rate in all of Mexico, Laura Olascoaga, president of the Association of Real Estate Profesionals (APIT), told local media.

Longtime residents of Tijuana have been the ones hit hardest by the appreciation of the US dollar, with some being force to move to other states in seach of lower living costs.