The rental market in the region, mainly in the Gran Neuquén agglomerate, characterized by a shortage of supply, largely explained by the Vaca Muerta boom. Bariloche and other tourist centers also suffer from a notable excess of demand, due to the convenience of offering lodgings by the day and not rental contracts as those established by the rental law still in force. It is not by chance that rental property prices in the region are relatively high.
If we add to this situation macroeconomic instability at the national level, whose main scourge is possibly inflationwe are faced with a complex panorama not only in terms of price levels, but also price variations.
Rent adjustments are annual, as established by current Law, and are established based on the Index for Leasing Contracts (ICL), which is built by the Central Bank of the Argentine Republic (BCRA) considering two key variables of the economy: inflation and wages. As far as inflation is concerned, the classic Consumer Price Index (INDEC) is used, published monthly by the National Institute of Statistics and Censuses (INDEC), and as regards wages, the Average Taxable Remuneration of Stable Workers (RIPTE) is used. ) published by the Ministry of Social Security on a monthly basis.
The June rent increase and what’s to come
Based on the ICL, the rent increase for contracts updating on June 1, 2023 is 100%. Such percentage is higher than the 95.94% of May and it is the first time that the update has reached 3 digits. In other words, if you are due to update your rental contract next month and until this month you paid $60,000 per month, for example, you will pay a rent of $120,000 from June and for twelve months. In simple words, exactly double. This is a more than sensible increase for the pockets of those who still cannot access their own home.
Considering that the ICL is calculated in equal parts with inflation and wages, it is expected that for the coming months the rental update percentage continue its upward trend or remain at values very similar to that of the last updatesince inflation breaks records month by month.
How do I know how much my rent will be in June?
If the update of your contract is not on June 1, it is possible to calculate the updated rent by entering here. With the calculator located on the right margin of the web You will be able to know how much you will have to pay for rent from the update that may correspond to you.
In the calculator you must indicate the start date of the contract (for example, 05/10/2022), the update date (for example, 05/10/2022), the initial amount of the rent and click on the “calculate” button. . In the case of the second annual update (rental contracts are drawn up for three years, in accordance with current law), you will get two values: the one from the previous setting and the next one.
- 100%
- It is the increase in the price of the rentals to which the update corresponds on June 1, 2023
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