Argentina Scraps Rent Controls Under Milei, Sees 170% Supply Surge, 40% Rent Drop

Sep 24, 2024, 01:27 PM

Argentina has scrapped its strict rent-control laws, leading to a significant transformation in the rental market. Since the repeal last October by President Milei, Buenos Aires has seen a 170% increase in housing rental supply and a 40% decline in real rental prices when adjusted for inflation. The removal of rent controls, which were among the world's strictest, has resulted in more available rentals and eased rent growth to a three-year low. Many renters are now getting better deals, and the market is thriving. Previously, landlords preferred to keep apartments vacant or lease them as vacation rentals rather than comply with the controls, resulting in 200,000 empty properties in 2022, a 45% increase from 2018. This trend has now reversed, contributing to a booming rental market and cooling inflation.