Renting a place in Buenos Aires just got more appealing!
Despite a 46.7 percent uptick in rent in Buenos Aires over the past year, there is still good news for prospective tenants. A new law makes it easier and more affordable to rent a home in the city.
Starting September 20th, renters are no longer responsible for paying the real estate broker’s commission. Instead, the landlords will have to cover these fees which also, according to the law, cannot exceed 4.5 percent of the total contract.
Another aspect of this tenant-friendly law requires real estate companies must plainly and clearly display the rights of tenants on their websites.
According to Inquilinos Agrupados, an NGO that protects the best-interests of tenants and ensures that they are treated fairly, renters now only have to pay “a deposit, a month in advance, AR $360 for requests for reports and AR $450 for the certification of our firm.”
“We know that real estate agencies will resist this law, so we will be in constant communication with tenants,” the tenants’ rights group assured. “We have asked [tenants] to write us at about any noncompliances and to include the name of the real estate agency, phone number, and illegal actions taken by the agency as well as any other irregularities.”
Of course, not everyone is happy about this new policy.
The Colegio Único de Corredores Inmobiliarios de la Ciudad (CUCICBA), representing real estate brokers, claims that the law violates the Civil and Commercial Code by preventing them from receiving “fair retribution” for their work. Additionally, they argue that although the law will reduce entry costs for tenants, landlords will increase rents as a result of having to pay the real estate commission. This would effectively counteract the reduced entry cost because tenants would not be saving any money.