After a sustained pause that strongly cooled the subject, on Wednesday there will be activity in the Chamber of Deputies to discuss again the state of the situation of the rental law. During the morning, a plenary session of commissions will be held in which the ruling party and the opposition will once again cross swords.
The first proposes a continuity of the framework as it is while the second front, with nuances, asks for changes in the indexing mechanisms and the time of the contracts. The real estate sector is precisely aligned with this front and demands the modification of these two key points.
The opposition still has to iron out some details to move forward together. However, at the beginning of this month, Together for Change and Federal Interblock, a force of which Graciela Caamaño is one of the most representative deputies, reached an agreement in principle, so they are very close to advancing with a unified project on the premises. .
as far as he could tell iProfessional, the alliance has enough votes and in this aspect it is ahead of the Front of All, which needs to close several agreements to “tie” the dispute. The proposal of Together for Change + Federal Interblock would include the reduction from 3 to 2 years in the terms of the contracts and semi-annual updates to be negotiated between owners and tenants.
At the same time, both forces contemplate the inclusion of tax incentives such as, for example, exemption from the payment of Personal Assets for those who declare rental contracts. They would also apply changes in the monotax for those with rented real estate and the exemption from the check tax for owners.
On the sidewalk across the street, the Frente de Todos maintains a proposal that does not modify the current framework. The official project maintains the 3-year contract, goes ahead with the annual adjustments and barely proposes, as a supposed modification, an increase in controls so that the law is respected.
The ruling party proposes to keep the law as it is and only adjust controls.
Rental law: what the commissions will discuss
From CUCICBA, the entity that integrates the Buenos Aires runners, its owner, Marta Liotto, told iProfessional that on Wednesday “there will be activity in the commissions of general legislation and tax matters”, and pointed out that in the previous one “there is already talk of find a general consensus to move forward with a single and superior opinion“.
“We know that it will be difficult for there to be an immediate coincidence because the commissions combine from Carlos Heller to Martín Tetaz, legislators with very different views. But we understand that, if it is convened with the idea of establishing a single opinion, well, there will also be assignments by part of the ruling party,” he commented.
The directive stressed the need to move quickly with changes in the framework as “we are already serving a second period under this law and the sector is going through the worst of headaches.” The first semester of the year concludes with a virtually non-existent supply of rental propertiessaid Liotto, who also stated that “the only buildings that are vacant at times are the single-room units.”
“We trust that through the opposition the changes we are asking for will be achieved. That is, free agreement between the parties and contracts for 24 months. Otherwise, we will continue talking about a paralyzed market and in permanent reduction”, emphasized the president of CUCICBA.
The supply of rental properties is the lowest in at least a decade.
Rentals: minimum offer in Capital Federal
On these days, Based on the main real estate marketing platforms, the number of properties offered for rent in Buenos Aires is around 1,600 apartments.. In ZonaProp this figure is reported, while in ArgenProp the number is around 770 properties.
“Removing those offered for tourism, the availability of 2 and 3-room apartments in the Federal Capital is around 1,100 units. And from there, the conditions for renting these properties would have to be reviewed. For what public are they designed?” Liotto said.
“Normally, the supply ranges between 5,000 and 6,000 apartments with these characteristics. We are going through a historical collapse of, precisely, the supply. Prior to the law, you had to visit at least 4 units with these characteristics in any neighborhood. Today it is very rare to find a 2 or 3 room property available,” he added.
The directive maintained that the weight of factors such as the profitability of the floor also discourages the owners, who are directly choosing to try to sell the units.
“Today the annual rent is 1.5 percent at best. In normal periods it is above 4 percent. Such a difference explains the reason for this growing interest in selling the units. As long as we continue to operate under this law, well, we will continue to talk about a lower and lower rental offer, “he concluded.