predominate chaos and worry in the real estate field after the official decision to repeal the law that regulates the rental market. It happens that, although marketers and analysts agree that the framework does not go any further, the Government continues without providing details regarding the upcoming regulatory model and the option of establishing a change via DNU would have lost specific weight before the possibility of discussing the issue in Congress. Meanwhile, the niche reaction has been one of a violent retraction of supply, combined with the stance of multiple owners to cancel reservations and pre-agreements.
in dialogue with iProfessionalsources from the Professional Real Estate Association (CPI) indicated that the availability of units fell to less than 1,100 houses and apartments for rent after knowing the official decision to change the regulations. The historical average is of the order of 6,500 properties.
“Tenants with contracts communicate to find out how this whole situation affects them, while the owners withdraw apartments,” Marta Liotto, head of the entity, told this outlet.
“We inform people who have current contracts that everything remains as signed. But the reality is that we do not know the fine print of what can be included in the new measure. We just have to wait,” he added.
Liotto maintained that “for us this context is a problem. They call and say that, if we go back to the two-year contract and the free agreement on prices, as was the case before, it is better to wait to rent the property again. The Government made unsupported announcements that complicated the situation“.
Uncertainty over the new rental law
What there are certainties among marketers is that, if the Government chooses to transfer the change of law to Congress, the time for the consolidation of a new regime for the conclusion of contracts and payments would take at least several weeks.
The lack of certainty resulted in the fall of the agreed reserves.
“We are talking about an uncertain time,” Liotto acknowledged. The directive commented that the CPI made itself available to the Presidency and the Ministry of Economy to provide technical details regarding the operation of the real estate scene as it is. But that from the ruling party they have not yet received any notification.
Meanwhile, in the field of tenants, complaints are accumulating about the decision of the owners to freeze or directly cancel the reservations made in the last hours. “Yesterday I went to see two apartments. From one to 2 hours they canceled my reservation while waiting for the new law“, confided an individual, in a testimony released by Grouped Tenants on the social networks of that group.
“In the other, with the papers already sent, they did the same to me. I was going to see another one tomorrow, cancelled,” he added.
Another testimony: “I booked 2 weeks ago, the reports are delayed because the union of the property registry is on strike. Now I They suspended the reservation and the signing of the contract to see what happens with the rental lawMeanwhile, me and my family are left on the street”.
Rentals: is it going back to the previous regime?
Regarding the coming scenario, real estate sales organizations such as CAMESI maintain that the Government evaluates keeping the current framework in force for current contracts while, in the case of new agreements, it would return to the old scheme of two years of contract and increase negotiated “freely” between the parties.
Although this possibility is the one that is most shared among real estate companies, the truth is that up to now the ruling party has not reported further details about how this niche will continue in a context of overwhelming increases, an almost non-existent offer and agreements that in multiple cases already are closed in dollars.
Massa, harshly criticized by the group that integrates the tenants.
On the side of those who rent, Inquilinos Agrupados released a statement in which it stressed that “it is unknown what the national government will do, although there is no doubt that it has demonstrated a very serious inability to control compliance with the rental law ” .
“Rents are becoming dollarized, there are no registered contracts and they have closed the rental area of the National Ministry of Habitat,” the organization said. For his part, Gervasio Muñoz, a benchmark for Grouped Tenants, charged directly against the figure of Sergio Massa, current Minister of Economy.
“Sergio Massa is an employee of the real estate and construction corporations. Massa says that the rental law does not work, when in reality what does not work is the economic plan of Massa and the IMF, which asked not to regulate the price of rents”, shot.
Simultaneously to this scenario of uncertainty, the tenants reached by the current law face another record rise at the beginning of April. Thus, the increases established by the framework still in force They are around 95 percent.
