The College of Real Estate Agents of the Argentine Republic (CO.FE.CI) has expressed its strong opposition to the Rental Law Opinion, arguing that this measure could worsen the current situation in the real estate market. According to a statement issued by CO.FE.CI, this institution has participated in numerous meetings with senators in order to present alternative modifications to the law sanctioned on June 11, 2020, which has caused a profound crisis in the residential rental market in the country.
CO.FE.CI has provided data that demonstrates the negative effects of this law, such as a 45% decrease in the supply of rental properties, historically low vacancy rates (0%), rent prices rising above inflation, and the difficult situation faced by thousands of Argentinians who are unable to find a home.
According to the College of Real Estate Agents, the new law is hasty and worsens the situation for tenants in the country. They particularly criticize the retention of the minimum three-year term for rental contracts and the biannual updates based on the “Casa Propia” index. They believe that lawmakers are imposing on property owners the obligation to update contracts halfway through the real inflation rate, which harms both them and the tenants.
In summary, the College of Real Estate Agents of the Argentine Republic rejects the Rental Law Opinion, as they believe it will worsen the crisis in the rental market and increase informality in contracts, ultimately harming tenants in the country.
Sources: College of Real Estate Agents of the Argentine Republic (CO.FE.CI)