Argentines face rising rents and ‘abusive’ standards after Miley’s law

Brazilian Giovanna Rodriguez* and her husband Marcel Oliveira*, who works for a company in Denmark, reported that they were looking for an apartment in Buenos Aires, paid for by the multinational company. They had to pay a real estate commission in order to reserve the apartment, even without guaranteeing that the owner would accept the agreement.

We had to make a reservation to hold the property. Meanwhile, the owner was evaluating whether to accept us. If he declines, we still have to pay the real estate commission. Fortunately, the owner accepted our offer and we liked the apartment, but I think this may be mafia, because regardless of whether we signed the contract or not, real estate agencies receive a lot of money.
Brazilian woman living in Buenos Aires

The real estate sector defends the new legislation

The Argentine Real Estate Chamber defended the massive Miley Decree and the end of the rental law. Sector representative Damian Cafarella said in an interview that the end of the law allowed for a more equal relationship. According to him, the old legislation harmed landlords, tenants and real estate agents.

He explained that “the owners did not want to rent their properties for long periods and with annual adjustments.” The old rental law required contracts to be for a period of no less than three years, with annual adjustments according to inflation.

A study by real estate website Argenprop revealed that in March, the supply of one- and two-bedroom apartments increased by 300% on average.