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SUMMARY
Yes. Rents in Argentina are still rising in pesos, but around Buenos Aires they are currently rising more slowly than inflation, so real rents are already falling across much of the country's biggest rental market.
The slowdown is substantial. Buenos Aires City asking rents are up 30.7% over 12 months, a world away from the roughly 260% increase recorded during the 2023 rental shock.
The biggest change is supply. Rental listings returned quickly after the 2023 deregulation, and the market now has far more conventional apartments competing for tenants than it did during the previous shortage.
That extra supply has changed landlord pricing power without making nominal rents fall. In an inflationary economy, the adjustment is showing up through rents rising more slowly than other prices rather than through lower peso asking prices.
The Buenos Aires suburbs are already further into that adjustment than the capital itself. GBA North, South and West are all showing materially larger inflation-adjusted rent declines than CABA.
Argentina does not have one rental cycle, though. Rosario has recently continued to post positive real rent growth, while Córdoba has also been firmer than Buenos Aires, so the national picture is becoming more local rather than more uniform.
Tenants do not necessarily feel as though rents are cooling. Quarterly and other frequent lease adjustments mean households can still receive several noticeable rent increases a year even when the underlying market is losing ground to inflation.
More supply has also failed to solve affordability. A large share of metropolitan Buenos Aires renters still spend more than half of household income on rent, and building charges can add roughly another fifth to the advertised monthly price.
Wages are finally moving slightly faster than Buenos Aires asking rents on aggregate, which is an improvement. But that recovery starts from a very strained affordability position and does not reach households evenly.
The risk of another acceleration has not disappeared, especially because CPI-linked and dollar-linked contracts can transmit a new inflation or currency shock quickly. Still, today's much larger rental inventory makes a repeat of the 2023 rent explosion harder without a major deterioration in the broader economy.
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Are rents in Argentina still going up right now?
Yes. Rents in Argentina are still going up in pesos, but across Buenos Aires they are currently rising slower than inflation, which means rents are actually getting a little cheaper in real terms.
The latest Zonaprop index puts the average rent for a one-bedroom apartment in Buenos Aires City at ARS 873,668 per month. Asking rents increased 1.6% in the latest month, 17.5% so far in 2026 and 30.7% over the previous 12 months.
Those numbers still look huge by international standards. In Argentina, though, the useful comparison is inflation. Prices rose 19.2% over the same 2026 period, slightly faster than rents. Zonaprop calculates that Buenos Aires rents have therefore fallen 1.7% in real terms this year.
The same pattern becomes much clearer outside the city. Rents in GBA North have risen 12.9% this year, GBA South 11.7% and GBA West 11.4%. All three are well behind inflation.
So the short answer depends on what we mean by “rising.” Landlords are still asking for more pesos. The real cost of renting across most of Greater Buenos Aires is moving the other way.
| Market | Rent increase in 2026 | Inflation | Real change |
|---|---|---|---|
| Buenos Aires City | 17.5% | 19.2% | -1.7% |
| GBA North | 12.9% | 19.2% | -6.3% |
| GBA South | 11.7% | 19.2% | -7.5% |
| GBA West | 11.4% | 19.2% | -7.8% |
Is Argentina still in the huge rental boom of 2023?
No. The extraordinary rental surge that Argentina experienced in 2023 has faded, especially in Buenos Aires, and the difference in scale is enormous.
Zonaprop recorded a 260% increase in Buenos Aires asking rents during 2023. CESO was seeing similar annual increases at the end of that year, with some apartment categories close to or above 300%.
Annual growth is now 30.7% according to Zonaprop. That means the pace of rent increases has dropped by roughly 88% from the 2023 rate.
The slowdown has also continued lately rather than stopping at one lower reading. Zonaprop had annual growth around 32.5% earlier in the year; the latest figure is lower again at 30.7%. CESO's recent Buenos Aires data point in the same direction: annual increases of 33.3% for studios, 27.3% for one-bedroom apartments and 25% for two-bedroom apartments.
Inflation explains part of the huge nominal difference between 2023 and today, but the rental market itself has cooled too. Tenants are no longer bidding against the same extreme shortage of available apartments that existed during the previous rental regime.
| Period | Approximate annual CABA rent growth | What was happening |
|---|---|---|
| 2023 | 260% | Severe shortage and very high inflation |
| 2024 | Rapidly slowing | Supply starts returning |
| 2025 | Further normalization | Rent growth gets closer to inflation |
| Currently | 30.7% | Slightly below inflation |
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Did Argentina's rental deregulation actually bring apartments back onto the market?
Yes. The increase in rental supply after the 2023 deregulation was large, fast and persistent enough to materially change the Buenos Aires market.
DNU 70/2023 removed many of the rules that had previously fixed contract length, adjustment mechanisms and other lease conditions. Owners gained much more freedom to negotiate how long a lease would last, how often it would be adjusted and which currency could be used.
Available apartments started returning almost immediately. Zonaprop reported a 62% jump in Buenos Aires rental listings shortly after the change. Over 2024, its index eventually showed rental supply expanding by roughly 195%.
More recent figures suggest the recovery did not disappear once the initial reaction was over. CESO found that Buenos Aires rental supply was still 20% higher year over year in its latest comparable survey.
The reversal is hard to miss. The market went from landlords withdrawing properties because long-term renting had become unattractive to a much larger pool of competing listings. That helps explain why asking rents can still rise in pesos while falling behind inflation.
We should still be careful with the strongest political claims around the reform. Supply clearly recovered after deregulation. Proving that every part of that recovery came from the legal change alone is harder because inflation, the exchange rate, property prices and the broader economy were all moving at the same time.
Are Buenos Aires rents actually falling after inflation?
Yes. Real rents are currently falling across Buenos Aires City and all three major Greater Buenos Aires submarkets tracked by Zonaprop.
The mildest decline is inside Buenos Aires City, where rents are down about 1.7% relative to inflation so far this year.
Move into the suburbs and the drop gets much larger. GBA North is down 6.3% in real terms. GBA South is down 7.5%, while GBA West is down 7.8%.
The 12-month numbers reinforce the same trend. GBA North rents have fallen 7.7% after inflation over the past year, and GBA South is down 9.7%.
These are meaningful declines. A tenant may still receive a higher peso quote every few months, but landlords in those areas are collecting less purchasing power from a new lease than they would have if rents had simply kept pace with general prices.
Official Buenos Aires statistics provide another useful check on the portal data. The city's statistical agency recently measured annual increases of roughly 32.6% for used-apartment rents while Buenos Aires consumer prices rose about 32.7%. That leaves real rents almost perfectly flat on that measure.
Two different approaches are showing basically the same thing: the current Buenos Aires rental market is no longer beating inflation.
| Area | Nominal increase | Inflation-adjusted result |
|---|---|---|
| Buenos Aires City | 17.5% in 2026 | -1.7% |
| GBA North | 12.9% in 2026 | -6.3% |
| GBA South | 11.7% in 2026 | -7.5% |
| GBA West | 11.4% in 2026 | -7.8% |
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Is the rest of Argentina seeing the same rental slowdown?
No. Argentina's rental slowdown is much clearer around Buenos Aires than in some major provincial cities, particularly Rosario and Córdoba.
Rosario is the strongest counterexample among the large markets with recent comparable data. Zonaprop currently puts the average one-bedroom rent around ARS 565,000. Prices increased 15.9% during the first five months of 2026, about one percentage point faster than inflation over the same period.
Its 12-month performance is stronger still: Rosario rents were up about 5.7% in real terms.
CESO reaches a similar conclusion from a different dataset. It recently measured annual increases of 32.1% for studios, 30.6% for one-bedroom apartments and 35.4% for two-bedroom apartments in Rosario. Rental supply was also 20% higher than a year earlier, so strong rent growth there cannot simply be blamed on disappearing inventory.
Córdoba has also been firmer than Buenos Aires. Zonaprop recorded an 11.1% rental increase during the first quarter of 2026 against 8.5% inflation. Even there, though, the pace is cooling: rents had risen 18.5% during the same period one year earlier.
Treating “Argentina rents” as one clean national series is therefore misleading. Buenos Aires is already experiencing falling real rents. Rosario has recently been experiencing the opposite.
| Market | Recent nominal trend | Real direction |
|---|---|---|
| Buenos Aires City | +17.5% in 2026 | Down |
| GBA North | +12.9% in 2026 | Down |
| GBA South | +11.7% in 2026 | Down |
| Rosario | +15.9% through May | Slightly up |
| Córdoba | +11.1% in Q1 | Up |
Why can rents rise in pesos while getting cheaper?
Because inflation is still raising almost every peso price in Argentina, so a rent can increase substantially without becoming more expensive relative to the rest of the economy.
Take an apartment that goes from ARS 700,000 to ARS 800,000. The landlord has increased the nominal rent by about 14%.
If consumer prices rise 20% over the same period, however, that landlord is actually charging less in inflation-adjusted terms.
That is almost exactly what we see today across Greater Buenos Aires. GBA West rents have increased only 11.4% this year against inflation of 19.2%. GBA South is at 11.7%. GBA North is at 12.9%.
In a low-inflation country, a weaker rental market often shows up as falling sticker prices. Argentina's inflation means the adjustment can happen without the peso amount ever going down.
So yes, the monthly payment can be higher while the economic burden represented by that payment is falling. It sounds contradictory at first, but it isn't.
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Are renters actually feeling this slowdown?
Often, no. Argentine tenants can still feel as though their rent is constantly jumping because lease adjustments now happen much more frequently.
The 2025 Encuesta Inquilina covering the Buenos Aires metropolitan area found that 48% of active contracts were being adjusted every three months. Another 15% were adjusted every four months and 21% every six months.
Almost nine out of ten surveyed renter households were therefore receiving more than one rent increase per year.
That is a major change from the older rental-law system, when annual adjustments were much more common. Deregulation gave landlords and tenants much more freedom to choose their adjustment schedule, and inflation-linked quarterly contracts have become widespread.
At monthly inflation around 2%, three months of compounding produces roughly a 6% increase. A tenant on an inflation-linked contract can therefore see rent jump by around 6% several times a year even when the overall rental market is getting cheaper after inflation.
Contract lengths have shortened too. The same survey found that two-year agreements had become the most common, representing 47% of respondents, while only 18% still had three-year contracts.
This is why the statistical story and the household experience can feel disconnected. Real asking rents may be easing while actual tenants deal with frequent resets and less long-term certainty.
Has the bigger rental supply made renting affordable again?
No. More available apartments have cooled rent increases, but renting in Argentina remains very expensive relative to income for a large share of households.
The clearest evidence comes from renters themselves. The 2025 Encuesta Inquilina found that 57% of renter households in the Buenos Aires metropolitan area were spending more than half their income on rent. One year earlier, that figure was 38%.
Only 21% were spending less than one third of household income on rent, down from 33% the previous year.
Financial stress shows up elsewhere in the same survey. Some 45% of renter households were in debt, and among households that had borrowed money, 77% said they had done so to cover rent.
Current market prices make those figures easier to understand. Zonaprop puts the average Buenos Aires one-bedroom apartment around ARS 874,000 per month. That is a heavy monthly bill even before building charges, utilities and moving costs enter the calculation.
So supply has solved one genuine problem: finding a conventional rental is much easier than during the shortage. Affording one is still difficult for many households.
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Are building charges now a major part of the rent bill in Buenos Aires?
Yes. Building charges have become large enough that focusing on the advertised rent alone can seriously understate what a Buenos Aires tenant pays each month.
CESO recently found that expensas averaged 22.8% of the advertised rent in Buenos Aires City. During the first half of 2024, the figure had been closer to 17%.
Put that into pesos. On an apartment advertised at ARS 700,000, a 22.8% charge adds roughly ARS 160,000 per month. The tenant is already close to ARS 860,000 before electricity, gas, internet or other household services.
That can wipe out a decent chunk of the improvement coming from softer real base rents.
A useful way to read the market today is to separate the price of the lease from the price of living in the building. The first has weakened relative to inflation in Buenos Aires. The second can still eat into the savings.
| Monthly cost example | Approximate amount |
|---|---|
| Advertised rent | ARS 700,000 |
| Building charges at 22.8% | ARS 160,000 |
| Rent plus building charges | ARS 860,000 |
| Utilities | Additional |
Are Argentine wages catching up with rents?
For many workers, yes. Wage growth has recently moved ahead of Buenos Aires rent growth, although that improvement is far from universal.
INDEC's latest wage index showed salaries rising 35.9% year over year. Buenos Aires asking rents, by comparison, are up 30.7% over 12 months according to Zonaprop.
That five-percentage-point gap is significant because it reverses part of the squeeze renters experienced when rents were racing ahead much faster.
The improvement becomes less reassuring once we move away from averages. ACIJ's renter survey still found 57% of AMBA renter households spending more than half their income on rent, which tells us that better aggregate wage growth has not repaired the damage evenly.
Informal workers, low-income households, pensioners and people whose income did not keep up with the overall wage index can still be under severe pressure.
The current trend is genuinely better for affordability at the margin: wages are finally gaining on Buenos Aires rents. We are still starting from a very difficult affordability level.
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Why are Rosario rents still rising faster than Buenos Aires rents?
Rosario currently looks like a genuinely firmer rental market, and the difference cannot be explained by simple nationwide inflation because both cities live under the same national price environment.
Zonaprop has Rosario rents up 15.9% so far in 2026, slightly ahead of inflation. Buenos Aires City is up 17.5% over a longer seven-month period and trails inflation. The surrounding Buenos Aires suburbs are weaker still.
Rosario's supply has actually increased. CESO measured 20% more available apartments than a year earlier, while its annual asking-rent increases ranged from roughly 31% to 35% depending on apartment size.
That combination is interesting: demand has been strong enough to absorb more inventory without forcing real rents down.
Local affordability is already showing the strain. CESO found that the minimum pension had stopped covering the median studio rent in Rosario from the beginning of 2026.
There is no reason to assume the Buenos Aires pattern will automatically spread everywhere at the same speed. Local wages, household formation, available housing stock and investment demand can keep one city tighter even when the national macro picture is cooling.
Could Argentine rents start accelerating again?
Yes. Another sharp inflation or currency shock could push nominal rents up faster again, although the current evidence does not point toward a repeat of the 2023 rental explosion.
The macro backdrop is much calmer these days. Argentina's official annual inflation was 33.5% at the latest fully published reading, dramatically below the rates seen during the previous crisis.
The latest BCRA survey of private analysts expected inflation of around 21.8% over the following 12 months. The same survey expected the peso to average roughly ARS 1,652 per dollar by the end of 2026, an annual depreciation of about 14%.
Those are forecasts rather than guarantees, but they show that professional forecasters currently expect continued disinflation rather than another immediate inflation spiral.
Supply gives the market another buffer. Buenos Aires has far more conventional rentals available than it did during the 2023 shortage, which makes it harder for landlords to impose extreme increases on new tenants without losing them to competing apartments.
The main vulnerability now comes from contracts themselves. Frequent CPI-linked adjustments can pass renewed inflation through to renters quickly. Dollar-denominated leases can react quickly to a peso shock as well.
For now, a return to triple-digit annual rent increases would probably require a major break in the current economic path, a sharp loss of rental supply, or both.
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So, are rents still rising in Argentina?
Yes in pesos, but the broader Argentine rental surge has clearly lost momentum. Around Buenos Aires, rents are currently rising slower than inflation; Rosario and Córdoba remain important exceptions where real rent growth has recently stayed positive.
The Buenos Aires evidence is especially strong because several independent measures line up. Zonaprop has city rents up 30.7% over 12 months and slightly down after inflation in 2026. Its Greater Buenos Aires indices show substantially larger real declines. Official city statistics also put rent inflation almost exactly level with general inflation.
As seen above, the post-2023 return of rental supply helps explain the change. Landlords now compete with far more available apartments, while the huge 2023 repricing has already worked its way through the market.
Provincial cities prevent us from turning that conclusion into a national rule. Rosario rents have recently beaten inflation, and Córdoba did the same during the first quarter. Argentina still contains several rental cycles at once.
Affordability also remains bad. More than half of renter households surveyed in metropolitan Buenos Aires were spending over half their income on rent, while building charges can add another 20% or more to the advertised price.
Our answer is therefore quite clear: Argentine rents are still rising nominally, but the broad real-rent boom is over around Buenos Aires. The market has shifted from explosive rent inflation to much slower increases, and in several major Buenos Aires submarkets rents are already falling meaningfully after inflation. Whether the rest of Argentina follows that path will depend much more on local supply and demand than on the old nationwide shortage story.
OUR METHODOLOGY
We treated “are rents still rising in Argentina?” as several related questions rather than one national headline number. We compared nominal asking rents with inflation, then looked at rental supply, regional differences, contract conditions, household affordability, wages and the broader inflation and currency outlook.
Buenos Aires provides the deepest current dataset, so it carries more weight in the analysis, but we did not treat it as a proxy for the entire country. We compared CABA with Greater Buenos Aires, Rosario and Córdoba to identify where the same slowdown is visible and where local rental markets are still behaving differently.
We also kept market direction separate from affordability. A rent can rise in pesos while falling after inflation, and a market can become softer for landlords while still remaining extremely expensive for tenants. Household survey data, building charges and wage growth were therefore used alongside asking-rent indices rather than as substitutes for them.
The main rental-price and supply data come from Zonaprop's CABA rental index, GBA North index, GBA South index, GBA West index, Rosario index and Córdoba index. Zonaprop's historical CABA reports were also used to compare today's market with the extreme rental increases and supply shortage seen around 2023.
We cross-checked those portal indices with CESO's CABA rental research and CESO's Rosario research, which provide apartment-size rent changes, rental-supply estimates and building-charge data. Household affordability, adjustment frequency, debt and contract-length evidence come from ACIJ's Encuesta Inquilina 2025.
For the legal and macroeconomic context, we used DNU 70/2023 in Argentina's Boletín Oficial for the rental deregulation framework, INDEC for national inflation and wage data, the Buenos Aires City statistical agency's rental-market report as an independent check on CABA rent inflation, and the BCRA Market Expectations Survey for forward inflation and exchange-rate expectations.
The final conclusion gives more weight to patterns that appear across independent datasets. Where the evidence differs materially by city, we keep the disagreement visible rather than forcing a single Argentina-wide rental trend.
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