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Does Airbnb still beat long-term rent in Buenos Aires?

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Summary

Only for the better flats. For a non-resident owner, Airbnb has to gross about 1.7 times the long-lease rent to come out ahead if you run it yourself, and about 2.6 times with a full-service manager. The average one-bedroom grosses only about 9% more than a lease.

The long lease is back as a real option. Since rent control ended (DNU 70/2023), rental listings are 3.6 times their February 2023 low, and Zonaprop puts the city's gross yield at 5.70% in September 2026.

A typical one-bedroom lease asks ARS 898,154 a month (about USD 580) on Zonaprop, and the tenant usually pays the expensas and utilities.

Airbnb numbers depend on who counts. AirROI's average one-bedroom grossed about USD 7,550 over the year to September 2026 (about USD 630 a month), while TuLugar's active entire homes made a median USD 1,275 in September.

The gap comes from what each one counts: AirROI includes part-time listings and runs at 48% occupancy, TuLugar keeps only homes active that month, at 67%.

In the tourist barrios the gross gap is wide. In September, a Palermo Airbnb made about 2.4 times what the same flat would rent for on a lease, and Recoleta about 3.1 times (TuLugar).

Costs eat a third to a half of Airbnb income: a 15.5% host fee, 15–20% for a manager, about 5% for utilities and the expensas the owner now pays.

On a USD 131,000 one-bedroom at 60% occupancy, a non-resident nets about 4.9% self-managed and 3.1% fully managed, against about 4.5% for a long lease.

Tax tilted the field in 2026: Decree 406/2026 made long leases tax-free for resident landlords, but not tourist rentals, and the city charges 6% gross receipts tax on tourist rentals against 1.5% on ordinary ones.

Demand is fine: 1.7 million foreign tourists arrived by air from January to August 2026, 18.4% more than a year earlier (INDEC).

Seasons matter less than you'd think: at AirROI's citywide averages, the weakest month earned about 22% less than the best, because rates rose in winter while occupancy fell.

Competition is heavy, with about 22,600 active listings (AirROI), half of them entire one-bedroom homes, the very flat most small investors buy.

Rent control is not coming back for now: the 15 October 2026 session in Congress to overturn DNU 70/2023 failed for lack of quorum.

Our view: Airbnb beats a long lease in Buenos Aires only for a well-placed flat bought below the Palermo premium and run by its owner. For an average flat managed from abroad, take the tenant.

The Latinvestor team

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The Latinvestor

A team specialized in real estate investing in LATAM countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place. If you’d like to learn more about us, you can check our presentation page.

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Why has the Airbnb versus long-term rent calculation changed so much in Buenos Aires?

Because the long lease works again. Two or three years ago it barely did.

Under the old rent law, contracts ran three years with one yearly adjustment, while inflation ran far faster. Many owners escaped to temporary rentals, where they could price in dollars and change rates every week.

DNU 70/2023 ended that in December 2023. Owners and tenants now agree freely on the length of the lease, the currency and how the rent is indexed. Dollar leases are legal again.

Owners came back fast. Rental listings in Buenos Aires are now 3.6 times their February 2023 low (Zonaprop via La Nación, 19 October 2026), and Zonaprop's gross yield for the city rose from 2.3% in 2020 to 5.70% in September 2026.

Airbnb didn't shrink, though. AirROI still counts about 22,600 active listings in the city. What changed is the alternative: against a 2–3% lease, almost any Airbnb won; against 5.70%, many don't.

A new factor arrived in 2026: tax. Long leases to a tenant's permanent home became tax-free for resident landlords, while tourist rentals did not. We cover it in its own section below.

How much can a Buenos Aires landlord get from long-term rent today?

About USD 450 to 600 a month for a one-bedroom in the barrios an Airbnb investor would look at, paid in pesos and indexed.

Zonaprop's model two-room flat (50 m², one bedroom) asked ARS 898,154 a month in September 2026, about USD 580, up 28.7% over 12 months against 33.4% inflation. Rents are rising in pesos but falling slightly in real terms.

By barrio, Mob's September 2026 median asking rents for a one-bedroom were ARS 920,000 in Núñez (USD 595), ARS 850,000 in Palermo and Colegiales (USD 550), ARS 830,000 in Belgrano (USD 535), ARS 800,000 in Villa Crespo (USD 515), ARS 750,000 in Recoleta (USD 485) and ARS 700,000 in San Telmo and Almagro (USD 450). Puerto Madero asks about ARS 1,268,186 on Zonaprop (USD 820).

As a return on the price, Zonaprop's citywide gross yield is 5.70%, or 17.5 years of rent to pay back the flat. On Zonaprop's USD 131,000 model one-bedroom, that is about USD 7,470 a year, or USD 620 a month.

The lease also wins on costs. The tenant usually pays utilities and the ordinary expensas, which averaged ARS 379,774 a month in CABA in September 2026 (about USD 245, ConsorcioAbierto). On Airbnb, the owner pays them.

Barrio (Sept 2026) 1-bed asking rent, ARS a month About USD Source
Núñez 920,000 595 Mob
Palermo 850,000 550 Mob
Colegiales 850,000 550 Mob
Belgrano 830,000 535 Mob
Villa Crespo 800,000 515 Mob
Recoleta 750,000 485 Mob
San Telmo 700,000 450 Mob
Almagro 700,000 450 Mob
City, 50 m² model flat 898,154 580 Zonaprop

How much does a Buenos Aires Airbnb actually earn now?

An average one-bedroom grosses about USD 630 a month over a full year. A well-run one in a good barrio makes about twice that.

AirROI's figures for the year to September 2026 cover about 22,600 active listings. Entire one-bedroom homes (about 11,100 of them) averaged ARS 10.9 million a year in AirROI's own conversion at ARS 1,443 per dollar, about USD 7,550, or USD 630 a month. The median was about USD 5,960, under USD 500 a month.

Against a typical lease of about USD 580 a month, the average one-bedroom grosses about 9% more, before paying for anything. The median one earns less than the lease.

TuLugar tells a happier story: a median of USD 1,275 a month in September 2026 across 5,313 entire homes active that month, at USD 68 a night and 67% occupancy. AirDNA showed about USD 8,100 a year for CABA in mid-2026, close to AirROI.

Both can be right. A flat run full-time by a serious host earns four figures a month. The average listing, including owners who block months or list part-time, earns about the same as a tenant would pay.

Dataset What it counts Revenue About a month
AirROI (Oct 2025–Sep 2026) All ~22,600 listings, 48% occupancy ~USD 8,900 a year (average) ~USD 740
AirROI, entire 1-bedroom ~11,100 listings, 48% occupancy ~USD 7,550 a year (average) ~USD 630
TuLugar (Sep 2026) 5,313 active entire homes, 67% occupancy USD 1,275 a month (median) USD 1,275
Long lease (Zonaprop, Sep 2026) 50 m² model flat, asking ARS 898,154 a month ~USD 580

Why do the Airbnb revenue numbers for Buenos Aires disagree so much?

Because nobody sees Airbnb's books. Every provider rebuilds revenue from calendars, rates and reviews, and each one decides differently what counts.

A blocked night can be a booking, the owner's own stay or a host who simply closed the calendar. A listing can be online and barely used. The same flat can appear on two platforms. Rooms and entire homes get mixed.

The biggest difference is the sample. AirROI keeps every active listing over 12 months and finds 48% occupancy. TuLugar keeps only entire homes active in the month and finds 67%. That 19-point gap alone explains most of the revenue difference.

For a purchase decision, use the lower one as your base case and the higher one as your target. If the flat only works at TuLugar's numbers, it has no room for a weak winter or a few bad reviews.

And never mix them in one calculation: AirROI's nightly rate with TuLugar's occupancy gives a revenue figure nobody actually earns.

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Does Airbnb still make much more than long-term rent in Palermo and Recoleta?

Gross, yes: about 2.4 times the lease in Palermo and 3.1 times in Recoleta in September 2026, using TuLugar for both sides.

TuLugar's September report puts Palermo's median active entire home at USD 1,517 a month (1,347 listings, 71% occupancy, USD 73 a night) and Recoleta's at USD 1,499 (616 listings, 73%). Its long-lease yields for the same barrios are 4.7% and 4.3%.

On a 50 m² flat at TuLugar's asking prices, that lease yield means about USD 635 a month in Palermo and USD 485 in Recoleta. The Airbnb median is 2.4 and 3.1 times that. Belgrano, Villa Crespo and San Telmo come out around 2.2 to 2.3 times, Colegiales and Almagro around 2.7 to 2.8.

Be careful with these multiples. TuLugar only counts active homes, September is a decent month, and Airbnb listings are not all 50 m². Over a full year and across all listings, the real premium is lower. But the ranking holds: Recoleta, Colegiales and Almagro earn the most Airbnb money per dollar of lease rent.

Puerto Madero is the exception: the highest Airbnb revenue in the city (USD 2,319 a month) but only 1.9 times a lease, because the flats cost so much.

Barrio (TuLugar, Sep 2026) Airbnb median a month Long lease, 50 m² (TuLugar yield × price) Airbnb ÷ lease Verdict
Recoleta USD 1,499 ~USD 485 (4.3%) ~3.1× Strongest premium
Colegiales USD 1,520 ~USD 545 (4.5%) ~2.8× Strong, small market (45 listings)
Almagro USD 1,169 ~USD 430 (4.9%) ~2.7× Strong on a cheap flat
Palermo USD 1,517 ~USD 635 (4.7%) ~2.4× Good, but the lease is strong too
Villa Crespo USD 1,157 ~USD 500 (5.0%) ~2.3× Good
Belgrano USD 1,247 ~USD 545 (4.2%) ~2.3× Good
San Telmo USD 1,110 ~USD 505 (6.1%) ~2.2× Lease already pays well
Puerto Madero USD 2,319 ~USD 1,210 (5.0%) ~1.9× Big revenue, small premium

How much of Airbnb's extra revenue disappears in costs?

About a third of it if you run the flat yourself, about half with a full-service manager.

Airbnb takes 15.5% of each booking under its single host fee (its October 2026 help page). Full management in Buenos Aires costs 15–20% of income (StayBaires); lighter co-hosting starts at about 10% (AirROI's cost model).

Then the owner pays what a tenant would normally pay: utilities and internet (about 5% of bookings in AirROI's model) and the expensas, about ARS 200,000 a month for a one-bedroom in Palermo (Mob, September 2026), so about USD 1,550 a year. Add furniture, linen and faster wear.

On a USD 131,000 one-bedroom booked 60% of the year at AirROI's USD 62 a night (USD 13,580 of bookings), those costs come to about 32% of gross if you manage it yourself and about 49% with a 20% manager. Furniture, repairs and insurance come on top.

A long lease has almost none of this. The tenant pays utilities and ordinary expensas; the owner keeps the extraordinary building charges and the wealth tax, which both options share.

How much more does Airbnb need to earn before it is actually worth it?

For a non-resident owner, about 1.7 times the lease rent if you manage it yourself, and about 2.6 times with a full manager.

Start from the lease: about USD 620 a month on the USD 131,000 model flat. A non-resident should plan on 21% of gross rent in income tax on both options (35% withholding on a presumed 60% net), unless an adviser confirms the 2026 exemption applies to them. So the lease leaves about USD 490.

For the Airbnb to leave the same USD 490, gross bookings must cover its costs and the same 21% tax. At a 32% cost share, that takes about USD 1,040 a month (1.7 times the lease). At 49%, about USD 1,630 (2.6 times).

The table shows how fast the hurdle rises. Most of the old 30–50% rules of thumb ignore tax and the fact that the Airbnb owner now pays the expensas.

For a resident owner it is even harder: the long lease is tax-free since 1 January 2026, the Airbnb is not.

Airbnb costs, % of gross Gross needed to match a USD 620 lease, before tax Same, non-resident taxed at 21% of gross on both Who this fits
15% ~USD 730 (+18%) ~USD 770 (+23%) Self-managed, no expensas
25% ~USD 830 (+33%) ~USD 910 (+46%) Light co-host
35% ~USD 960 (+54%) ~USD 1,120 (+80%) Self-managed, owner pays expensas
45% ~USD 1,130 (+82%) ~USD 1,450 (+132%) Partly outsourced
49% ~USD 1,220 (+96%) ~USD 1,630 (+163%) Full-service manager

Is Buenos Aires tourism strong enough to support Airbnb today?

Yes. Demand is not the problem.

INDEC counted 213,000 non-resident tourists arriving through Ezeiza and Aeroparque in August 2026, 17.5% more than a year earlier. From January to August, 1.7 million arrived, up 18.4%.

They stay long: 11.8 nights on average in August, 21.7 for Europeans and 14.8 for US and Canadian visitors. That suits apartments better than hotels.

The strong peso has not scared them off so far. The wholesale dollar rose only about 4.9% between January and October 2026 while prices rose about 23.6%, yet AirROI's average nightly rate went from about USD 64 in September 2025 to about USD 79 in July 2026.

So if a Buenos Aires Airbnb underperforms, look at the flat, the price and the photos before blaming the city.

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Is Airbnb in Buenos Aires getting too competitive?

Yes for the ordinary one-bedroom. There are simply too many of them.

AirROI tracks about 22,600 active listings, of which about 11,100 are entire one-bedroom homes and 3,300 two-bedroom homes. Half the market is the exact flat most small investors buy.

Tourist barrios concentrate them. Palermo alone holds 1,347 of TuLugar's 5,313 active entire homes, about a quarter.

More supply is coming: permitted floor area in the city rose 37% in Q2 2026 (CEPA), and some of those new flats will end up on Airbnb. Before buying, count how many units in the building already list.

Crowding shows up in prices more than bookings. Guests compare dozens of similar flats and skip the ones with old furniture, weak Wi-Fi or no air conditioning. A flat that stands out keeps its rate; a generic one cuts it.

Does Airbnb income in Buenos Aires stay stable through the year?

More than you'd expect, because rates rose when occupancy fell.

AirROI's citywide monthly data show occupancy between 45.8% (June 2026) and 62.4% (November 2025). But the average rate rose from about USD 64 a night in September 2025 to USD 75 in June 2026 and USD 79 in July, in dollars.

For a listing open every night at those averages, monthly revenue ranged from about USD 985 (September 2025) to about USD 1,255 (November 2025). The weakest month was about 22% below the best, and the winter months (May to August 2026) stayed around USD 1,025 to 1,190.

That is a small swing for tourism, but it helps only the flats that already beat the lease by a wide margin. A flat that wins by 10% in a good month loses in a weak one.

Plan on a full year of AirROI averages, not on your best month times twelve.

Month (AirROI, all listings) Occupancy Average rate Revenue if open all month
September 2025 51.5% ~USD 64 ~USD 985
November 2025 62.4% ~USD 67 ~USD 1,255
January 2026 49.8% ~USD 67 ~USD 1,005
March 2026 56.8% ~USD 69 ~USD 1,170
June 2026 45.8% ~USD 75 ~USD 1,035
August 2026 51.0% ~USD 78 ~USD 1,190

Has Argentina's rental reform removed Airbnb's biggest old advantage?

Yes. Airbnb used to be the way out of a broken lease system. That reason is gone.

Leases can now be written in pesos or dollars, indexed however both sides agree, for whatever length both sides sign. Owners of old contracts still on the ICL index saw it rise 31.5% over 12 months; new contracts are freely agreed.

Owners voted with their flats: rental listings are 3.6 times their February 2023 low. They were not fleeing tenants; they were fleeing the old rules.

So an Airbnb now has to win on net income alone, after costs and tax. On today's numbers, an average one doesn't.

Could tighter short-term rental enforcement change the Airbnb calculation?

The city rules won't kill a deal. The building rules and taxes might.

Tourist rentals of one night to three months in CABA fall under Law 6,255 and must be registered with the city's Tourist Temporary Rental Registry. Registration is free and online, it was simplified in 2025, and the number goes on your listing.

You need proof of ownership, a declaration on civil-liability insurance and safety, the building's co-ownership rules (reglamento de copropiedad) and a notice to the building's management. If the reglamento bans tourist rentals, you can't operate, whatever the demand.

Enforcement is the open question. The registry lists far fewer flats than the 22,600 that AirROI tracks, so the city has room to tighten without a new law. Non-resident guests also owe a city tourist levy (Law 6,278).

Buenos Aires has no night caps like Barcelona or New York. We would still treat a tourist rental as riskier than a lease: the rules can tighten while you own the flat, and a lease doesn't need anyone's permission.

Is the neighborhood with the highest Airbnb revenue automatically the best investment?

No. What matters is revenue per dollar you pay for the flat.

Puerto Madero earns the most per listing, USD 2,319 a month in September 2026, but asks about USD 5,814 per m² (TuLugar). On a 50 m² flat that is about 9.6% gross a year if every month were September.

Palermo makes USD 1,517 a month at about USD 3,245 per m², so about 11.2%. Recoleta makes almost the same, USD 1,499, at USD 2,711 per m², so about 13.3%. San Telmo makes USD 1,110 at USD 1,992 per m², about 13.4%.

San Nicolás (the Microcentro) had 579 active homes making a median USD 1,179 a month in September, at USD 60 a night. Buildings vary a lot there, so check the block and the building before trusting the average.

Put simply: USD 1,517 a month on a USD 162,000 Palermo flat is a worse deal than USD 1,110 on a USD 100,000 flat in San Telmo. These are September figures and gross; a full year is lower.

Barrio (TuLugar, Sep 2026) Asking price USD/m² 50 m² flat Airbnb median a month Gross yield if every month = September
Puerto Madero 5,814 ~USD 291,000 USD 2,319 ~9.6%
Palermo 3,245 ~USD 162,000 USD 1,517 ~11.2%
Belgrano 3,109 ~USD 155,000 USD 1,247 ~9.6%
Recoleta 2,711 ~USD 136,000 USD 1,499 ~13.3%
Villa Crespo 2,395 ~USD 120,000 USD 1,157 ~11.6%
Almagro 2,115 ~USD 106,000 USD 1,169 ~13.3%
San Telmo 1,992 ~USD 100,000 USD 1,110 ~13.4%
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Which Buenos Aires properties still make the most sense on Airbnb?

Flats that guests pick first, bought below the Palermo premium and run by an owner who keeps the manager's 15–20%.

Location comes first: Recoleta, Palermo, Colegiales, Almagro and the quieter streets of San Telmo all showed occupancy of 57–73% in September 2026 on TuLugar.

Then the flat: air conditioning, fast Wi-Fi, light, a quiet bedroom, a lift, self check-in and good photos. In a market of 11,100 one-bedrooms, these decide whether you sit at 48% or 70%.

Running costs decide the rest. On the USD 131,000 model flat, a self-managed Airbnb nets about 5.9% at 70% occupancy against 3.8% with a manager (both after a non-resident's 21% tax).

Airbnb makes little sense for a generic flat in a residential barrio, for an owner who needs full management from abroad, or for a flat that already rents well on a lease, as in San Telmo at a 6.1% lease yield.

Does the 2026 tax change favour a long lease over Airbnb in Buenos Aires?

Yes, clearly for local owners, and probably for foreign ones too.

Law 27.802 and Decree 406/2026 (published 1 June 2026) exempt from income tax, from 1 January 2026, the rent a resident individual earns from a home let as the tenant's permanent residence. A tourist staying a week does not meet that test, so Airbnb income stays taxable.

For a non-resident, the decree is silent on the lease exemption (Estudio Piccinini, 29 June 2026). The safe default is 21% of gross rent on both options. If an adviser confirms the exemption for you, the lease gains 21 points on Airbnb overnight.

City tax adds to the gap. Buenos Aires charges 6% gross receipts tax on tourist rentals and 1.5% on ordinary rentals, which can even be exempt. On USD 13,580 of bookings, 6% is about USD 815 a year, which would cut the managed Airbnb's 3.1% net to about 2.5%.

What to do: ask an Argentine tax adviser for a written estimate on both options before buying, and include the 6% in your Airbnb budget.

Could rent control come back and change the math?

Not for now. The attempt to overturn DNU 70/2023 failed in October 2026.

On 15 October 2026, the opposition called a session in the Chamber of Deputies to overturn the decree that ended rent control. Only 121 deputies showed up, 8 short of the 129 needed for a quorum, so no vote took place.

That keeps free leases in place: any currency, any indexation, any length the parties sign. It also keeps the long lease as a serious alternative to Airbnb.

The risk has not disappeared. A future Congress could try again, and a new law would likely apply to new contracts first. If your plan depends on dollar leases, sign them in writing, with a clear indexation clause, and keep the tourist-rental option open as a fallback.

Does Airbnb still beat long-term rent in Buenos Aires?

For good flats in tourist barrios, yes. For the average flat, no.

The average one-bedroom grosses about USD 630 a month on AirROI, roughly 9% more than a typical USD 580 lease. After a 15.5% host fee, utilities and expensas, it ends below the lease.

Active homes in Palermo and Recoleta gross 2.4 to 3.1 times a lease in a good month (TuLugar, September 2026). That clears the 1.7-times hurdle a self-managing non-resident needs; only Recoleta also clears the 2.6 times that full management requires.

On the USD 131,000 model flat at 60% occupancy, a non-resident nets about 4.9% self-managed, 3.1% with a manager and 4.5% on a long lease, before the city's 6% tax on tourist rentals.

Demand is not the issue: foreign arrivals rose 18.4% from January to August 2026. The lease got better, the tax rules favour it, and rent control is not coming back for now.

Before buying, read the building's reglamento, get a written tax estimate, and run the numbers at AirROI's 48% occupancy. If the Airbnb still grosses 1.7 times the lease there and you will run it yourself, go for it. Otherwise, take the tenant.

Our methodology

This article compares what a Buenos Aires City apartment earns on Airbnb with what it earns on a normal long-term lease in 2026, after costs and tax, for a foreign (non-resident) owner, with notes for resident owners.

Short-term figures use one platform per calculation. Citywide revenue, occupancy, listings, monthly seasonality and the net-yield model use AirROI (October 2025 to September 2026; AirROI shows its dollar figures in pesos at ARS 1,443, which we converted back at that same rate). The barrio comparison uses TuLugar's September 2026 report for Airbnb revenue, asking prices and long-lease yields, so both sides come from the same source. Long-term rents come from Zonaprop's September 2026 index (city) and Mob's September 2026 listing study (barrios); yields and the USD 131,000 model flat from Zonaprop; expensas from ConsorcioAbierto and Mob; tourism from INDEC's August 2026 survey.

Costs come from Airbnb's host fee page (15.5%), StayBaires' management fees and AirROI's cost model. Tax rules come from Law 27.802, Decree 406/2026, the non-resident withholding in the Income Tax Law, Estudio Piccinini's note on non-resident landlords and the city's 2026 tax law (6% on tourist rentals). City rules come from Law 6,255 and the tourist rental registry; the October 2026 vote on DNU 70/2023 from press reports.

We checked these figures in October 2026. Peso amounts are converted at about ARS 1,550 per US dollar (official and MEP rates were within 1% of each other on 22 October 2026, the blue rate about ARS 1,570), and euro amounts at about ARS 1,740 per euro.

Where we had no direct figure, we used stated assumptions: a 50 m² one-bedroom, utilities at 5% of bookings, a 20% manager, expensas of ARS 200,000 a month and 21% tax on gross income for a non-resident on both options. The cost-share hurdles are scenarios, not market data. TuLugar's barrio multiples annualise one month of active homes and overstate a full year. We left out furniture, repairs and insurance. Older figures from AirDNA (65% occupancy, about 40,000 listings) and Inside Airbnb's listing history could not be checked for 2026 and were removed.

Key sources used for this analysis include AirROI's Buenos Aires short-term rental data, AirROI's Argentina market study, TuLugar's September 2026 Buenos Aires Airbnb report, TuLugar's September 2026 Argentina market report, TuLugar's Palermo Airbnb data, AirDNA's CABA dataset, Infobae on Zonaprop's September 2026 rents, Zonaprop's CABA rental index, Zonaprop's CABA rental-yield index, Revista Mercado on Zonaprop's September 2026 index, Mob's CABA rents by barrio, Mob's expensas by barrio, La Nación on rental listings, INDEC's August 2026 international tourism statistics, Airbnb on host service fees, StayBaires, Decree 406/2026, Estudio Piccinini on non-resident landlords, Buenos Aires City tax law for 2026, iProfesional on CABA gross receipts tax on rentals, DNU 70/2023, TodoJujuy on the failed 15 October 2026 session, Buenos Aires City's tourist temporary rental registry, Buenos Aires Law 6,255, Infobae on the dollar rate in October 2026.

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