Is rental property worth buying in Buenos Aires?

What changed for Buenos Aires landlords after rent control ended?

A lot, and most of it happened fast. The easy part of the recovery is probably behind us.

The turning point was DNU 70/2023. It gave owners and tenants freedom to agree on contract length, rent adjustments and the currency of the lease. The old rental law had pushed many owners out of long-term renting, so this was not a small change.

Owners came back immediately. Zonaprop's rental-supply index had fallen below 60 during the crisis. After deregulation, advertised supply jumped 62% in January 2024 alone and later climbed above 170. In September 2026, Zonaprop still counted 3.6 times as many rental listings as at the February 2023 low, after another 6.6% rise in the month.

Yields recovered too. Zonaprop puts the citywide gross return at 5.70% in September 2026, against 2.3% in 2020, and several cheap southern barrios are well above 7%.

So Buenos Aires has a working rental market again. The real question is whether today's prices still leave enough return after costs, tax and risk.

Buenos Aires rental market	Earlier situation	More recent situation	What changed
Rental supply index	Below 60 around the crisis	Above 170 after reform	Owners returned
Immediate supply response	—	+62% in January 2024	Very strong reaction
Rental listings, September 2026	February 2023 low = 1×	3.6× (+6.6% in the month)	Supply still growing
Lease duration, index, currency	Set by law	Negotiable	More flexibility for both sides
Citywide gross yield	2.3% in 2020	5.70% (September 2026)	Rental economics recovered

Are Buenos Aires rental yields actually attractive now?

Decent, not generous. The 5.70% city average only works if the flat is cheap to run and you did not overpay.

Zonaprop's September 2026 index says an investor needs about 17.5 years of gross rent to recover the purchase price. That is 12.5% less time than a year earlier, so the recovery is real. Reporte Inmobiliario, with a different sample, found 6.22% gross for used apartments in June 2026, up from about 5.47% at the end of 2025.

But 5.70% is gross. It comes before vacancy, repairs, extraordinary expensas, insurance, taxes, buying costs and management. Bought at the city average, a flat can easily end up nearer 4% on the money you actually put in, and lower for a foreign owner (see below).

The yield has also stopped rising: Zonaprop's figure was stable in September. With rents now trailing inflation, we would not count on returns widening much from here.

The average is good enough to make Buenos Aires interesting. It is not good enough to make an average apartment an automatic buy.

Are Buenos Aires rents still rising fast?

In pesos, yes. After inflation, no.

Zonaprop puts the average two-room apartment (50 m², one bedroom) at ARS 898,154 a month in September 2026, about USD 580. Asking rents rose 20.8% from January to September and 28.7% over twelve months. September's monthly rise, 1.3%, was the smallest of the year.

Both figures are below inflation. Consumer prices rose about 23.6% from January to September and 33.4% over twelve months (INDEC). In real terms, rents are down roughly 2% this year.

That is a big change from the repricing that followed deregulation. Owners can write flexible contracts, but tenants have a limit on what they can pay, and thousands of flats are competing for them.

So we would not build an investment case around another jump in real rents. Most of the post-reform catch-up is done.

Measure	Recent change	Relevant comparison	What it tells us
CABA rents, January–September 2026	+20.8%	Inflation ~+23.6%	Real rents slightly lower
CABA rents over 12 months	+28.7%	Inflation +33.4%	No real rent boom
Monthly rise, September 2026	+1.3%	Inflation +1.9%	Smallest rise of the year
Average two-room rent	ARS 898,154	USD 580 a month	High tenant burden
Gross rental yield	5.70%	Stable on the month	Yield improvement has paused

Has too much rental supply returned to Buenos Aires?

There is far more supply than during the crisis, and that competition already limits how hard landlords can push rents.

The reversal is huge. Zonaprop's supply index fell below 60 at the worst point of the old rental law and moved above 170 after deregulation. In September 2026 listings were still 3.6 times the February 2023 low and grew another 6.6% in the month. IDECBA, the city statistics office, counted a record number of peso rental listings in Q2 2026.

That was healthy. Tenants had choice again, and owners had rules under which they were willing to rent long term.

For investors, though, scarcity no longer does the work. Supply is high and rents trail inflation, and the two facts go together.

Rental property can work here, but price it as a competitive market. An overpriced studio sits empty, and one empty month costs 8.3% of the year's rent.

Are Buenos Aires apartments still cheap in dollars?

Cheaper than at the peak, but not obviously cheap anymore.

Zonaprop puts the average apartment at USD 2,484/m² in September 2026, up 0.3% in the month. That is still 11.3% below the historical high in its series.

Zonaprop's model units give the scale: about USD 110,000 for a 40 m² studio, USD 131,000 for a 50 m² two-room (one-bedroom) flat and USD 180,000 for a 70 m² three-room flat.

Going back to the old peak would mean about 13% upside. Nice to have, but nowhere near enough to rescue a poor rental.

The barrio gap is far bigger than the citywide discount. Zonaprop's September medians put Puerto Madero at USD 6,165/m² and Palermo at USD 3,409/m², against USD 1,057/m² in Villa Lugano.

The opportunity sits in that spread. Calling the whole city "cheap" hides most of what drives your return.

Are Buenos Aires property prices taking off again?

No. Prices are barely moving in dollars, so do not buy a weak rental expecting appreciation to save it.

Zonaprop's asking index rose only 1.4% from January to September 2026. Closed sales are flatter still: the M² Real index (RE/MAX, UCEMA and Reporte Inmobiliario) puts used apartments at USD 2,097/m² in September, 0.4% below a year earlier.

Deeds tell a similar story. The Colegio de Escribanos recorded 41,583 CABA sales from January to August 2026, 2.3% fewer than a year earlier. August brought 6,055 deeds, 4.9% below August 2025.

Mortgages are the weak part. Only 1,059 August deeds used a mortgage (−20.8% year on year), and mortgage deeds were down 34% over the first eight months. That is still a decent market by recent standards, just not an accelerating one.

What we do not see is prices and volumes rising together. A cash-flow-first strategy is much easier to defend than a bet on a quick dollar repricing.

Current sales-market measure	Latest reading	Direction
Average asking price (Zonaprop, Sept 2026)	USD 2,484/m²	+1.4% since January
Closing price, used apartments (M² Real, Sept 2026)	USD 2,097/m²	−0.4% year on year
Gap from historical asking peak	−11.3%	Still below peak
Sales, January–August 2026	41,583	−2.3% year on year
Sales, August 2026	6,055	−4.9% year on year
Mortgage-backed deeds, August 2026	1,059	−20.8% year on year

Which Buenos Aires neighborhoods have the best rental yields?

The cheap south, by a wide margin. Villa Lugano is far ahead of Palermo, Núñez and Puerto Madero.

We took Zonaprop's September 2026 two-room rent for each barrio and its median price per m² for a 50 m² flat. That gives about 9.7% gross in Villa Lugano, 8.7% in Nueva Pompeya and 8.0% in La Boca. Zonaprop itself names Villa Lugano and Parque Patricios as the best barrios for rental return.

At the other end, Palermo comes out at about 4.6% and Puerto Madero at 3.2%, exactly Zonaprop's own figure for the barrio. Núñez lands near 5.5% on Zonaprop's price (USD 2,837/m²), but only about 4.8% at TuLugar's higher USD 3,238/m². TuLugar's September report puts Belgrano at 4.2% and San Telmo at 6.1%.

The gap comes from prices. A Puerto Madero tenant pays ARS 1,268,186 a month for the standard flat, almost twice Villa Lugano's ARS 660,673, but the flat costs about 5.8 times more per m².

La Nación's August 2026 breakdown by apartment size points the same way, with two-room flats yielding around 9.6% in La Boca, 8.9% in Constitución, 8.4% in Villa Lugano and 8.3% in Barracas. If you look past the expat barrios, there are far more deals than the 5.70% city average suggests.

Neighborhood (50 m² two-room flat)	Rent a month (Zonaprop, Sept 2026)	Price (Zonaprop median USD/m² × 50)	Approx. gross yield
Villa Lugano	ARS 660,673 (USD 425)	USD 52,850	9.7%
Nueva Pompeya	ARS 729,080 (USD 470)	USD 64,950	8.7%
La Boca	ARS 730,922 (USD 470)	USD 70,350	8.0%
City average	ARS 898,154 (USD 580)	USD 131,000 (Zonaprop model flat)	5.3% (Zonaprop index: 5.70%)
Núñez	ARS 1,003,138 (USD 645)	USD 141,850	5.5% (4.8% at TuLugar's price)
Palermo	ARS 1,005,424 (USD 650)	USD 170,450	4.6%
Puerto Madero	ARS 1,268,186 (USD 820)	USD 308,250	3.2%

Is Villa Lugano really the best place to buy a rental property?

On headline yield, yes. As an overall investment, not automatically.

The roughly 9.7% gross comes from a very low entry price, not from big rents. At about USD 1,057/m², Villa Lugano costs less than a third of Palermo and about a sixth of Puerto Madero. A whole 50 m² flat comes to about USD 53,000.

That is a huge cash-flow advantage, and it also tells you what you are buying. Demand is local, foreign buyers are rare, and resale will not behave like Palermo or Belgrano.

If rental income is all you care about, study Villa Lugano seriously. If you care about resale, foreign tenants or using the flat yourself, a lower yield elsewhere may be the better trade.

The middle of the market is worth a look too: Parque Patricios (one of Zonaprop's two best-yielding barrios), San Telmo (6.1% gross on TuLugar) and central Balvanera, where TuLugar's October median asking price is about USD 1,676/m².

Are Palermo and Puerto Madero worth buying for long-term rent?

Palermo is hard to justify as a pure long-term rental. Puerto Madero, at 3.2% gross, is harder still.

Puerto Madero shows how misleading high rents can be. Its standard flat rents for about USD 820 a month, the most in the city, but it costs about USD 6,165/m². Put the two together and it sits at the bottom of the yield ranking.

Palermo does better at about 4.6% gross (TuLugar says 4.7%), but that leaves little room after buying costs, empty months and maintenance.

There are good reasons to own in both barrios. Palermo has deep residential and tourist demand. Puerto Madero attracts wealthy local and foreign buyers. Both can make sense for personal use, parking capital or short-term rentals.

For monthly long-lease income, we would look elsewhere first. The gap with barrios at 8% to 10% gross is too big to ignore.

What return can a Buenos Aires landlord realistically keep?

On a city-average flat, roughly 3.7% to 4.7% a year for a local owner, and 2.4% to 3.2% for a non-resident. Not the 5.70% on the portal.

Take Zonaprop's standard 50 m² two-room model flat, priced at about USD 131,000 in September 2026. At the average rent of ARS 898,154 a month, it brings about USD 6,950 a year, or 5.3% gross.

You also pay to buy. In CABA, stamp tax, notary, registry and the buyer's agent add about 6.4% to 9.4% of the price with an agent. We use 7%, so about USD 140,200 goes in.

Then the flat itself. One empty month removes 8.3% of the year's rent. Repairs, insurance, extraordinary expensas and owner charges take more.

A non-resident has two more lines: 21% of the rent withheld as income tax unless an adviser confirms the 2026 exemption applies, and the wealth tax (Bienes Personales) at 0.5% a year with no allowance, paid through a local representative.

These are our sensitivity calculations, not market forecasts. They show why a small difference in the starting yield changes the end result so much.

Example (USD 131,000 flat, 5.3% gross)	Vacancy	Other costs (% of rent)	Buying costs	Return on total capital, resident	Return, non-resident (21% + 0.5% wealth tax)
Efficient property	0 months	5%	7%	~4.7%	~3.2%
Normal case	1 month	8%	7%	~4.2%	~2.8%
Conservative case	2 months	10%	7%	~3.7%	~2.4%
Advertised citywide gross yield	None	None	None	5.70%	5.70%

That changes the barrio comparison a lot. With the normal-case assumptions, a flat bought at 8% gross still keeps about 6.3% for a resident and 4.4% for a non-resident. One bought at 3.2% to 4.6% keeps very little.

Can high building expenses ruin a Buenos Aires rental investment?

They can, especially in new towers full of amenities.

Propio analyzed 1,569 CABA rental listings in 2026 and found median expensas of about ARS 180,000 a month, roughly 22% of the advertised rent. ConsorcioAbierto's citywide average, which includes big towers, reached ARS 379,774 (USD 245) in September 2026, up 28.6% in a year.

Tenants usually pay the ordinary expensas, so do not subtract the full bill from your income. But tenants look at the total. A flat at the average rent of ARS 898,154 plus ARS 180,000 of expensas already costs more than ARS 1 million a month before utilities.

That caps the rent you can ask. And when the flat is empty, the whole bill is yours.

Amenities make it worse: Propio estimates buildings with amenities charge about 21.9% more per m². Extraordinary works, which stay with the owner, were 10% of the average bill in September 2026.

For long leases, we prefer a simple building with sensible charges over a tower with pool, gym and full-time staff. Ask for the last 12 expensas statements before you make an offer.

Should investors buy new apartments in Buenos Aires?

For rental income, a well-kept used flat usually makes more sense. New construction is expensive and tenants do not pay enough extra to cover it.

IDECBA's Q2 2026 asking prices show the gap: USD 2,561 vs 3,105/m² for used vs new studios, 2,343 vs 3,215 for two-room flats and 2,160 vs 3,349 for three-room flats. That is a premium of about 21%, 37% and 55%.

Building costs explain it. Reporte Inmobiliario put a standard building at about USD 1,324 per built m² in August 2026, and construction got roughly 18% more expensive in dollars this year because peso costs rose much faster than the dollar.

New buildings can still win with an exceptional location, low running costs or a layout tenants really want. They may also need fewer repairs in the first years.

But be wary of paying a big premium just because a unit is new. If an older flat two streets away rents for almost the same and costs much less, it gives the better return.

Does Argentina's currency make Buenos Aires rental property too risky?

It is still one of the biggest risks, because the flat is priced in dollars while most leases are paid in pesos.

The rules are better than they were. Parties can agree on the lease currency and the update index, and most foreign-exchange controls are gone.

In 2026 the peso has even helped. The wholesale dollar rose only about 4.9% from January to October, while peso rents rose 20.8% through September. Measured in dollars, rents went up roughly 15% this year. Argentina got more expensive in dollars, and landlords felt it.

That can reverse. The dollar trades around ARS 1,527 wholesale against a band ceiling of ARS 1,941, and economists polled by the central bank expect about ARS 1,614 by the end of 2026. A jump toward the ceiling would cut your dollar income until rents catch up.

So judge the yield in the currency you care about, not in nominal pesos. And buy at a high starting yield: 8% to 10% gross absorbs a currency shock far better than 3.2% in Puerto Madero.

Is Airbnb better than long-term renting in Buenos Aires?

In some barrios, yes, but treat it as a small business, not a higher rent.

Tourist rentals in CABA must be registered with the city. Registration is free, but you need proof of ownership, safety compliance, civil-liability insurance and, where it applies, the building's co-ownership rules. A building whose rules ban tourist rentals is off the table.

The numbers can be strong in the right place. TuLugar's September 2026 data put a typical Palermo listing at USD 73 a night with 71% occupancy, about USD 1,517 a month gross. Across the whole city, AirROI measured average occupancy of only 48% from October 2025 to September 2026.

Revenue alone is misleading. Airbnb takes a 15.5% host fee, and you pay furniture, utilities, cleaning, guest messages, repairs and usually a manager. Tourist rents are not covered by the 2026 income-tax exemption, and CABA charges 6% gross-income tax on them. On TuLugar's figures, a managed Palermo flat owned by a non-resident nets only about 3.7%.

For a Palermo flat earning about 4.6% on a long lease, short stays are worth testing. For a cheaper flat already earning 8% or more from a normal tenant, taking on hotel work may not be worth it.

What does a foreign landlord keep after the 2026 tax changes?

Less than a local owner. Since 1 January 2026, rent from a home let as the tenant's permanent residence is exempt from income tax for resident individuals (Law 27.802, Decree 406/2026, published 1 June 2026).

For non-residents the decree is silent. Tax firm Estudio Piccinini flagged the doubt on 29 June 2026. Until an Argentine adviser confirms otherwise in writing, plan on the default: 35% withheld on a presumed 60% net income, which is 21% of gross rent. On Zonaprop's 5.70% gross yield, that alone brings you to about 4.5%, before any other cost.

Add Bienes Personales at 0.5% a year on the property, paid by a local representative, plus the ABL city tax. The good news is on the exit: since 1 January 2026, sales of property by individuals, residents and non-residents alike, are exempt from income tax.

What to check before buying: that the lease will clearly be the tenant's permanent home (the condition for the exemption), who will act as your local tax representative, and what your adviser says about the non-resident treatment. Run your numbers at 21% withholding; if the exemption is confirmed later, it is a bonus.

How hard can you negotiate on a rental flat right now?

Harder than most foreigners do. Sellers are not desperate, but the market is flat and supply is large.

The M² Real survey found used apartments closing 4.75% below the last asking price in September 2026. Asking prices average USD 2,484/m² while real closings average USD 2,097/m², so the ad is a starting point, not the price.

Work backward from the rent. Take the barrio's typical rent for the size, multiply by 12, convert to dollars and divide by your target yield. For a Palermo two-room flat renting about USD 650 a month, a 6% gross target means a price near USD 130,000, well below the USD 170,000 that Zonaprop's median implies.

Then check what can drag the yield down: the last 12 expensas statements, any planned extraordinary works, ABL debts, the building's rules on tourist rentals and whether a tenant is already in place on an old ICL-indexed lease. Each one is a reason to ask for a lower price.

Mortgages will not do the work for you: non-residents with only foreign income have no confirmed access to Argentina's UVA loans, so most foreign buyers pay cash, in dollars.

Is rental property worth buying in Buenos Aires today?

Yes, but only when the deal already works on rent. Counting on another property boom makes it much weaker.

Several things support buying. The rules are far friendlier to owners than under the old rental law. Supply has normalized. The citywide gross yield has recovered to 5.70%. Deeds are close to last year's level even though mortgages fell 34%.

But the easy upside is gone. Asking rents are rising more slowly than inflation (28.7% against 33.4%), and closing prices are 0.4% lower in dollars than a year ago. Nothing suggests a broad jump in values about to rescue a weak rental.

The barrio numbers make the choice clearer. Villa Lugano is near 9.7% gross, Nueva Pompeya 8.7% and La Boca 8%. Those returns can carry currency risk, buying costs and Argentina's complications, even for a non-resident paying 21% on the rent.

Palermo at about 4.6% and Puerto Madero at 3.2% are hard to defend for ordinary long leases. They can still work for personal use, short stays or a premium address, but the lease cash flow is thin.

At 7% gross or more, Buenos Aires is genuinely interesting. Around the 5.70% city average, buy and run the flat carefully. Below 5%, you need a very specific reason to accept that return.