SANTO DOMINGO.- “The landlord informed me that he would increase my rent from 15 to 40 thousand pesos,” imagine almost triple, commented a tenant who did not wish to be named, referring to the apartment where he resided in the Bella Vista sector and whose rent was substantially increased.
And the price of rental housing has increased in recent months in the country, reaching between 10 and 30%, according to data collected by El Inmobiliario , which consulted several advisors dedicated to that division of the real estate field.
“Yes, they have gone up. There is less room for negotiation to lower rents. There are fewer and fewer options, and the range has expanded to areas where rents were not traditionally in dollars, and now the price has been dollarized. It's not that there is a shortage, it's that properties with good rental prices have remained rented by negotiating with their owners and adjusting the prices,” stated Elizabeth Martínez of Remax Metropolitana.
In his opinion, the increases recorded reach approximately 10%.
Tomás Jiménez of Mr Home explains that landlords are basing their increases on the rise in new apartments, some of which are recently acquired and need to offset mortgage payments and high maintenance costs. “Rent has gone from $600 to $700 or $750, an increase of $100 to $150, depending on the area,” he noted.
“It’s true they went up. There’s very little inventory and a lot of people looking for properties to rent,” said Maya Fasting of Tropical Living.
Massiel Rodríguez, from TRICASA, estimates that rental prices have increased by 30%, attributing this to the fact that "rentals are more frequent at the beginning of the year because company executives and diplomats arrive, and new businesses open in the new year." She believes that rentals are always in demand, as they represent ongoing needs for businesses and families.
Punta Cana
In this tropical paradise, prices have increased, and Willi Méndez, CEO of DeCanaan, attributes it to a 20 to 25% rise, citing several factors as the cause. “Due to high demand, many people are moving to Punta Cana for more tranquility, better salaries, less traffic, and lower population density, although everything is more expensive.”.
He adds that many people are preferring apartments rented through Airbnb, which also reduces the options for long-term rental properties and therefore increases prices.
He cites the case of villas and apartments, where prices have skyrocketed due to the numerous amenities they offer their clients; unlike those apartment areas that lack amenities and have not invested in keeping up with the competition.
International Market 2022
The Rental Negotiation Agency (ANA), a Spanish company that manages the rental of various properties, warns of a significant increase of 5% in 2022, above pre-pandemic levels, as highlighted by the portal Vozpopuli.com.
Similarly, when comparing rents to a year ago, prices in Palm Beach County, Florida, Miami, increased by 31%, while in Broward County rents rose by almost 22% and those in Miami-Dade County experienced similar increases of around 17%, according to data from CoStar Group, a provider of single-family home real estate information.
Reports from Zumper and Apartment List, cited by the Tribune News, also revealed similar figures: the average rent for a one-bedroom apartment in Fort Lauderdale jumped 13% year-over-year, while rents in West Palm Beach rose 21%. In Miami, one-bedroom apartment rents increased 24%, according to Zumper.
