Although during the pandemic the rental prices of apartments in Mexico City experienced a considerable decrease, since the end of 2022 and with the beginning of 2023 they have increased significantly.
Through social networks, a user announced the price for renting an apartment in the Eje Central Lázaro Cárdenas, at the height of the Doctores neighborhood. However, he expressed surprise when he noticed that the cost was 16,000 pesos for a space of 41 square meters, a bedroom and a bathroom. “I never thought I’d see these prices at the Doctores,” he wrote @sebashluna .
The increase in the cost of leasing has not only occurred in Doctores neighborhood. In fact, due to its proximity to other neighborhoods such as Roma and Condesa, in some areas that have historically been characterized as being popular, there has also been an increase in the cost of apartment rentals.
To the north and east of the two areas, there are other colonies such as Cuauhtémoc, San Rafael, Tabacalera, Centro, Doctores, Buenos Aires, and Obrera, within the Sandra Cuevas area, as well as Escandón and Tacubaya in Miguel Hidalgo area.
In a comparison made between various websites dedicated to the publication of real estate for sale and rent, the rental price for a two-bedroom, one-bathroom apartment was researched. In this case, taking into account the surrounding neighborhoods, the lowest monthly price was $7,000 pesos ($370 USD) in the Buenos Aires neighborhood, while the highest was reported in the Tabacalera at $25,000 pesos ($1320 USD).
According to a table released by the Vivanuncios page, the neighborhood with the highest average rental cost is Cuauhtémoc, the area of Mexico City that is home to Condesa and Roma, with 23,326 monthly ($1,230 USD), while the cheapest was Buenos Aires neighborhood, with an approximate monthly cost of 9,900 pesos ($520 USD).
The second most expensive neighborhood to rent was found in Centro, with a price range that goes from 13,000 to 17,214 pesos for a two-bedroom, one-bathroom apartment. Meanwhile, the third step was for Colonia Escandón with costs between 10,500 and 15,000 pesos were found.
In the San Rafael neighborhood, the range goes from 14,000 to 18,000 pesos for a two-bedroom, one-bathroom apartment. Meanwhile, in the Doctores neighborhood, a house with the same characteristics can be found between 7,500 and 16,000 pesos, with an average rental of 12,688 pesos.
Why has the cost of rentals in CDMX increased?
One of the main reasons why the price of rents in the Mexican capital has increased responds to the economic principle of supply and demand. With the population growth in the Valley of Mexico, interest in the area has also increased. However, since there are not enough houses to satisfy the need, prices grow.
On the other hand, as pointed out in 2015 by Luis Alberto Salinas, a researcher at the Institute of Geography of the Autonomous University of Mexico ( UNAM ), the gentrification of downtown neighborhoods and neighborhoods in CDMX and other cities in Latin America has also contributed to the increase in the rental price.
The phenomenon corresponds to the displacement of a population with fewer resources by another with higher incomes in a given neighborhood. This phenomenon only benefits real estate developers, as well as businessmen, and tourism.
Many of the popular areas of Mexico City have been dominated by foreigners moving to Mexico, causing an increase in pricing and making it difficult for many locals to survive under increasing rents.