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Don’t be gringo priced on your next rental in CDMX; find out what locals pay for rent

MEXICO CITY - JULY 18,2018 : Alvaro Restaurant at the Alvaro Obregon avenue on the fashionable Roma Norte neighborhood

When becoming independent, moving house and acquiring a property is not always easy, which is why many people choose to rent a home, but in the long term, these monthly payments can represent a problem in our personal finances.

According to the National Housing Survey (Envi) 2020, carried out by the National Institute of Statistics and Geography (Inegi), of the 35.3 million private homes inhabited in Mexico, 16.4% are rented, that is, 5.8 million homes.

The survey indicates that the main reason for renting a home is because they do not have access to credit or do not have economic resources to acquire or build a property, with 51.4% of the responses from those surveyed.

In Mexico, rents are becoming more expensive and this can affect the pockets of people who need to rent.

According to a monthly study carried out by the Inmuebles24 portal, in Mexico City as of February 2022, the average rent is 13,566 pesos per month, with Miguel Hidalgo being the most expensive mayor, with an average rent of 16,827 pesos per month, while in Iztapalapa the lowest rent is reported, with a monthly average of 7,785 pesos.

What should I take into account?

Paola Cruz, director of asset management at ALIGNMEX Real Estate Capital and SìRENTA, comments that it is important to make a budget before renting a property; she recommends that the rent not exceed 30% of our net income, without taking into account savings.

In this budget, you must take into account the maintenance (in case the property requires it) and the cost of services such as electricity, water, and gas, among others, and verify if it is really possible to rent the property you want or you will need to look for other options. .

The spokeswoman explains that so that the rent of a property does not have such an impact on our finances, the area where we are going to live must be evaluated, since it should preferably be a place close to all our activities or those of our family, so that the transfers to work, office, school, etc., do not represent a major expense.

Since, according to Envi, only 46% of the people who rent have a current contract, Paola Cruz comments that a rental contract should be required, which must be thoroughly reviewed by both parties, so that everything related to the terms of income is well established.

“Usually they are standard contracts, very clear for everyone, where the rent, maintenance, the term for which the property is going to be rented and the payment obligations, such as the payment day and extensions or if interests are established, must be stipulated. moratoriums,” he explained.

In this sense, it is important not to pay any money in advance if it is not in writing, since it could be a real estate fraud. It is also necessary to make sure that the person who is renting the property is truly the owner.

“The tenant has every right to demand to know who is renting him and that he has everything in order, many people do not do it and do not know if the landlord is truly the owner of the property, this can be reviewed in the first five pages of the scriptures”.

In addition to this, Paola Cruz emphasizes that there must be a delivery letter stating the state in which the property is found, this will provide security both to the landlord –so that when they deliver their home there is no problem–, and to the tenant –to that they do not demand something that was not stipulated in the delivery letter.

On the other hand, the portal Vivanuncios.com.mx recommends getting a guarantee beforehand, since many landlords request it, in order to have a guarantee of timely payment of rent and any damage to the property. Sometimes a deposit is required.

Does the property really suit me?

The real estate portal recommends asking if the property requires extra expenses, such as maintenance or security fees, and if there are restrictions such as pets, visits or meetings.

In the same way, you should ask the neighbors for references and know the area, that is, the connectivity of the area, if there are schools, hospitals, shopping centers, restaurants, etc.

In this regard, Paola Cruz highlights the importance of the property being pleasant for the tenant, so that, in addition to the budget, places of recreation must be taken into account.

“Especially in times of pandemic, where some companies continue to work from a home office. The more time you spend at home, the more you want it to become a nice place to be.”

The secret is to evaluate the budget and needs to decide if a property really suits you or if you should study other options, as long as the rental fee is not a problem for your finances.

Source: eleconomista.com.mx

The Mexico City Post

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