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Rent control and rent prices in Cuenca

Hello,
To our chagrin, every year of lease renewal (in VA), apt. management increases rent $30-40/month yet there are no increases in salaries or Social Security, not to mention all the other fees involved in apt. renting in the US which make it ludicrous and prohibitive.

Are there any regulations on rent control in Ecuador? In general, how much more could one anticipate to pay per month on an apt. that has been rented long-term? Is there a ceiling amount?

Thank you in advance for any information you may have.

Regards,
PS

No, free market, supply and demand principles apply, at least for now.

peripatetic_soul :

In general, how much more could one anticipate to pay per month on an apt. that has been rented long-term?

The way the above question is written .. has it backwards.

You pay less for an unfurnished, long-term-lease apartment in Ecuador .. just like most anywhere else in the world.

Take the case of a party renting in advance over the Internet for a furnished apartment on a short-term lease.  He or she would likely pay almost double the rent of someone who rents unfurnished and signs a long-term lease after doing some shoe-leather research for a market-rate rental in a middle-class neighborhood.  Of course, you must factor in the offsetting cost of furnishing the unit.

cccmedia

peripatetic_soul :

Is there a ceiling amount?

As Nards correctly advised, there is no rent control imposed in Ecuador.

Ipso facto, there is no “ceiling" on rents.  However, due to market factors, rents in Ecuador cities are typically much lower than in major U.S. cities.

Visit www.numbeo.com for monthly rents on unfurnished apartments in Ecuador’s major cities.

cccmedia

Wording error.  There is no such thing as "free" market; it is either free or it is marketable, but to put the two words together simply creates an oxymoron, like civil war, or intense apathy or open secret or idiot savant.

What you can control is the contract you sign, and you can stipulate whatever you feel comfortable paying in renewals. I don’t think you’ll have to worry about outrageous incremental increases to your rent because it’s not how things are dealt with here. Keep in mind that most renters are Ecuadoreans and not expats and they won’t be paying such rent increases.

As long as you stay out of highly sought after expat buildings, areas, you shouldn’t have a problem. The only ones ruining Ecuador in this regard are ignorant expats who overpay, stay here for a year or two or three and then return because it’s too expensive or whatever else.

Chances are you won't stay in your first residence here. It's normal, it's an expat thing, we move, because we can, and you'll have that power, so be careful how you word your contract.

Thank you so much everyone for your sage advice.
Regards,
PS

I hope this info will be helpful and alleviate concerns about exorbitant price increases. I negotiated my second rental contact and discussed this very issue with my landlord. By law the first two years incur the same rent so no increase for year two.

After that we agreed that year 3 will increase in accordance with the inflation stated by government , the actual name of this entity is stated on contract.

Inflation has been around 1.50% in recent years.

vsimple :

I negotiated my second rental contact... By law the first two years incur the same rent so no increase for year two.

After that we agreed that year 3 will increase in accordance with the inflation stated by government , the actual name of this entity is stated on contract.

Inflation has been around 1.50% in recent years.

Solid negotiation skills and tactics.

Perhaps you'd like to share the name of that government agency with your fellow Ecuador renters.

cccmedia, homeowner in Quito

Sure it's "instituto nacional de estadística y censos" abbreviated INEC

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