Thursday, June 13, 2024

How do Mexico City neighborhoods rank by rental prices?

According to the annual Worldwide Cost of Living 2023 Survey published by The Economist Intelligence Unit (EIU), Mexico City ranked alongside cities like Sydney, Seattle and Helsinki — in part because of the rising cost of housing.

Property rental platform Homie.mx reported that Mexico City’s real estate rental prices rose between 10% to 15% in 2023. However, some popular neighborhoods such as Roma or Condesa in the central Cuahutémoc borough have experienced a more dramatic rental price increase of 20% to 30% – mostly due to gentrification.

The Iztapalapa borough was the cheapest for rents, at an average of 10,912 pesos per month. (Cultura Iztapalapa)

Homie.mx CEO Francisco Andragnes said that Mexico City has seen almost 50% less permanent rental housing due to the increasing number of short-term rental accommodations on platforms like Airbnb, and this has pushed prices up.

“This dynamic consolidated in 2023, although it is not very good for Mexican locals,” Melisa Gaitán, director of sales and operations at Homie.mx, told the newspaper El Economista. “Some people who lived in Roma or Condesa have had to move to … neighborhoods with a lower cost [of living],” she said. 

Gaitán said that the average cost of renting an apartment in the capital is 15,541 pesos (US $906) regardless of the location, and the most sought-after properties have two bedrooms, a bathroom, and parking space. 

Even those looking to move out of the capital are facing a challenge — nearby Querétaro was rated as Latin America’s second-most expensive city in the 2023 EIU survey.

Here are some of the average rental prices for houses and apartments in the most and least expensive boroughs in Mexico City, according to the rental website Inmuebles24. Note that a borough comprises various neighborhoods and the average is a reflection of the rental prices in all the neighborhoods in that borough.

Chart comparing average rental prices in boroughs of Mexico City and México state in December 2022 vs. December 2023. (Inmuebles24)

Most expensive boroughs in Mexico City

Below you will find average monthly rental prices for apartments, based on data from Inmuebles24.

Cuauhtémoc (neighborhoods include Condesa, Roma, Centro)

22,911 pesos (US $1,336)

Miguel Hidalgo (neighborhoods include Polanco, Escandón)

21,326 pesos (US $1,244)

Benito Juárez (neighborhoods include Nápoles, Narvarte, Del Valle)

16,439 pesos (US $959)

Cuajimalpa de Morelos (neighborhoods include Santa Fé)

15,641 pesos (US $912)

Álvaro Obregón (neighborhoods include San Ángel)

15,302 pesos (US $892)

Least expensive boroughs in Mexico City 

Gustavo A. Madero

7,907 pesos (US $461)

Xochimilco

7,870 pesos (US $459)

Iztapalapa

6,394 pesos (US $373)

Tláhuac

4,722 pesos (US $275)

With reports from El Economista, El Financiero,The Economist and Expansión

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