"This is insane, feels like a job interview."
I thought this week as I found myself being interviewed for the "priviledge" of renting an apartment in Quito.
Next to me was another guy who was being jointly interviewed for the same apartment.
"So why should I choose you?" The owner of the apartment asked.
As I sat up in my chair I replyed... "Well, I'm clean, quiet and pay on time."
Then she asked the other guy the same question and said OK I'll call you tonight if I choose you.
As we left other folks interested in the apartment were entering.
She never called back.
I didn't get it.
Now, I've rented in hot rental markets like San Diego, Honolulu,
Madrid and China, but I've never seen a place where its so competitive
to find a decent rental at a decent price.
The demand is huge. Certainly one of the best opportunity areas to own a rental in Ecuador.
It's definitely not like the vacant, abandoned buildings in many areas of my home city, Cleveland, Ohio.
Quito is at capacity.
But I'm not surprised.
The planes to Ecuador are packed.
People are coming in droves.
The price is right.
Like one friend told me Brazil was like 10 years ago.
Now, the planes to Brazil are practically empty.
It's too expensive due to the exchange rate. Nice country, but they've priced themselves out.
The sweet spot right now, or the rentals that get taken the quickest
in Quito are the ones in the north of the city anywhere from the
Mariscal/Floresta/Catolica area of Quito up until about the area of the
"Y" and the Jipijapa area.
The most in-demand area is the very centric Carolina Park area near the biggest malls in Quito like Quicentro.
That's where most locals and foreigners alike want to be.
The long-term rental apartments that go the fastest are the 2 bedroom ones in the above area in the $250-400 a month range.
Literally, for decent rentals in the above-mentioned area in this
price range if you publish an ad in the local paper by the afternoon
you've found a long-term tenant.
Really its the quick.
And the wait is only a bit longer if your rental is higher-priced.
Now, you could buy in this area starting around $35-45k and if
renting long-term for the above prices would generate a 10% annual
return not to mention the capital gains the market is experiencing.
Annual property taxes for an apartment in Quito of this value usually
run less than $100. And condo fees are usually less than $40 a month,
and the tenant usually pays that.
Nicer and newer 1 and 2 bedroom apartments in the same area can go for around $60k and you could command a bit more rent.
Quito rentals are hot indeed.
Dom Buonamici
Murali B&B Airport Guayaquil
I have always looked upon my experiences here in Ecuador as nothing short of an adventure.....a "re-conquest". You will find that this Blog not only offers information on how to live, invest or simply visit Ecuador (rated the number one retirement heaven by International Living magazine for 2011) but also informative information and articles on how to survive in this fast changing and volatile World we live in. Your comments are welcome! colonialquito@yahoo.com
El Conquistqdor Francisco de Orellana
Subscribe to:
Post Comments (Atom)
God will bless you dear Mauro Callipo!
ReplyDeleteThe friends if I found the smile it is thanks to Mr. Mauro Callipo that I received a loan of 55.000,00€ and two of my colleagues also received loans of this man without any difficulties with a rate of 3% a year. It is with Mr. Callipo Mauro, that the life my smiles it again is a simple and very understanding noble-hearted man. Here my e-mail: maurocallipo94@gmail.com
Hello everyone, really dreams do come through, i no longer have to apply for loans and worry over my bad credit scores, i got my blank ATM card after so many trails all thanks to Mr George, if you are thinking if its actually real the answer is YES. Mr George is very good at his job i applied for the card and got it shipped to my country 5 days later and i have been using the card for two months its totally untraceable, my life has transformed from paring an apartment in the slums to purchasing an executive condo with luxury furniture's and now my children can now attend quality schools, Mr George is an angel sent from God to the poor and needy. i am writing this with tears of joy as Mr George has removed my family from the life of want to the life of satisfaction. you can contact him through this email: blankatm402@gmail.com
ReplyDeleteBEST WISHES