Cuenca Rentals Update June 2023 With Esteban Mendieta

Cuenca Rentals Update: June 2023 with Esteban Mendieta

Welcome to the Cuenca Rentals update for June 2023. We provide valuable insights into the rental market in Cuenca, Ecuador. In this video, we discuss the recent rental statistics, key trends, and present three case studies of properties that were recently rented. Whether you are a prospective tenant or a property owner, this update will provide you with essential information to navigate the Cuenca rental market effectively.

Rental Trends

Shift Towards Apartments

Out of the eight properties rented, all were apartments. The preference for apartments can be attributed to the appeal of modern amenities, better security, and competitive pricing.

Rental Range

The monthly rental range varied from $430 to $1,250, with an average rent of around $630. A luxury property accounted for the highest rent, reflecting the availability of diverse rental options to suit different budgets and preferences.

Pricing Trends

After a significant increase four months ago, rental prices have stabilized. Although there may be a slight upward trend in the next few months, the pace of increase has slowed compared to previous periods.

Popular Rental Locations

El Vergel

This neighborhood remains the most sought-after area due to its proximity to El Centro (downtown) and tranquil surroundings. However, the availability of apartments in this area is limited, leading to increased interest in surrounding neighborhoods such as the stadium area and Solano Avenue.

Zona Rosa

The presence of a tram station in this area has contributed to its popularity, resulting in the development of more apartments and increased demand.

Tres de Noviembre Avenue

Expats are increasingly favoring areas along the Tomebamba River, such as Tres de Noviembre Avenue, for their calm atmosphere and scenic riverfront location.

Renting in Cuenca Case Studies

Case Study 1: Retractable Roof Apartment ($430/month)

  • Location: Near the Yanucay River
  • This ground floor unit offered a unique feature—a retractable roof, which provided an additional living space and abundant natural light. The apartment’s appeal was further enhanced by its modern design and affordability. The ground floor setting was particularly appealing to tenants who valued convenience and mobility.

Case Study 2: Modern Apartment with Hidden Location ($650/month)

  • Location: Yanuncay River Area
  • Despite its less popular location, this modern apartment, situated in a new development facing the Yanuncay River, featured attractive furnishings and a well-designed interior. The apartment’s appeal lay in its brand-new condition, mid-century style furniture, and ample natural light. Although transportation and road access were slightly challenging, the apartment’s quality compensated for it.

Case Study 3: Tranquil Apartment near Tres de Noviembre Avenue ($1250/month)

  • Location: Tres de Noviembre Ave, by the Tomebamba River
  • Located by the tranquil banks of the Tomebamba River, this apartment offered a calm living environment for tenants. The area, popular among expats, provided a serene atmosphere while still being within reasonable proximity to amenities. The apartment’s affordability, combined with its peaceful surroundings, made it an attractive choice for tenants seeking a balanced lifestyle.

Wrapping Up

The Cuenca Rentals update for June 2023 highlighted key rental statistics, trends, and presented three case studies to provide insights into the current rental market in Cuenca, Ecuador. The preference for apartments, stabilizing rental prices, and the popularity of specific neighborhoods demonstrate the evolving dynamics of this rental market. Whether you are a tenant or a property owner, understanding these trends can help you make informed decisions and navigate the rental landscape effectively.

We’d love to hear any feedback you have. Comment below or let us know in our Cuenca Yapas & Friends Facebook Group.

If you’re in the market, view our current rental listings or submit your preferences here. We also have short term rentals for those on exploratory trips or similar. View our full Cuenca Real Estate services here.

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