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CGN for apartment rental?This forum post has messages dated from 10/24/11 through 10/25/11, please be sure to read all the messages. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| CGN for apartment rental? How does CGN (Contaduría General de la Nación) work for renting an apartment in Montevideo? I've been in Uruguay 4 1/2 years and have renewed my cédula once already. Can I use CGN?I've rented 3 apartments in 2 cities (Colonia and Pocitos/Montevideo) and have always deposited 5 months rent in BHU. Now my landlady wants to raise my rent by 50% after I've been in my current apt. for 2 1/2 years, so it's time to find something else. I have no property, so I can't use 'garantia propiedad' and I just don't see BHU listed as a method of 'garantia' anymore. Thanks to all who respond. |
| "Rental Law"
Unless they changed the rental law, it seems that BHU is the only method... at least with cash. Though some owners want property put up as security which would seem to thwart the 5 month limit.... with the penalties provided by the rental law, I'm surprised no activists actively seek out landlords looking for excessive deposits.I am sorry you got hit with such a rental increase, but in a sense am happy to hear that I am not the only one. I got 30 and then 35% increases after two years in two difference places. I moved both times. Here is a link to the rental law (in Spanish, of course): *Denominada Decreto-Ley por Ley Nº 15.738 Ley Nº 14.219* ALQUILERES El Banco Hipotecario del Uruguay centralizara la totalidad de los depósitos en garantía arrendamientos; las garantías constituidas con anterioridad deberán también depositarse en el mismo Banco. Expert Page: Quick Tips for Getting Settled in Uruguay |
| "Thanks for the reply"
After a little more stumbling around, I found that CGN is only for employees of the government (funcionarios públicos). Here's the CGN web page: http-colon-slash-slash www dot cgn dot gub dot uy/ in case others read this post in the future and want to know about it.I'm pretty sure I'm also not entitled to use ANDA either. All I see on the web and in El Gallito (Sunday El Pais, also online at http-colon-slash-slash www dot gallito dot com slash Alquiler_Apartamentos) is 'garantía propiedad', ANDA or CGN. I've been looking for a few weeks and haven't seen a single apartment for rent that accepts BHU. I also like to look at avisar dot com dot uy (http-colon-slash-slash avisar dot com dot uy slash activo slahs busquedas slash inmuebles slash portada_inmuebles dot asp) for rentals. Same story. One realtor told me that occasionally an owner will accept a deposit of 10 months rent in lieu of 'garantía propiedad'. Against the law, as you said, especially since BHU wouldn't accept it. My rent went up 11% between the first and second years. I wasn't paying any attention to inflation in Uruguay, especially in real estate in Montevideo. Although inflation here isn't nearly as bad as in Argentina, it's still dangerous economically because in all of history, what has followed a period of inflation has been a period of recession. To be fair, the new rent that my landlady wants is in line with current rents, which have soared insanely here. Sigh. |
| "Cost of rents."
Inflation is a problem these days, but not considering the economic history of Uruguay. We are still in the low "historic" numbers. Some pre-recession inflation numbers in Uruguayan history were not in the range of 7-8%, as they are today, but in ranges from 20% up (noticeably a remembered 135% during Sanginetti's presidency in the eighties). It is a good sign that a 7.5% inflation rate set all the alarms now; this means the country has learned a lot in the last years. The causes of inflation in current Uruguay are far different from those times. They are derived from high rates of consumption, and high international prices. The general context in the whole world is one of high inflation rates everywhere, and it is very probable that as soon as the global tendency of prices start to slow down, inflation in Uruguay will go back to 3 or 4 points lower. The uprise in rent, instead, don't seem to be linked to inflation, but have it's own dynamics. I agree with you in that prices are getting "insane". There's a lot of construction going on these days in Montevideo, so I don't think the situation will last a lot. It will come a moment in which the laws of the market will bring the prices down again. I guess the problem today is that many people in the low and medium-low levels of income now have a little more money and is pressing for better housing, but are still far from buying the type of apartments that are being built. The Gov is trying to promote investment in more "popular" housing and some banks are now starting to focus on that market. If they are successfull, the lower middle class will probably start to buy homes and they would probably press less in the rents market. But as of today, prices are historically and abnormally high. |
| "CNG and other warranties."
Warranties are important for owners because historically it was very difficult to expell a renter when he/she stopped paying. These days, it's not so difficult, but the "culture" persists. The most desired warranty is CGN's. CGN is the institution that pays all public servants salaries, so the warranty consists simply in that the owner can ask a direct discount on the renters salary if he/she don't pays the rent. ANDA, and some banks have a warranty service with a cost. They sort of buy risk. Or sell risk coverage, whatever. The third way is not very at hand for foreingners: the property warranty. It consist in that a relative or a friend puts his/her own home in warranty for your eventual ret debtps. This is not the preferred way for owners, since recovering the debpt from a property involves a trial that would take months and money. However, it's still a very common way of seting a warranty for rents. As I said, foreigners don't usually have families or long time friendships that trust them enough to go along with the risk. |
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