There is a growing demand for high end rental housing in Mexico City as young professionals are flocking to the city for high end jobs. This has developers in a mad rush to build a new breed of apartment buildings previously unknown in the city.
CCTV America’s Martin Markovits reports the story.
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High demands for rental housing in Mexico City as more people move inThere is a growing demand for high end rental housing in Mexico City as young professionals are flocking to the city for high end jobs. This has developers in a mad rush to build a new breed of apartment buildings previously unknown in the city. CCTV America’s Martin Markovits reports the story.
It may not be possible to rent a two bedroom apartment for a thousand dollars a month in New York, but that’s how much Actress Xochilt Lopez is paying to live in Condesa, one of the hottest neighborhoods in Mexico City.
“Mexico City is the best. Its where all the opportunities are. Its Mecca for the Mexican cinema, that’s why I came,” Lopez said.
She is one of thousands of young middle class professionals flocking to Latin Americas’ biggest metropolis looking for jobs and housing to rent. Which is why investors are now seeing Mexico City as an untapped market for high-end apartments.
Greystar, the largest apartment manager in the U.S, sees the potential. It now has 3,000 apartments planned or under development here.
Government figures show that people renting in Mexico City has increased by almost 3 percent over the last 15 years.
Renting is historically complicated in Mexico City. People mostly rented from small owners who did not guarantee the services that many professionals want, like high-speed internet, Wi-Fi and access to a gym or roof-top deck.
So, developers are ready to fill the blank space.
Greystar Director Orozco said there are still challenges including better infrastructure planning and said he’d like to see more cooperation between the private and public sector. But with strong anti-eviction protections and rent control laws easing, his company believes the Mexico City housing market is ready to explode.