Cuenca Has the Highest Rent Prices in Ecuador

Cuenca ranks as the city with the highest rent prices in Ecuador, according to the National Institute of Statistics and Census (INEC). The average monthly rent is $246.88, higher than other major cities like Guayaquil ($206.31), Manta ($209.18), Quito ($195.60), Loja ($193.11), Esmeraldas ($192.89), Ambato ($187.35), Machala ($185.61), and Santo Domingo ($171.18).

In addition, housing costs significantly impact the price of the Basic Family Basket (CFB), which is the highest in the country at $832 per month. Housing accounts for 29.67% of the CFB, with other costs like food (31.64%) and miscellaneous items (31.98%) contributing as well.

Rent Options in Cuenca

Sofía Pacheco, an accountant and real estate agent, notes that rental prices in Cuenca vary greatly depending on the location and the purpose of the rental.

- For housing: Prices range from $150 for a room to over $500 for an apartment, with the sector playing a significant role in the price.

- For commercial spaces: In the Historic Center, rents range from $6 to $8 per square meter. A small commercial space can cost between $1,000 and $1,200 per month, while larger spaces may exceed $2,000.

Key Areas:

- High rent zones: Areas like Ordóñez Lasso Avenue, Puertas del Sol, El Ejido, and the De Las Américas Avenue have the highest prices.

- Larger properties: San Joaquín, Challuabamba, and Misicata feature spacious homes that can exceed $2,500 per month.

- Affordable options: Places like Las Orquídeas, Los Trigales, Quinta Chica, Huizhil, and rural areas offer rents starting at $120 for smaller rooms or homes.

Pacheco believes Cuenca is an expensive city to live in, primarily due to the cost of living, the availability of basic services, healthcare quality, education, migration trends, and safety.

Foreign Influence on Rent Prices in Cuenca

Lorena Chalco, a real estate advisor at InmuAustro, mentions that in the last 15 years, the arrival of foreigners, particularly from the U.S., Europe, and Canada, has significantly impacted rent prices in Cuenca.

These foreign nationals have concentrated in specific areas, causing rent prices to rise in those neighborhoods.

Source: El Mercurio.