Dominican Rep. has LatAm’s 2nd highest home rental rate: IDB

Santo Domingo.- The Dominican Republic is the country with the second highest rental rate for homes in Latin America, Inter-American Development Bank (IDB) Housing and Urban Development specialist Andrés Blanco revealed Thurs.

Speaking at the workshop “Social Housing Rental” in the III Latin American and Caribbean Housing and Habitat Forum, Blanco said Colombia ranks first at just over 40%.

He said studies have shown that Dominican Republic’s rate of rentals is around 36%, second only to Colombia. “The interest rates for urban rental are always higher than those of the rural one.”

He affirmed that those who rent the most in Latin America are middle-class people, and that all sectors rent regardless of their income level, but in some countries those who rent the most are the divorced and young adults.

Blanco added that the rental market wasn’t being served by public policies, but that some countries have begun to work on the issue, such as Mexico and Chile, and the Dominican Republic itself.