Santa Cruz is considered one of the world’s fastest growing cities due to the ongoing migration of Bolivians from the rural regions to the country’s economic powerhouse. During my recent survey, I learned much about this developing city.
Construction of new apartments and houses over the last four years has created a large rental supply in Santa Cruz. Lower demand for these rentals has resulted in dropping rents. Vacancy rates are high at all but the most popular apartment buildings. Construction continues, with more 2-3-bedroom apartments planned to enter the rental market in the next 6-18 months. However, sources believe rents have likely reached their lowest point.