Levantan edificios en todos lados: ¿quién vive ahí?

El Censo 2023 relevó 1.659.048 viviendas en el país y encontró un 19,5 % desocupadas, pero ese promedio engaña. Montevideo tiene la vacancia más baja de todo el país: 9,6 %, con el 90,4 % de las viviendas ocupadas. Y de las que están vacías en Montevideo, el 34 % está ofrecida en venta o alquiler —o sea, está en el mercado— y sólo el 13,6 % es de uso temporal. La imagen de torres vacías no aparece en los datos de Montevideo.

Entonces, ¿de dónde sale el 19,5 % de viviendas vacías?

Maldonado encabeza con 45,2 % de su stock desocupado y Rocha le sigue con 42,1 %. En Maldonado, el 72,5 % de esas viviendas desocupadas se destina a uso temporal: son casas de temporada cerradas nueve meses al año, no unidades que podrían estar bajando el alquiler en Montevideo. Es la razón por la que el promedio nacional no dice nada sobre el mercado de alquiler de la capital.

Si el país no crece en población, ¿por qué no baja el alquiler?

Dos cosas a la vez. Primero: con 9,6 % de vacancia, Montevideo no tiene el excedente que haría caer los precios. Segundo: el régimen de vivienda promovida de la Ley 18.795 exonera hasta el 100 % del IRPF, IRAE o IRNR sobre la renta del alquiler durante 10 años, más el Impuesto al Patrimonio por 10 años y el ITP en la compra. Un incentivo que actúa sobre el impuesto a la renta mejora el rendimiento neto del propietario sin necesidad de que el alquiler baje. Qué tanto de la evolución del precio se explica por eso es discutible, y no lo afirmamos: lo que sí es un hecho es qué premia el régimen y qué no.

¿Ningún inversor piensa en 10 años, o en una crisis?

La exoneración sobre la renta del alquiler y la del Impuesto al Patrimonio duran 10 años contados desde que termina la obra. No es un horizonte arbitrario: es el horizonte que fija la norma. Al año 11 la misma unidad empieza a tributar como cualquier otra, y ahí el rendimiento neto del alquiler cae aunque el precio no se mueva. Es un dato que conviene tener antes de comprar para alquilar, porque cambia la cuenta del último tramo del proyecto.

¿Qué es una vivienda promovida?

La Ley 18.795 promueve la inversión privada en construcción, refacción o ampliación de viviendas destinadas a venta o alquiler, con un paquete de exoneraciones tributarias. Los proyectos se presentan y los aprueba la Agencia Nacional de Vivienda. El objetivo declarado es facilitar el acceso a la vivienda de los sectores de ingresos medios.

MERCADO

Construction is happening everywhere: why aren't rents going down?

The question is repeated in Uruguayan subcultures and almost always stems from the same intuition: "there are a lot of empty houses." The 2023 Census data tells a different story, and the location where the empty house is found... It's not what you think..

The question, as it is asked

"They're building buildings everywhere, but who lives there? This country isn't growing, so people are just moving from one place to another. If people are leaving Montevideo, why aren't rents going down? Doesn't any investor ask themselves what will happen in 10 years?"

The 19,5% that everyone cites is not where it is believed to be

The 2023 Census revealed 1.659.048 homes in the country and found a 19.5 % unemployed. That average hides two different countries.

Department	Empty homes	Because
Maldonado	45.2 %	The highest in the country. 72,5% of those homes are for temporary use: they are summer homes, not available stock.
Rocha	42.1 %	Same resort logic as Maldonado.
Lavalleja	28.4 %	Third in the ranking by percentage, still well above the country average.
Paysandú	16.2 %	Already below the national average: it's a permanent housing market, not a summer market.
Leap	13.9 %	Among the lowest in the interior, and another sign that the national 19,5% is not distributed evenly.
Montevideo	9.6 %	The LOWEST in the country: 90,4% of homes are occupied. Where people think there's a surplus of housing is precisely where there's the least surplus.

Montevideo is the department with less Vacant housing in the country: 9,6%, with 90,4% of homes occupied. The national average is driven by Maldonado (45,2%) and Rocha (42,1%), where vacant housing is primarily seasonal. These homes are rented under a different system: the seasonal contract , which the law defines by place and for a maximum period of 120 days.

And why are the ones that are empty empty?

Here we see that Montevideo and Maldonado are different markets: in the capital, vacant housing is mostly offered; in Maldonado there is closed waiting for summer.

Reason	Montevideo	Maldonado	What does it mean
For sale or rent	34 %	11.9 %	It's available on the market. In Montevideo, it's the largest category: it reflects an active real estate market, not hidden units.
Temporary use	13.6 %	72.5 %	Seasonal house. That explains almost all of Maldonado's percentage and almost none of Montevideo's.
Under construction or repair	7.4 %	4.3 %	It is not yet habitable: it is a work in progress or a unit under renovation, so it is not currently available.

Percentages are based on the number of unoccupied homes in each department, not on the total.

What exactly does the system reward?

Law 18.795 promotes private investment in housing through tax exemptions. It's worth examining what these exemptions cover: about the tax paid by the ownernot about the rental price.

Personal Income Tax / Corporate Income Tax / Non-Resident Income Tax on rental income

Exemption of up to 100%

10 years since the work was completed

Rent may be completely waived. The extent depends on the area: it reaches 100% in certain areas of Montevideo and in the interior of the country.

Wealth Tax

Exoneration

10 years old

The owner does not pay property taxes for that unit during the term.

ITP (Property Transfer Tax)

Exemption on purchase

Immediately

You save money at the time of signing the deed.

The 10 years of the thread are not a coincidence. This is the period of exemption from rental income tax and wealth tax. After year 11, the property is taxed like any other, and the net income decreases even if the rent remains unchanged. If you're buying to let, this is the part of the calculation that's most often overlooked.

The questions, one by one

If you prefer renting or buying

Guide to renting Renting while on the Clearing Cost of living calculator Economy of Uruguay

Sources

Data verified on August 9, 2026. This page describes public data and the content of a regulation; it does not claim a causal relationship between the regime and the rental price.