BsAs rental market

#1
Realba recently provided a sobering appraisal of where property prices are likely to go in the next few years (in a related thread). This got to me thinking about rentals, and this evening I was exchanging a few words with an Argentine lady who rents out an extra flat she owns, and has several people in her acquaintance who are also involved in short-term rentals (to foreigners of course). According to her, it's not as lucrative as might seem at first blush. Wear-and-tear and idle periods have to be considered, as well as other incidental expenses. In fact, she maintained, some of her friends initially in the short-rental market have now switched to long-term rentals to Argentines.
It's already clear that buying a property in order to rent it out (short-term) is only going to work if both rental income and capital appreciation kick in. Realba has put paid to the latter idea. Is this really a viable idea anymore, or are people rushing in where angels fear to tread?
 
#2
Regular long term rentals have increased considerably in BA, narrowing the gap between dollar based short term rentals and two year peso leases for local people (I am speaking of realistically priced short term rentals and not the very high end which I suspect have relatively few takers). Local renters always pay utilities and generally pay the building maintenance fee and taxes. In the case of short term rentals, owners pay these fees. Mr Wolf has a point - short term rentals may not always be more advantageous than long term rentals. Owner/investors may find it more stable and convenient to rent to local people in pesos on local terms. There has been talk of rent controls (this happened during the Peron years) however it is not likely that they will be imposed.