04/01/2024 – 8:32
Residential rents fell 1.16% in December, after falling 0.37% in November. The data comes from the Residential Rent Variation Index (IVAR), released by the Brazilian Institute of Economics of Fundação Getulio Vargas (Ibre/FGV).
In 2023, the index accumulated an increase of 7.46%, compared to an increase of 7.43% in the 12 months ending in November.
IVAR was created to measure the monthly evolution of residential rental values in the real estate market in Brazil, with information obtained directly from contracts signed between landlords and tenants through the intermediation of property management companies. Until then, FGV collected information from advertisements for residential properties for rent, and not the values actually negotiated.
As for the results of the four capitals that make up the FGV index, residential rent in São Paulo went from a decline of 0.98% in November to a drop of 1.62% in December. In Rio de Janeiro, the index went from an increase of 2.83% to a reduction of 3.30% in the period; in Belo Horizonte, from a drop of 1.41% to an increase of 0.68%; and in Porto Alegre, from a decrease of 0.67% to a drop of 0.10%.
In 2023, rents increased 4.89% in São Paulo; 11.53% in Belo Horizonte; 8.27% in Rio de Janeiro; and 7.73% in Porto Alegre.
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