2024 Sees Rental Cost Decline in Brazil’s Major Cities
A QuintoAndar/Imovelweb study reports rental price reductions in cities like São Paulo, Rio de Janeiro, Belo Horizonte, and Porto Alegre early in 2024.
The survey highlights São Paulo among capitals where rent prices are slowing down.
Released on March 11, 2024, the QuintoAndar Imovelweb Rental Index reveals a downturn in new rental agreements across Brazil’s key cities.
The drop is particularly sharp in São Paulo, Rio, Belo Horizonte, and Porto Alegre.
The research uses a variable price model considering property size, parking, and school access for precise data.
The study also covered Curitiba and Brasília, tracking market movements.
Notably, the last year’s accumulated rate has steadily decreased in these capitals.
Belo Horizonte’s yearly rental increase rate dropped from 22.88% in 2023 to 15.89% by February 2024.
Thiago Reis from QuintoAndar notes, “We’re observing a potential shift in the residential rental market following a long stretch of significant hikes.
The sector is growing more gradually now, possibly adjusting after a spell of rapid expansion.”
This change underscores a crucial moment in Brazil’s rental market, hinting at broader economic impacts and opportunities for renters.
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