New residential rents in São Paulo rise above inflation after 3 years
The price of new residential renting contracts in the city of São Paulo rose 9.32% in the last 12 months, accumulated until October, according to the monthly survey by Secovi-SP (Sindicato das Empresas de Compra, Venda e Administração de Imóveis).
It was the first time in three years that the accumulated percentage in 12 months exceeded the IGP-M (General Price Index – Market), an index known as “rental inflation” for readjusting real estate contracts.
In the same period (between Nov. 2021 and Oct. 2022), the IGP-M rose 6.52%.
The price of residential rents rose 1.30% in São Paulo in October alone, according to Secovi-SP.
The highest increase was for one-bedroom properties (+1.50%), followed by two-bedrooms (+1.35%) and three bedrooms (+0.65%).
Guarantor
The survey indicates that the guarantor remains the main guarantee (it was chosen in 45% of the rental contracts signed in October).
The deposit of three months’ rent comes right after (40%), while rental insurance was used in 15% of the agreements.
The Rental Velocity Index (IVL), which measures the number of days to wait until the rental contract is signed, oscillated between 35 and 84 days.
Houses and townhouses were rented faster (between 35 and 58 days), while apartments had a slower pace (from 36 to 84 days).
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