The Residential Rental Variation Index (Ivar), monitored by the Brazilian Institute of Economics of the Getulio Vargas Foundation (FGV Ibre), experienced a deceleration in June, with a decrease of 0.48% compared to the previous month’s rate of -0.06%.
This contributed to a 12-month accumulated rate of 7.96% in June 2023, down from 8.14% in May.
FGV Ibre identified changes in the variation rates of three cities comprising the Ivar between May and June.
Belo Horizonte declined from 3.09% to -4.98%, Rio de Janeiro dropped from 3.15% to -2.77%, and Porto Alegre decreased from -0.33% to -0.13%.
Only São Paulo saw an increase in residential rent variation, rising from -2.02% to 1.54%.
Compared to June of the previous year, two cities within the Ivar index showed deceleration.
Rio de Janeiro decreased from 11.63% to 8.82%, and Belo Horizonte declined from 11.68% to 10.68%.
On the other hand, São Paulo and Porto Alegre experienced advances in their year-on-year rates, with São Paulo rising from 6.50% to 7.22% and Porto Alegre increasing from 6.13% to 6.28%.
The Ivar index measures the monthly evolution of residential rental values in the Brazilian real estate market.