March witnessed a surge in rental costs across Brazil’s capital cities, with figures hitting all-time highs as per the QuintoAndar Imovelweb Index.
São Paulo, leading the charge, saw its rental prices increase for the 32nd consecutive month.
Rio de Janeiro, Belo Horizonte, Curitiba, Brasília, and Porto Alegre also recorded notable hikes in rental rates.
In São Paulo, the average rental rate soared to R$ 62.68 ($12.17) per square meter, marking the highest rate since this data series began in 2009.
This increase of 1.59% from February contributed to an overall growth of 4.78% in the first quarter alone.
Following closely, Rio de Janeiro’s rental prices escalated for the 31st month in a row, with a significant monthly rise of 2.44%, bringing the cost to R$ 40.47 ($7.86) per square meter.
Brasília also set a new record with a 1.26% monthly increase, reaching R$ 46.03 ($8.94) per square meter, while Porto Alegre reported a similar trend with a rise to R$ 46.20 ($8.97) per square meter, up by 2.03%.
Curitiba experienced its eighth consecutive monthly increase, with rental prices climbing 2.05% to R$ 38.98 ($7.57) per square meter.
Belo Horizonte, despite a general slowdown, saw rental contracts rise by 1.64% in March, setting the average price at R$ 34.98 ($6.79) per square meter.
This upward trajectory in rental prices across Brazilian capitals underscores a growing trend of escalating living costs in urban centers.
As rental markets tighten, residents face increasingly steep prices, challenging affordability and reshaping the housing landscape in these major cities.
The continued rise in rental rates reflects broader economic pressures and highlights the urgent need for sustainable housing solutions amidst growing urban populations.