Rent is cheaper in the capital of São Paulo, says research – 06/06/2023 – Market

For the first time since June 2021, the price of the rented residential square meter in the capital of São Paulo registered a monthly drop, according to the monitoring carried out by the rental website Quinto Andar. In May, the average value closed at R$ 44.55, which represents a decrease of 0.56% in relation to the previous month.

In the last 12 months, the Quinto Andar price indicator accumulates an increase of 12.08% in São Paulo, the lowest percentage since April last year (9.87%).

Vinicius Oike, economist at Quinto Andar, says that the retraction was already expected. If last year demand was heated due to the return to face-to-face work, now the scenario is affected by the slowdown in the growth of the global economy, he says.

Despite these factors, Oike projects a scenario of stability for the rest of the year. “On the other hand, the demand for rent remains very strong, and the high interest rate discourages people from wanting, at this moment, to finance a home of their own. So there are many people who are still going to look for rent”, he says.

In April of this year, the average price had reached BRL 44.80 – a record for the historical series of the survey, which began in 2019. In parallel, the survey had observed, at the time, a drop in the cost of renting apartments of just a quarter for the first time in 12 months.

In May, the average value of one-bedroom properties dropped 0.76% and reached R$56.46 per square meter, according to Quinto Andar.

Still according to the survey, the most expensive neighborhoods to look for housing in the capital of São Paulo are Vila Olímpia, with an average price of R$ 75.10 per square meter, followed by Santo Amaro (R$ 66), Pinheiros (R$ 65, 90), Itaim Bibi (R$60.20) and Vila Nova Conceição (R$58.50).

The list of neighborhoods that have appreciated the most in the last six months is made up of Jardim Ester Yolanda, Morumbi, Ipiranga, Vila Pompeia and Itaim Bibi.