Residential rental prices rise 16% in 2023, three times more than inflation, shows FipeZap

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Indicator tracks the average rental price of ready-made apartments in 25 Brazilian cities. See which cities are the most expensive. Properties in the central region of São Paulo. Fábio Tito/G1 New residential rental contracts were, on average, 16.16% more expensive in 2023, according to data from the FipeZAP Index, released this Tuesday (16). The result was slightly below that recorded in 2022, when the increase was 16.55% — the highest in 11 years. The annual increase was more than triple the Broad National Consumer Price Index (IPCA), considered the country’s official inflation, which increased 4.62% in the year. As a result, the real increase in new rents (after inflation) was 11.54%. As g1 showed in March 2023, rental prices soared after more “generous” negotiations during the Covid-19 pandemic. Factors such as the variation in rent indexes and the return to in-person work also entered the account. (understand more below) READ ALSO: Rent price: learn about the main indicators and learn how to negotiate With high interest rates, square meters for rent reach highs in six capitals Nine out of 10 neighborhoods in Rio saw a rise in rental prices in 1 year , says research High in cities FipeZAP tracks the average rental price of ready-made apartments in 25 Brazilian cities, based on advertisements published on the internet. According to the survey, all monitored municipalities recorded a real increase in 2023. Among the monitored capitals, the biggest advances in the year were in Goiânia (37.28%), Florianópolis (27.68%), Fortaleza (21.95% ) and Curitiba (20.70%). With the numbers, the capital of Goiás also leads the general ranking. See the art below. FipeZap Index in Brazilian cities in 2023 Kayan Albertin/Editoria de Arte G1 Rental price The average price of new rental contracts, calculated for the 25 cities, is R$42.53 per square meter, according to December data. Considering this basis, renting a 50 square meter apartment costs, on average, R$2,126.50 — almost R$300 more than the previous year (R$1,832). The most expensive city on the list is Barueri (SP), where rent costs, on average, R$59.06 per square meter. In the case of a 50-meter residence, the monthly cost in the municipality is approximately R$2,953. When considering the 11 Brazilian capitals measured by the index, São Paulo (SP) — which occupies second place in the general ranking — leads: R$51.62/m². Next are Florianópolis (R$ 49.81/m²) and Recife (R$ 47.78/m²). The city with the cheapest square meter is Pelotas (RS), costing R$17.59, on average. Average rental price per city (m²); December data: Barueri (SP): R$ 59.06 São Paulo (SP): R$ 51.62 Florianópolis (SC): R$ 49.81 Recife (PE): R$ 47.78 Santos (SP): R$ 45.50 Rio de Janeiro (RJ): R$ 45.10 Brasília (DF): R$ 40.57 São José (SC): R$ 37.88 São José dos Campos (SP): R$ 37, 85 Belo Horizonte (MG): R$ 36.76 Curitiba (PR): R$ 36.17 Goiânia (GO): R$ 36.07 Campinas (SP): R$ 34.87 Praia Grande (SP): R$ 34.82 Santo André (SP): R$ 34.05 Guarulhos (SP): R$ 33.52 Salvador (BA): R$ 33.10 Porto Alegre (RS): R$ 31.67 São Bernardo do Campo ( SP): R$ 29.76 Joinville (SC): R$ 28.39 Fortaleza (CE): R$ 28.36 Niterói (RJ): R$ 26.81 Ribeirão Preto (SP): R$ 23.82 São José do Rio Preto (SP): R$ 21.83 Pelotas (RS): R$ 17.59 Average price: R$ 42.53 Prices soared after ‘generous’ negotiations Larissa Gonçalves, economist at DataZAP, attributes the strong increase in rents to factors such as the resumption of the job market after the pandemic — which helped to improve income — and the movement to pass on accumulated inflation between 2020 and 2021. “It can be said that what we saw last year was the continuity of a movement started in 2022 [de reajuste nos preços] — and which tends to cool down in 2024”, he states. In a report published in March 2023, g1 had already shown that rental prices had soared, among other reasons, due to the recovery of values ​​after softer negotiations during the peak of Covid-19. It is worth remembering that, in the initial phase of the pandemic, many owners allowed rent to be maintained in contracts or chose to make discounted adjustments. Variation in rent indexes Another explanation for the increase in rents, according to analysts, is the variation of some price indices. This is because, during the pandemic, part of the negotiations was also to exchange the traditional General Price Index – Market (IGP-M, also known as “rent inflation”) for the National Price Index Broad Consumer (IPCA, the country’s official inflation) as an index in new contracts. In the most critical moments of the pandemic in 2021, for example, the IGP-M accumulated a positive variation of more than 37%, pressured by rising prices commodities and the increase in wholesale inflation. In that period, the IPCA was lower: 8.06% in the 12-month period. Now, however, the scenario has reversed: while the IPCA advanced 4.62% in 2023, the IGP-M fell 3.18%, which helps explain the increase in prices in contracts indexed to the country’s official inflation. Greater demand for well-located properties for rent Finally, another factor that explains recent advances in rental is the natural dynamics of supply and demand. According to experts interviewed by g1, the greater flow of people looking for properties close to large shopping centers also impacted values. “When we had stronger remote work and home office prevailed, larger spaces further away from city centers were more sought after”, recalled Moira Toledo Toledo, director of risk and governance at Lello Imóveis. “Now, these people are starting going back to face-to-face work and the distance and longer commute times start to get annoying”, he concluded.

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