Rental rates have soared throughout Brazil since the arrival of the pandemic, although, like most countries, monthly prices range hugely. So much so that Fortaleza rentals cost less than half those in Rio de Janeiro, according to the latest report. As a result, Ceará stands out as one of the most accessible cities in Brazil for rental housing.
Rentals in Meireles 50% lower than Ipanema
Sao Paulo, Rio de Janeiro and Recife dominate the listings for the most expensive rentals in Brazil. The country’s financial capital has 9 districts in the top 50, while Rio and Recife ring up a total tally of 8 each.
On the other hand, Fortaleza has just a single district: Meireles. Furthermore, the difference between rental rates in this high-end area of the capital and Ipanema is over 50%. For example, in the capital of Ceará, a rental in Meireles costs an average of R$33.6 per square metre. On the other hand, the equivalent in Ipanema costs R$73.
Most expensive rentals in Brazil
The latest rankings come from Columna, based on figures from Fipezap. The report ranks Brazil’s most expensive districts for rentals. Ipanema and Leblon in Rio de Janeiro top the listings and stand a considerable distance from their nearest competitors.
Sao Paulo then dominates the rankings with five districts in third to eighth positions. Fortaleza rentals appear only at the bottom of the top 50 in 49th place. Furthermore, its rates cost half of those in many other parts of Brazil.
Fortaleza rentals soar in 2022
Rentals in the capital of Ceará might be among the least expensive in Brazil but rates are rising faster than the national average. The latest Fipezap figures show that rents in Fortaleza rose by 28.01% in the 12 months to August this year.
July and August saw particularly sharp upticks, with monthly rentals soaring by 3.52% and 3.17%, respectively.
The increase in Fortaleza comes in at almost twice the national rate and monthly rises are close to triple. In Brazil, rents went up by 15.31% in the year to August and they have risen by at least 1% every month since January.
Demand for high-end Fortaleza rentals may come from the surge in employment opportunities in Ceará. The state has recently opened a high-end logistics centre and its green hydrogen hub continues to attract multi-million-dollar investment from foreign companies.
(Source: Columna, FipeZap)