Property rental skyrockets in SP; see the 10 most expensive neighborhoods

Rent prices in the capital of São Paulo hit a new record in July. The increase was 0.3% compared to June, reaching an average of R$ 40.22 per m². The data are from the QuintoAndar Rent Index, released this Wednesday (3).

This is the highest value per m² in the historical series of the indicator, which started in 2019. In 12 months, the average value per m² rose 15%. This year alone, the average price of new rentals has risen 10%.

The highlight is for apartments with up to one bedroom. With the fourth consecutive increase above R$ 50 per square meter, these are the properties that have appreciated the most in São Paulo.

According to the survey, two- and three-bedroom apartments increased by 11.2% and 11.6% in one year, respectively. While the rental value of studios and micro-apartments rose 16.7% in the same period.

Considering the average price of the last month, the renter of a property with one bedroom pays 47% more per m² than those who live in residences with two bedrooms.

The appreciation of smaller apartments is a result of heated demand, mainly, according to the company, because of the return to face-to-face work and high inflation.

Thiago Reis, data manager at QuintoAndar, says he perceives greater demand for new properties near the subway. Rented with furniture and service offerings, these apartments have higher rents, which helps explain this appreciation, according to the executive.

Bom Retiro, in the central region, registered the biggest increase, of 25.6%, in the price per m² in the last six months. The neighborhood is followed by Pinheiros (17.7%), Vila Romana (17%), Chácara Inglesa (16.2%) and Butantã (16%).

The 10 neighborhoods with the most expensive rent in the capital

1. Vila Olímpia – R$ 66.60/m²
2. Pinheiros – BRL 57.10/m²
3. Santo Amaro – BRL 56.30/m²
4. Brooklyn – BRL 50.20/m²
5. Itaim Bibi – BRL 49.70/m²
6. Vila Nova Conceição – R$ 48.50/m²
7. Moema – BRL 47.70/m²
8. Vila Madalena – BRL 47.20/m²
9. Campo Belo – BRL 47.10/m²
10. Consolação – BRL 45.80/m²

time to negotiate

Despite the appreciation, the difference between the price of the announcement and the contract increased again in July after eight months of decline. A sign that there is room to negotiate the value with the owners, says Reis.

According to QuintoAndar’s data manager, owners have taken advantage of the heated market to increase prices more and more.

“Negotiation is the best way. We seek to encourage this even as a way of balancing the contracts signed between owners and tenants”, says Raphael Sylvester, Lello Imóveis leasing director, which also recorded an increase in the value of residential rent.

Of the contracts closed with Lello’s intermediation in the first half of 2022, there was an average increase of 1.6%, compared to the same period in 2021.

In new contracts, the increase was even greater, 3.7%, in the same comparison.