The Residential Rent Variance Index rose 0.37% in November, according to FGV | Brazil

FGV economist Ebre Matthews Dias highlighted that the acceleration over 12 months indicates an upward trend in the rental market.

“This behavior indicates that even with signs of moderation, the amendments still go beyond those made in 2024 and should continue to influence negotiations at the beginning of 2026,” he said.

From October to November, IFAR recorded a monthly increase in rents in three of the four capital cities surveyed. In Rio de Janeiro, prices rose by 1.13%, the largest variation between capitals. In São Paulo, rents rose on average by 0.52%, while in Belo Horizonte the increase was 0.39%. Porto Alegre was the only capital city to show a decline, with a 0.37% decline in residential rental prices.

The annual reading of residential rents gained momentum in three of the four capitals analyzed – the only exception being Rio de Janeiro, which showed a slowdown. Belo Horizonte led this acceleration, with the rate jumping over 12 months from 6.93% in October to 11.37% in November 2025. In São Paulo, the movement was also relevant: 6.53%, compared to about 3.99% in October, the highest rate since November 2024.

Among the capitals that accelerated growth, Porto Alegre showed a more moderate adjustment, with the 12-month interest rate increasing from 4.42% to 4.63%. Rio de Janeiro went in the opposite direction: there was a slowdown of 2.95 percentage points, with the rate falling from 8.45% to 5.50%.