São Paulo Residential Property Rental Figures Rise 19% Over 12 Months
Data released by the São Paulo Housing Syndicate (SECOVI-SP) has demonstrated that rental requirements of new agreements have risen by 2.2 percent when comparing September to October – bring the total rise to 19.66 percent for the year up to this latter month. According to the organisation, this represents the largest rise within a one year period since the research started in January 2005.
According to Fransisco Virgilio Crestana, vice president of asset management and leasing for Secovi-SP: “this demonstrates that there is not a sufficient amount of stock of real estate available for rent in the city – a situation that is unlikely to be reversed in the short term.”
The most popular choices were properties with one or two bedroom units which increased in the last month between 3 and 2.5 percent respectively. Three bedroom apartments and houses did not see any variation in October.
Also tracking the methods adopted for rental guarantees, SECOVI-SP pointed to the use of a guarantor as the most popular (forming 47.5 percent of new contracts) followed by a deposit of 3 months worth of rent (32 percent) and then use of an insurance policy (with 20.5 percent of contracts).
