The value of new residential rental contracts in the city of São Paulo increased by 2.21% between June 2021 and May this year, according to a survey by the São Paulo Housing Union (Secovi-SP).
The index is lower than the inflation measured by the General Price Index – Market (IGPM) of Fundação Getulio Vargas, which stood at 10.72% for the period. The index is used as a reference for the annual adjustment of most contracts.
In the first five months of the year, contract values increased by 1.4% compared to the same period in 2021. In May, rents increased by 0.4% compared to the previous month, with a quarter saw the biggest increase at 0.5%.
The guarantor was the form of guarantee most used by tenants, present in 45.5% of the contracts in May. The three-month rent deposit was used by 39.5% and the surety bond by 15%.
