The Residential Rent Variation Index (IVAR) rose 1.06% in February 2023. The result means a slowdown compared to the 4.20% rate recorded in January. According to the Brazilian Institute of Economics of the Getulio Vargas Foundation (IBRE/FGV), which calculates the indicator, with the result, the accumulated rate in 12 months increased from 10.74% in January 2023 to 8.73% in February 2023.
Data released this Tuesday (7th) by IBRE also point out that between January and February, half of the cities analyzed by IVAR followed the trend of the average index and registered a slowdown. These are the cases of São Paulo (from 2.84% to 2.10%) and Porto Alegre (from 10.15% to -4.71%). The remaining two, Rio de Janeiro and Belo Horizonte, noted an increase in the variation of residential rent. The first changed from 1.45% to 3.11% and the second from 0.72% to 5.97%.
Two of the four cities that make up the IVAR had a deceleration in the interannual rates between February 23 and February 22. In São Paulo it dropped from 8.20% to 7.91% and in Porto Alegre from 16.79% to 7.42%. In the remaining others, there was an opposite movement and advances in annual rates. Belo Horizonte went from 9.82% to 12.12% and Rio de Janeiro from 8.51% to 9.10%.
According to the FGV, the IVAR was created to measure the monthly evolution of residential rent values in the real estate market in Brazil. The next release of the indicator is scheduled for April 5th.
