By Lisa Flueckiger, Contributing Reporter¨
RIO DE JANEIRO, BRAZIL – While the real estate market in Rio de Janeiro is slowing down and some neighborhoods see rents increasing below inflation or even falling, renting an apartment in Rio de Janeiro, especially in Zona Sul (South Zone), is still rather expensive. This week, we’ll give an overview to what a budget of R$3,000 (before condo fees and taxes) can rent in this city.
According to the Fipe-Zap index rents in Rio de Janeiro have overall increased by 2.3 percent in the last twelve months, with the index sinking since August 2014. This is great news to a city where rents have more than doubled in the last couple of years.
With its great beachfront and its many extravagant restaurants, Leblon is definitely Rio’s chicest neighborhood and home to many TV and football stars. Finding an affordable apartment will be difficult in this exclusive area.
Example: R$3,000 doesn’t get you too much space in Leblon, but this 44m² apartment is right on the neighborhood’s main street Avenida Ataulfo de Paiva. It offers a bright one bedroom, living room and one bathroom.
Approximate average apartment size for this price: 45m²
Approximate average rent per m²: R$68
Ipanema is for many the place to go in Rio de Janeiro. A little more central than Leblon, but still exclusive and with a great beach a maximum of a couple of blocks away, Ipanema is stealing some of its neighbor’s limelight. However, as with Leblon, you have to be extremely lucky to find more than a one bedroom apartment on this budget.
Example: This 52m² apartment is already slightly above budget with a price tag of R$3,200, but offers modern open spaces and wooden floors. It has one bedroom and is located right on Ipanema’s main street Rua Visconde de Piraja.
Approximate average apartment size for this price: 50m²
Approximate average rent per m²: R$65
Famous Copacabana is a large neighborhood and usually has a lot of apartments on offer. The budget here can already get you a two to three bedroom apartment in one of Copa’s hustling and bustling streets, as apartments sizes vary greatly.
Example: This apartment offers plenty of space with its 98m² and has recently been reformed. It has three bedrooms, one bathroom and is a silent place close to the Cardeal Arcoverde metro station.
Approximate average apartment size for this price: 60m²
Approximate average rent per m²: R$51
Botafogo is less known among the visitors to the city, but is a great place to live, as it is quieter and offers many hidden shops and bars to explore. It has a mix of older colonial houses and modern buildings and is more affordable than the beach neighborhoods.
Example: This two bedroom including one suite apartment offers 72m² of living space. It has tiled floors, a large living room and two bathrooms, one adjacent to the suite bedroom and even comes slightly below budget with a price of R$2,780.
Approximate average apartment size for this price: 65m²
Approximate average rent per m²: R$51
Flamengo is a quiet, residential neighborhood with good access to transport with two metro stations to call its own. It also has the Aterro do Flamengo right in front of it, a park with many sports facilities and a small beach, although the water is too dirty to swim in, and great views to Sugarloaf Mountain.
Example: This 70m² apartment has a colonial feel to it with a stucco ceiling and marble bathroom. The two bedroom, one bathroom apartment is located one block from the beach and has wooden and tiled floors.
Approximate average apartment size for this price: 70m²
Approximate average rent per m²: R$47
All of these properties are unfurnished unless stated otherwise, including not having a refrigerator or stove. As noted the above prices do not include condominium or IPTU fees, which will generally vary between R$500 and R$1,500. Many apartment owners will ask for a fiador (guarantor) which can be a stumbling block, or the alternative of a “seguro fiança,” a non-refundable insurance payment equal to 1-3 months of rent.