By Jack Arnhold, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Rental rates in Rio de Janeiro still feel overpriced for many, given the economic uncertainty and security issues facing the city. Yet with a lot of inventory available, stagnant property prices, and not much demand – in some ways it is a good time to be looking for a new apartment in Rio.
While Rio de Janeiro’s Zona Sul (South Zone) still contains some of the most desirable, and priciest, real estate in the entire continent, there are more than a fair share of great deals to be had across the city. Here’s what a budget of R$3,000 (before condo fees and taxes) can rent in Rio de Janeiro.
Still the crème de la crème of Rio’s rental market, Leblon is holding onto its reputation as the neighborhood for Rio de Janeiro’s rich and famous. Such high demand doesn’t come unearned, and a walk through Leblon’s streets, populated by high-end stores and upmarket restaurants, is enough to convince anyone of the neighborhood’s charm. While in the past R$3,000 would scrape a 44m² one-bedroom apartment, one may be surprised by how far this can go in 2018.
Exactly R$3,000 can, amazingly, get an 80m² three-bedroom apartment with a large living room and two bathrooms on Rua Padre Achotegui. Though a spacious one-bedroom apartment is usually more of the rule when looking in such a desirable area.
Approximate average apartment size for this price: 62.2m²
Approximate average rent per m²: R$48.2
Ipanema boasts a great location and is populated by a young, trendy and cosmopolitan crowd. A little bit more lively than its neighbors Leblon and Copacabana, Ipanema is for many expatriates the first place they go to when arriving in Rio, mainly due to its fun and welcoming reputation, as well as the many boutique hotels and hostels that are located within the neighborhood.
Here, R$3,000 will again get more than expected: a 150m² three-bedroom apartment on Avenida Rainha Elizabeth da Bélgica, close to the metro and the beach, and complete with a parking space.
Approximate average apartment size for this price: 85.75m²
Approximate average rent per m²: R$34.98
The most famous location name in Rio de Janeiro, Copacabana is enjoying a bit of a resurgence as people realise how low prices have gotten here compared to its trendier neighbors. Excellent transport links and amenities may be the reason why it is particularly popular with older Cariocas. However, Copacabana also boasts an excellent nightlife, with bars playing live samba and musical performances along the seafront.
R$3,000 will secure a 95m2 three-bedroom apartment on Rua Barata Ribeiro, within close walking distance to the beach and the metro station.
Approximate average apartment size for this price: 91.7m²
Approximate average rent per m²: R$32.72
What used to be a neighborhood frequented by those looking for a cheaper alternative to the three beachside neighborhoods, Botafogo has overtaken Copacabana and is now level with Ipanema in terms of desirability and price. For those seeking a more alternative atmosphere away from the beach, with plenty of art galleries, bars and artisan restaurants, Botafogo is the place to be right now.
For R$3,000 one can get a large (100m2), two-bedroom, two-bathroom apartment on Rua Assunção, close to the metro station.
Approximate average apartment size for this price: 96m²
Approximate average rent per m²: R$31.25
Flamengo is a quiet, middle-class neighborhood popular with families. While it isn’t known for its nightlife, Flamengo boasts unparalleled outdoor spaces and views, and its central location means that getting to and from the city centre or any other neighborhood is competitively easy. Filled with cultural spots and hidden gems, Flamengo has always been a firm favorite among more discerning Cariocas.
R$3,000 will acquire a three-bedroom, 135m2 apartment on Rua Ferreira Viana, a short walk away from Aterro de Flamengo and its various sporting amenities, while also being located near Catete metro station.
Approximate average apartment size for this price: 96.3m²
Approximate average rent per m²: R$32.10
Almost all rental properties are unfurnished unless stated otherwise; this may include not having a refrigerator or a stove, let alone air conditioners.
The prices above do not include condominium or IPTU fees, which can vary between R$1,000 and R$2,000. Many apartment owners will ask for a fiador (guarantor), or a “seguro fiança,” a non-refundable insurance payment equal to around one to three months of rent.