By Patrick Eccles-Williams, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Over the course of the last ten years, property prices in the Cidade Maravilhosa have increased at a flash-fire rate, however in 2014, with the exception of short-term rentals during the World Cup, prices have stagnated somewhat. Continuing with our series on rental prices in Rio, this week we look at what R$5,000 can rent in 2014, compared to last year.
Perhaps the most expensive and glamorous neighborhood in Rio, Leblon has a fantastic location and an abundance of up-market restaurants, cafes, shops and cinemas. Being on the beach also provides residents with plenty of recreation, yet a bit more tranquil than in Ipanema and Copacabana.
Example: This furnished two-bedroom flat with an open-air veranda is priced at exactly R$5,000 per month. It is equipped with furniture and a fully functioning kitchen and is ready to live in immediately. The area of the apartment is 70m².
Approximate average apartment size for this price: 75m²
Approximate average rent per m²: R$70
The beach at Ipanema with its great natural beauty, eclectic mix of tourists and locals, and stunning view of the famous Rio sunset is undoubtedly the most popular destination for visitors to the city. When you then take into account its numerous restaurants and bars it is unsurprising that Ipanema is also one of the most sought after locations for people looking to buy and rent property in the city.
Example: This three-bedroom apartment with a total area of 110m² seems like a great option at exactly R$5,000. It also has a cleaner and a car parking space included in the price. However the condominium is higher than in most apartments and costs R$1,300.
Approximate average apartment size for this price: 80m²
Approximate average rent per m²: R$66
Formerly the most iconic location in Rio de Janeiro, Copacabana has since been usurped, with Leblon and Ipanema becoming more desirable places to live. That said, this historic neighborhood that sits alongside the four kilometers of Copacabana beach is still a very attractive location and properties here are better value than in the previous two locations.
Example: For R$5,000 per month one can rent this three-bedroom apartment which is 120m². One of the bedrooms is en-suite and the apartment is fitted with an air conditioning unit. Residents also have access to a gas barbecue and a car parking space.
Approximate average apartment size for this price: 100m²
Approximate average rent per m²: R$48
Botafogo is an increasingly popular option due to its convenient location. Although it is not within walking distance of Copacabana or Ipanema, it is only a few stops on the Metro (subway) and Botafogo itself also has a lot to offer. There are a number of restaurants and also cultural options, such as galleries and cinemas. It is ideal for those seeking a less touristy atmosphere.
Example: This three-bedroom apartment is priced at exactly R$5,000 per month and has a fantastic view of the Christ the Redeemer statue. One of the rooms is en-suite and there is also a communal bathroom. Tenants can choose whether to take the property furnished or unfurnished.
Approximate average apartment size for this price: 95m²
Approximate average rent per m²: R$50
Next door to Botafogo, Flamengo is equally well equipped with good public transport and also shares a greater sense of community than the more touristic areas of the Zona Sul (South Zone). It has its own beach, praia do flamingo (Flamingo beach), however this is more suitable for beach activities than for swimming. One of the highlights of this neighborhood is the Praça Sao Salvador (Sao Salvador Plaza), which often has live music and local market stalls.
Example: This three-bedroom apartment has a fantastic location, very close to two metro stations – Flamengo and Largo do Machado – and costs R$5,000 per month. The apartment itself is only 90m², however this is made up for by the 80m² private terrace on top of the building with a panoramic view of the city.
Approximate average apartment size for this price: 105m²
Approximate average rent per m²: R$41
All of these properties are unfurnished unless it is stated otherwise. The prices do not include condominium or IPTU fees, which will generally vary between R$500 and R$2,000 for these properties. The “seguro fiança,” a type of renters insurance that is often mandatory for long-term leases, is also not included.