By Fiona Hurrell, Contributing Reporter
RIO DE JANEIRO, BRAZIL – Continuing our series on renting apartments in Rio’s most popular neighborhoods, this week we look at the R$2,500 price range, and how it has changed since last year. Rio’s property market is booming right now and as a result, prices have risen along with the cities increasing popularity and investment potential. Nevertheless, one can still find rare gems of good value for this price range in the neighborhoods of Copacabana, Ipanema, Leblon, Botafogo and Flamengo.
Prices do not include significant condominium fees and IPTU taxes, which can add an additional R$500 – R$1,000 per month. Also not included is the “seguro fiança,” a type of renter’s insurance often required for long-term leases, that can be equal to two or three month’s rent and paid up-front.
Ipanema is considered the more coveted of the seaside neighborhoods thanks to its arguably safer beach and trendier nightlife. Amongst its many top-class restaurants is the recently opened Gero, belonging to the lucrative Fasano Franchise that already has a matching restaurant in São Paulo. Prices have risen along with the district’s status in the last year or so, which can be apparent in the price comparison of the earlier study where the same amount afforded a much larger living space.
Example: Just blocks from Ipanema beach on the edge of Arpoador on Rua Gomes Carneiro, this 40m², one-bedroom apartment is unfurnished yet clean and renovated. Though a little small, it is situated close to shops, restaurants, supermarkets, and is ideally placed on the border between Ipanema and Copacabana. Extra fees add a total of R$397 to the price.
Approximate average apartment area: 90m²
Approximate average rent per m²: R$55
Leblon remains a sought after neighborhood for the simple fact that its name speaks of affluence and exclusivity. It shares its beach with Ipanema and boasts some of the finest restaurants and bars in the city including the popular Sushi Leblon. Its residents are predominantly upper class business professionals, and therefore apartments here tend to be quite pricey.
Example: Just over the R$2,500 limit, this 50m², one-bedroom apartment on Rua Dias Fereira can be rented, fully furnished for R$2,700. One block from Praça Baden Powell, this apartment is very close to the shops, restaurants, luxury boutiques, and quiet bookstores of Leblon. Condominium charges add R$420 to the price.
Approximate average apartment area: 88m²
Approximate average rent per m²: R$60
When it comes to beachside residencies, nothing can beat the long stretches of white sand in Copacabana. Avenida Atlantica runs the length of the beach and boasts some impressive landmarks such as The Copacabana Palace Hotel and a wide variety of shops and restaurants. Once known as one of the most desirable areas of the city, R$2,500 will now get you more in Copacabana than in its pricier neighbor, Ipanema.
Example: This 45 m², fully furnished and renovated one-bedroom apartment on Rua Bolivar in Copacabana costs R$2,600 per month, including condominium charges. It is in a superb location close to shops, restaurants, and a cinema, and is one short block from the Cantagalo metro station.
Approximate average apartment area: 95m²
Approximate average rent per m²: R$38
One of the few middle-class neighborhoods in this vastly unequal city, Botafogo has seen its popularity soar in recent years in conjunction with the district’s modern developments, such as the famous Rio Sul shopping center nearby and many well-respected restaurants. Based at the bottom of a valley means traffic jams are a regular occurrence, but having its own metro station helps to reduce the problem slightly.
Examples: This 78 m², two-bedroom apartment is close to the beach and the metro station and comes with its own parking space. It is unfurnished, yet fitted with hardwood floors and plenty of storage space. Extra fees add a total R$410 to the price.
Approximate average apartment area: 107m²
Approximate average rent per m²: R$33
Best known as the namesake of one of the city’s most popular football teams, Flamengo is also an upper to middle-class neighborhood, ideally situated between Botafogo and Centro with breathtaking views of Sugarloaf Mountain. There are three metro stations in the area, which make it popular with young professionals who need to commute to the business districts of Rio.
Example: This 61 m², one-bedroom apartment on Avenida Oswaldo Cruz comes fully furnished and is very close to the Flamengo metro station. Extra fees add R$363 to the total price.
Approximate average apartment area: 116m²
Approximate average rent per m²: R$30>