Overview

• City-level moves in September were uneven: São Paulo rose 0.37%, Rio de Janeiro 1.02%, Belo Horizonte 0.55%, and Porto Alegre fell 0.40%.
• Belo Horizonte led the 12‑month gains at 9.01%, with Rio at 4.29%, São Paulo at 2.69%, and Porto Alegre down to 2.05% from 22.05% a year earlier.
• FGV attributes the slight deceleration in the national 12‑month rate to the lower base in Porto Alegre after the flood-related surge in 2024.
• FGV economist Matheus Dias says elevated interest rates are postponing financed home purchases, keeping rental demand firm and price pressures in place.
• IVAR tracks rents from signed contracts rather than advertised listings, providing a more accurate read of negotiated rental prices.