Rents in Rio Fall First Time Since 2010 as Petrobras Cuts Costs

Rental prices in Rio de Janeiro fell last month for the first time in more than three years as Brazil’s economy struggles to gain steam and state-run oil company Petroleo Brasileiro SA cuts costs.

Prices in the beachside city, host of the 2016 Summer Olympics, fell 0.1 percent last month, according to a housing index by economics research institute FIPE. It was the first contraction since June 2010, said the Sao Paulo-based FIPE, which bases its index on apartments listed by real-estate website ZAP Imoveis.