The rent increase for each year is defined according to the inflation data of the previous year. By 2023, the National Administrative Department of Statistics (Dane) revealed that the number of 2022 had an annual variation of 13.12%. This implies that rents should not rise more than that percentage, as established in Law 820 of 2003.
(Read: Rents in Colombia: what is true and false about the increase by 2023).
This implies the highest rent increase in the country’s history.
It should be noted that leases are not increased automatically on January 1, but rather when the contract expires 12 months after being signed or from the last increase.
It is also important to note that the landlord You are free to apply the increase or to refrain from doing so if you prefer to keep the contract longer. If yes, you must notify the increase and the date on which it will begin to be applied in writing and through certified mail or through the mechanism established in the contract.
Those who apply 13.12% of inflation, the increase would be the highest of the leases in the history of the country.
How to prevent your rent from going up?
An alternative to not be hit by this rise is that landlords and tenants reach an agreement to have a fair price that suits both parties.
(Also: These are the most expensive cities to live in Colombia).
This taking into account that the maximum percentage increase applies to any property regardless of whether it is stratum 1, 2 or 3.
For its part, the Government is looking for tools to help avoid this rise. “We are making the assessments to seek to break this dynamic and this inertia that has an effect on the entire society”, assured Catalina Velasco, Minister of Housing, at the last National Infrastructure Congress.
Among the options, the Government is evaluating changing the rule that indicates that rents rise annually at the rate at which inflation rises. Decision that would be in accordance with the deindexation of certain rates of the minimum wage, which has been advanced from the Ministry of Finance.
(Keep reading: Knowing the inflation data, this will raise rents in 2023).
Thus, the idea from Minvivienda is that These types of items, such as rent, rise according to the basic inflation indicator and not the total.
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