The bad economic news of recent months in Mexico is the increase in inflation, which according to the Bank of Mexico, is the sustained and generalized increase in the prices of goods and services in an economy; however, in terms of Rent housingthis indicator does not have an immediate effect and, in addition, the laws allow greater control in this regard.
According to the Inmuebles24 platform, in a context of increased inflation, which last March stood at 7.29%, one might think that this problem would also affect the cost of rental, but this perception is not entirely true.
“As the prices of products and services increase steadily, therefore, purchasing power decreases, but it does not necessarily have a negative impact on the contracts of rentWell, there is a law that regulates this”, explained Karla González Montoya, Marketing B2C Manager of Inmuebles24.
According to information from the platform, to pose the problem, it must be taken into account that the contracts of rent they are annual, that is, only at the end of the term of the agreement can the owner of the rented property make an increase.
However, there is a regulation so that if there is an increase, it does not affect too much the inhabitant of the property. “According to the Civil Code of Mexico City, article 2448-D, the increase in the cost of rent It is legal and can be a consequence of the demand for housing, capital gains or inflation, but this extra cost must be controlled and cannot be greater than 10% of the current amount,” the firm exemplifies.
Inmuebles24 presented the most recent data on the rents average per month in four cities in the countryfor example:
- Mexico City: In a space of 65 square meters (m2) the average value per month is 13,566 pesos, while in a 100 m2 building it is 19,585 pesos.
- Guadalajara: In this city, the average price in a space of 65 m2 is around 12,107 pesos, while in buildings of 100 m2, said value is 17,152 pesos.
- Monterrey: La Sultana del Norte registers a price of rent average of 15,155 pesos in buildings of 65 m2 and 20,915 pesos in spaces of 100 m2.
- Querétaro: In this city located in the north-central region of the country, the monthly average price of rent housing is 9,566 pesos in spaces of 65 m2, while in areas of 100 m2 said value increased to 13,672 pesos.
For Real Estate24, the Federal Civil Code, article 2448, subsection J, details that a lessor cannot increase the cost of the rent without reason, so it must be by prior agreement with its tenants, so that both are favored.
“In most cases, the owners make an increase of between 5 and 8%, but if they contemplate making renovations that increase the value of the property, it could be a higher percentage. It is best that the owner and the tenant talk about it and reach an agreement. an agreement,” according to the platform.
