Inflation in Colombia does not subside and at the end of November he reached the 12.53%as confirmed by the director of the National Administrative Department of Statistics, DANEPiedad Urdinola, who explained that this is the highest figure since March 1999. This effect that is felt in the country will continue to take its toll on the pocket of Colombians in 2023 and one of the services that will increase is the rent.
In accordance with article 20 of Law 820 of 2003, The rent goes up according to inflation. However, the Colombian Federation of Real Estate Markets (Fedelonjas) asked the owners of rented homes and tenants in general, to don’t go overboard with this price increase and suggested reaching a agreement between the lessee and the landlordso that the increase is not so high and both parties are not so affected.
The increase should not be more than 12%figure allowed by law so that these, like other services, rise throughout the country.
“We want agreements to actually be carried out because we know of the social problem that exorbitant increases can become or that suddenly the royalties will exceed the real values of a lease,” said the president of Fedelonjas, Karina Reyes.
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This price might be increased in any sector, i.e. that the people of low, middle and high strata might be exposed to a rise of 12%which would indicate that they would end up paying approximately 100,000 pesos more expensive.
It should be added that not all rents have an immediate increasesince the adjustment must be applied at the moment in which each leasing contractalready celebrated, will be renewed during 2023.
According to approximate data from Fedelonjas, regarding 35% of Colombians live on rentbut not everyone will feel the possible increase in the rental rate at the same time.
On the other hand, the Minister of Housing, Catalina Velasco, announced that the is looking for a way to detach the rise in rents in Colombia from inflationto prevent the pockets of Colombians are affectedmainly those of vulnerable households that month following month search for the rent.
