Rents in Colombia could rise up to 12% in 2023, how much would they cost?

Inflation and the devaluation of the peso continue to take their toll. Fedelonjas asked the tenants not to exceed the prices.

Inflation in Colombia does not subside and at the end of November it reached 12.53%, as confirmed by the director of the National Administrative Department of Statistics, DANE, Piedad Urdinola, who explained that this is the highest figure since March 1999. This effect, which is feels in the country, it will continue to take its toll on the pocket of Colombians in 2023 and one of the services that will increase is rent.

In accordance with article 20 of Law 820 of 2003, the rent increases according to inflation. However, the Colombian Federation of Real Estate Markets (Fedelonjas) asked the owners of rented homes and tenants in general, not to exceed this price increase and suggested that an agreement be reached between the tenant and the owner. landlord, so that the increase is not so high and both parties are not so affected.

The increase should not be greater than 12%, a 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.

This price could be increased in any sector, that is to say that people from low, medium and high strata could be exposed to a 12% increase, which would indicate that they would end up paying approximately 100,000 pesos more.

It should be added that not all leases have an immediate increase, since the adjustment must be applied at the moment in which each lease contract, already signed, is renewed during 2023.

According to approximate data from Fedelonjas, about 35% of Colombians live on rent, but not all of them will feel the possible increase in the rental fee at the same time.

On the other hand, the Minister of Housing, Catalina Velasco, announced that a way is already being sought to detach the rise in rents in Colombia from inflation, to prevent the pockets of Colombians from being affected, mainly those of vulnerable households. that month after month they search for the rent.