Find Out How Much Your Rent Can Be Raised in 2024; Don't Let Yourself Be Knocked Down
Real Estate attorney Esteban García was mentioned in an article for Asuntos Legales about the importance of understanding the regulations in Colombia regarding the annual increase of rental fees. According to Law 820 of 2003, in the case of urban housing, the increase cannot exceed 100 percent of the increase in the Consumer Price Index (CPI) of the previous year, thus protecting tenants from abusive increases. However, this limitation does not apply to commercial premises, where the landlord and tenant are free to agree on increases. The article also offers tips to avoid scams when renting a property, such as obtaining legal advice and verifying the property's documentation. Mr. García explained how the law protects tenants in the case of urban housing.
“The tenant who is asked for an increase above what is established in the law or in the contract may oppose this increase,” he said.