THIS IS HOW THE RENT INCREASE FOR 2022 IN COLOMBIA TURNED OUT

Recently, the National Administrative Department of Statistics (DANE) revealed that the permitted increase for apartments for rent in Medellín—that is, for properties intended for urban housing—is 5.62%, according to the Consumer Price Index (CPI) for the year 2021. This percentage applies to lease agreements signed on or after July 10, 2003. For contracts signed prior to that date, the increase will be 3%.

It is important to note that this increase applies only to housing contracts that complete 12 months of execution during the same year. For example, if the lease agreement began in February 2021, the increase will be applied in February 2022.

This law applies exclusively to urban residential properties, since increases for commercial premises for rent in Medellín and other commercial properties must be carried out according to what was agreed upon in the contract by both parties. In this case, the landlord (property owner) has full autonomy to apply or not apply the increase, provided that the amount does not exceed the legal limit. If it does, the tenant may request termination of the contract without any penalty. The property owner (landlord) or intermediaries are required to inform the tenant of the amount of the increase and the date on which it will take effect. This information must be communicated through the means authorized by both parties.