CPI increase for housing fees in 2024

On January 9, 2024, DANE revealed that the CPI increase for urban housing rental fees could be up to 9.28%, which is lower than the figure recorded in 2022, when it reached 13.12%. This represents a reduction of 3.84 percentage points compared to the increase made the previous year, which was the highest since 1998. Here we tell you more about the CPI increase for housing fees in 2024.

When can the rent increase be applied?

This increase is not applied automatically in January; it can only be applied once twelve (12) months have passed since the lease was signed. In other words, if the lease for the apartment in El Poblado was signed in July 2023, the increase can only be applied in July 2024.

It is important to note that the amount of the increase may be negotiated between the tenant and the landlord and must be notified in advance, as stipulated by Law 820 of 2003, which determines that the maximum increase that may be applied must be the percentage of the CPI for the immediately preceding year. If the landlord increases the rent above the amount established by law, the tenant may demand termination of the contract without incurring financial penalties.

What is the increase for commercial properties?

The increase for commercial properties such as offices, clinics, premises, and warehouses for rent in Medellín must be agreed upon by the parties or will be carried out as agreed in the lease agreement, as there is no law regulating the percentage increase in rent for this type of property.

We are passionate about and committed to keeping our tenant and owner clients informed about increases and developments in the real estate sector. Stay connected with our content to keep up to date with the dynamics of the real estate industry.

Written by: Valeria Ospina – Marketing Analyst

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