When renting a property, several questions arise about the fee. To answer them, we consulted the lawyer Fabián Zabala, legal advisor for Central de Arrendamientos and this is what he told us:
How is the rental value calculated?
According to the lawyer, this depends on market conditions. However, if we talk about housing, the law establishes that the fee may not exceed 1% of the commercial value of the property.
When can the canon be increased?
The common thing is that the increase is made every 12 months, although in commercial real estate it can be in less than a year.
What percentage can the canon be increased?
“The housing canon may be increased: in commercial matters, what the parties agree on, and they do so depending on the market conditions that exist; and in terms of housing, it does have a ceiling and it cannot be increased beyond the CPI of the immediately previous year, ”says Zabala.
Is it possible that the rental fee will decrease?
Although this is not usual – and less so in the case of housing – in commercial matters, it can happen depending on the market situation.
“For example, right now we are experiencing an oversupply of offices and there have been renegotiations of the lease fees, where through an agreement the parties determine to lower or decrease the fee,” says the lawyer.
Are proof of payment important?
Law 820 of 2003 stipulates that it is the obligation of the lessor to issue receipts or proof of payment determining the period, the amount and the date on which the payments are made. Thus, the tenant can be supported by his main obligation, which is the payment of the rent.