The value of the rent is another of the items that impacts the pocket of families with the arrival of 2023. It is estimated that 35 percent of Colombians live under this type of contract.

In accordance with article 20 of Law 820 of 2003, rental prices should rise the same as annual inflationwhich reached 12.53 percent in November, the highest figure since 1999.

(Also read: It’s official: more than 85 goods and services will not raise 16% of the minimum wage)

This Thursday, January 5, the National Administrative Department of Statistics (Dane) will announce the inflation data for December and all of 2022. According to analysts, the figure so far this year could be between 12.2 and 12.6 percent.

However, the Colombian Federation of Real Estate Exchanges (Fedelonjas) asked the lessors to the new price is agreed with the tenants and that it does not increase more than 12 percent, which is the figure allowed by law.

We want agreements to be carried out because we know about the social problem that exorbitant increases can become

«We want agreements to be carried out effectively because we know about the social problem in which it can be convert exorbitant increments or that suddenly the royalties will exceed the values ​​of the reales of a lease», assured the president of Fedelonjas, Karina Reyes.

On the other hand, the National Government is looking for options so that rental prices do not depend on inflation. «Food, rent and utilities are important determinants of inflation. We are making the assessments to seek to break this dynamic and this inertia that has an effect on the entire society,» said the Minister of Housing, Catalina Velasco.

(Also read: ‘Inflation increases the gap between rich and poor’)

Along the same lines, the Minister of Finance, José Antonio Ocampo, announced that a new modification will be promoted through the National Development Plan that will allow de-index increases in various goods and services that are tied to inflation. The idea is to create a measure that is closer to core inflation.

It is important to note that the rent adjustment can only be applied when the property contract is renewed.