Connect with us

Hi, what are you looking for?

Economy

Cap on residential rent hikes to remain in force until end of 2021

housing NHA
WWW.NHA.GOV.PH

THE cap on residential rent increases will remain in force for another year, to the end of 2021, according to the National Human Settlements Board (NHSB).

In resolution 2020-04 published Wednesday, the NHSB said a 2% cap on rent increases applies to those paying monthly rent of up to P4,999.

The maximum rent hike is set at 7% for those paying monthly rent of between P5,000 and P8,999, and 11% for those paying between P9,000 and P10,000.

The guidelines apply to residential units occupied by the same lessee. If the unit is vacated, the lessor may set the initial rent for the next lessee.

The power to cap rent increases is conferred by the Rent Control Act of 2009, or Republic Act No. 9653, and is designed to protect low-income housing tenants. The resolution also cited the “economic and financial difficulties” inflicted by the pandemic.

Student housing landlords cannot increase rent more than once each year. The regulation also cannot be applied to new residential units constructed after the approval of the resolution.

The rent control measure was extended in 2017, and was set to expire on Dec. 31, 2020.

The trade department earlier set guidelines for rent deferrals and prohibited the eviction of residential and commercial tenants unable to pay after the end of a prescribed grace period. — Jenina P. Ibañez

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Finding a property to settle in after years of being in the pandemic may leave home seekers and smart investors wary of whether their...

Economy

  Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their...

Economy

As part of its development agenda for Pakil in Laguna, Ahunan Power Inc. (Ahunan) launched a corporate social responsibility (CSR) program dubbed “Tayo Na...

Economy

By Kyle Aristophere T. Atienza and Revin Mikhael D. Ochave, Reporters AN INVESTIGATION is underway over the “illegal” sugar importation order that was aimed...

Economy

By Diego Gabriel C. Robles THE PHILIPPINES now aims to become a high-income economy by 2045 at the latest, Socioeconomic Planning Secretary Arsenio M....

Economy

THE SY SIBLINGS remained the richest in the Philippines, despite a $4-billion drop in their net worth in 2022, according to Forbes Asia. The...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.