Thursday 1 December 2022

Ministry of Housing approves rent adjustment at 10.64% due to inflation

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1 December 2022 - At The Banks - BCCR

Paying the bills


QCOSTARICA – Do you pay rent? Pay attention: the Ministry of Housing (Ministerio de Vivienda y Asentamientos) approved the maximum annual readjustment to housing rent, for the month of August 2022, which can be up to 10.64%, due to inflation.

According to the Ministry of Housing website, the adjustment responds to year-on-year inflation in August. The General Law of Urban and Suburban Leases (Ley General de Arrendamientos Urbanos y Suburbanos)  provides that adjustments be made when inflation exceeds 10%.

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This percentage of increase applies only to housing rents and not to other types of real estate such as commercial premises, and offices, among others.

Read more: Costa Rica legislators reject global income tax

“It is important to emphasize to citizens that the increase for contracts that expire may be less than what is defined in the readjustment formula, but it cannot exceed what is established by the formula, this for the knowledge of both tenants and tenants,” according to the deputy Minister of Housing, Roy Allan.



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