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Sunday, December 06, 2015

REGULATION OF RENTAL INCREASE IS GOOD NEWS TO ALL!


Screenshot from TV patrol ABSCBN report

"On the basis of the PSRTI study, the HUDCC recommends the extension of rental regulation after December 31, 2015 for two years, beginning January 1, 2016 to December 31, 2017.

"Further, the rental regulation for the period, shall use the inflation rate for 2014 of 4.1% as the basis for adjustment of the coverage and rates of increases on rent," Castelo said.

"The rent for any residential unit, occupied by the same lessee, shall not be increased by more than 4% for those with a monthly rental of Ph1 to P3,999 and not more than 7% for those with a monthly rental of P4,000 to P10,000," he added.

The PSRTI report reveals that based on the Family Income and Expenditure Survey conducted by the National Statistics Office (NSO) for the year 2012: 1.54 million families or 7.2 percent of the 21.48 million households in the country were home renters.

About 1,274,788 families or 82.5 percent of the 1.54 million renting families paid a monthly rent of less than P4,000; and of those renting less than P4,000 per month, 124,742 families or 8 percent of the total renters belonged to families earning an average monthly income of not more than P5,252.

Source: 
©2015 THOUGHTSKOTO