What Is The Rent Increase Based On?
Many different factors affect the answer to the question “What is the rent increase based on?”, which concerns landlords and tenants. The increase in the monthly payment amount for rental properties is realised once a year. The rate of increase in rents is determined according to the previous year’s rent amount and the consumer price index of the last 12 months, also known as CPI. Monthly rental price of the property cannot be increased higher than the CPI rate.
At the same time, rent increases must be arranged in accordance with Article 344 of the Code of Obligations. Another of the most curious questions, “How is the rent increase for the workplace determined?” is similarly based on the CPI average. Rents of workplaces cannot be increased more than CPI. You can carry out the processes much more easily with the site-apartment common areas insurance, which provides coverage for tenants and property owners.
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