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Government fixes 2024 housing rental rate hike at 4% or P400 max

1/11/24, 2:40 AM
The National Human Settlements Board has imposed a four-percent cap, equivalent to a maximum P400, on rental rate increases for residences rented at P10,000 and below for 2024..
This rental cap is anticipated to benefit over 2.72 million Filipinos who live in apartment units, rooms or bed spaces, Department of Human Settlements and Urban Development Undersecretary Henry Yap said in a televised briefing on Wednesday (January 10)
Yap clarified that the rent control exclusively applies to existing tenants paying P10,000 and below. This marks a departure from previous years, eliminating the three-tiered approach to rent control based on rental price.
Republic Act No. 9653, also known as the Rent Control Act, stipulates that rentals not exceeding PhP 10,000 per month in Metro Manila and P5,000 in other cities fall under the rental cap.
This legislation guides the Housing and Urban Development Coordinating Council (HUDCC) in regulating rent increases based on quantity and frequency, aligning with its primary mandate as the government agency overseeing housing and human settlements.
Residential units covered by RA 9653 include houses and lots, apartments, buildings or parts thereof, boarding units, dormitories, rooms, and bed spaces. The law also specifies that advance rental payments and deposits should not exceed one month and two months, respectively.
Security deposits may be utilized for necessary repairs in the unit or in the event the tenant fails to comply with overdue rental payments and other utility bills.