Thursday, April 18, 2024
NewsParliament approves rent control legislation

Parliament approves rent control legislation

Parliament has ratified a proclamation prohibiting landlords from increasing rent more than once a year.

MPs voted almost unanimously in favor of the ‘Rent Control and Administration Proclamation,’ which will see regional and city administrations set up a regulatory body to determine lease rates.

These bodies, overseen by the Ministry of Urban and Infrastructure, are tasked with determining and enforcing an annual cap on rent increases in their jurisdictions to be introduced every June.

“The homeowner shall notify in writing both the regulatory body and the tenant of the rental price increase applied based on the annual rental price adjustment determined by the regulatory body,” reads the proclamation.

The legislation limits advance rent payments to a two-month maximum, and exempts newly-built housing from the rent increase cap for a period of up to four years.

[speaker]
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