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6.94% Rent Increase Predicted

According to August inflation figures released by the National Institute of Statistics (INE), rents could increase by as much as 6.94% in 2024 if the Government does not establish, as it did this year, cap rent increases.

INE data shows that in the last 12 months to August, the average variation of the price index, excluding housing, was 6.94%, a value that serves as the basis for the coefficient used for the annual update of rents for next year, under the New Urban Lease Regime (NRAU), and which represents another 6.94 euros for every 100 euros of rent.

However, the effective value of updating the rents – applicable to both urban and rural areas – will only be determined on the 12th of September, when the INE releases the definitive data for the August 2023 IPC, which will then be published in the Official Gazette until the 30th of October.

Samantha Gannon

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