It was expected and many tenants are likely to see their rents increase later in the year.
For the first time since 2008, the reference interest rate is going up.
It’s set by the Federal Housing Office, based on average mortgage rates, and it’s designed to create a transparent and fair way of setting the price of rents.
The rate has increased by a quarter of one percent to 1.5%. This allows property owners to increase rents by 3%.
But some may see a larger rise if their rents were set before 2008.
Due to how many contracts would have been set – any rises are likely to take effect in October.
But tenants do have the right to contest rent rises – but only within 30 days of being informed of any changes. After that, it’s assumed the rise has been accepted.
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