Metro Manila (CNN Philippines, December 27) — The National Human Settlements Board (NHSB) has set a 4% increase limit for monthly residential rental rates of ₱10,000 and below for 2024, the Department of Human Settlements and Urban Development (DHSUD) announced Wednesday.
The NHSB said aside from the change in rate increase, it would continue the implementation of rental regulation under the terms and conditions provided in this year’s rent control resolution.
For 2023, the housing board implemented three rate increase caps depending on the monthly rent being paid.
“The decision was based on the recommendation of the National Economic and Development Authority to set a uniform maximum percentage increase at the upper bound of the inflation rate target of the current Administration,” the DHSUD said.
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DHSUD Undersecretary Henry Yap explained that they also considered government data such as the 2020 census in the policy review. According to the census, around 95% of the 2.86 million households that are leasing housing units are paying a monthly rent of ₱10,000 or less.
“These data guided the decision-making process of the multi-agency NHSB to come up with the most sound, feasible, and fair figure to represent the cap in rental increase,” Yap said.
Yap signed the resolution, which was approved on Oct. 13 and published on Dec. 16, representing the board’s chairperson and DHSUD Secretary Jose Rizalino Acuzar.
“Provided that when the residential unit becomes vacant, the lessor may set the initial rent for the next lessee, provided that in case of boarding houses, dormitories, rooms, and bed spaces offered for rent to students, no increase in rent more than once a year shall be allowed,” the resolution read.
The rental regulation does not apply to new residential units offered for lease, which will be constructed after the resolution’s approval, the document also said.
