Important changes in rental properties
DURATION AND DEPOSIT OF A RENTAL AGREEMENT
The rental contracts that are signed from Wednesday, March 6, 2019, will be governed by the new regulations, according to the publication in the Official State Gazette (BOE) of the decree law that the Government approved on Friday and that, as principal new, extends the legal minimum term of the contract from 3 to 5 years and limits the maximum bond to two months, except for some cases such as, for example, the surface area of the house exceeds 300 m2 or the initial rent in the calculation exceeds 5.5 times the minimum interprofessional salary that will be governed by the will of the parties.
That amount must be agreed by both parties in a balanced manner: a bank guarantee of half a year is not necessary, but the landlord must have a fund that allows dealing with a possible breach of the contract.
Increases the minimum legal term in which the tenant can stay in the rented house as well as extending the tacit extension period from 1 to 3 years.
This is the time period by which the contract is extended after the mandatory extension period has elapsed, in the event that the lessor or the lessee does not express its wish not to renew it.
It is also expected that tenant and landlord can reach agreements to improve or renovate the house for the duration of the lease
Attractive and unique design, Alella
Price: 1.250.000 €
Rent: 3.500 €
Within this Decree Law, other points are also discussed such as increasing the supply of housing for rent, emphasizing the protected housing or regulating the price of it. On this last point will be developed within eight months by the General State Administration a state system of reference indices of the rental price., Based on data from the State Agency of the Tax Administration, in the Real Estate Cadastre … and other sources that represent the rental market. We will have to wait for the publication.
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The rental price in the last three years has increased by 15%. In some cities like, Madrid, Las Palmas, Barcelona ,Baleares, Malaga or Santa Cruz de Tenerife, due to other factors, such as tourism activity or strong property dynamics, makes the price higher in these populations.
More than 42% of Spanish households spent around 2017, according to Eurostat data, 40% to pay the rent.
This means that Spain is 17% above the European Union.
The tourist housing of the regulation of the LAU is removed when being of an economic activity with what the Law on horizontal property is reformed for:
By qualified majority of three fifths of the owners, the communities of neighbors can adopt agreements that limit or condition the exercise of the activity of the tourist rental of a house, establishing the possibility of agreeing a greater contribution of these to the payment of the general expenses (up to 20% more).
In this topic we will also have to wait for the publication
The City Councils are authorized to establish a bonus of up to 95% in the IBI quota for housing subject to rent at a limited price. That is, it is a bonus for the individual who has an official housing and decides to rent it, but at a price limited by the City or the corresponding CCAA.
The exemption of the Tax on Patrimonial Transmissions and Documented Legal Acts is established in the subscription of housing leases for stable and permanent use. That is, the payment of the ITP by the tenant in any CCAA is eliminated.