2023-10-24 02:03:59
The entry into force of the Housing Law five months ago is leaving the rental business of real estate agencies very affected. This is attested to by a report prepared by the National Federation of Real Estate Associations (FAI). The document, prepared based on a consultation with 637 real estate agencies from all the autonomous communities, ensures that rental management operations in real estate agencies have fallen by 28.83%. Likewise, 49.79% of the agencies questioned by FAI affirm that they have suffered a drop in the rental inventory portfolio, while 16.71% indicate that they have directly had to give up the rental business, 10.86 % maintain that they have updated and improved the rental service for tenants, 6.26% indicate that they have had to reduce staff and 4.67% that they have increased the management of sales operations.
As FAI explains, the lack of legal certainty that, in their opinion, the Housing Law has introduced has caused many owners to withdraw many homes from the regular rental market. And that, he adds, is reducing his business. The offer for conventional rentals has been reduced by 30.57% since the law came into force five months ago, as FAI also highlights.
Some of the specific aspects included in the articles of the standard are also impacting the activity of the sector. The law establishes the obligation that the costs of real estate management and formalization of the contract be borne by the lessor. Until now, the Urban Leasing Law (LAU) did not define who should assume the agency commission and the majority of owners burdened the tenants with this expense. However, now the owner is responsible for assuming the expenses generated by the real estate service provided. In this regard, the agencies have detected an increase in the self-management of housing rental by landlords to save this expense. This was reflected by 9.08% of those consulted in the survey.
This legal change has freed tenants from one of the initial expenses they must face when renting an apartment. Until the law came into force, the disbursement when signing a contract could amount to four or five monthly payments: the deposit, the first month’s rent, the real estate commission (one month or one tenth of the annual cost of the apartment plus 21% VAT) and one or two months of additional guarantee, although it is not always applied.
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