Document background
A Rent Increase Agreement is a crucial legal document used in the Philippine real estate market when property owners wish to implement a rental increase for their leased properties. This document must strictly comply with the Republic Act No. 11494 (Rent Control Act of 2020), which sets specific limits on annual rent increases, particularly for residential units below certain threshold amounts. The agreement serves as an official addendum to the existing lease, documenting the new rental amount, effective date, and ensuring all parties acknowledge the changes. It's essential for maintaining clear records and preventing potential disputes, while also demonstrating compliance with Philippine rental laws. The document is particularly important in urban areas like Metro Manila where rental increases must be carefully managed within legal parameters.
