Taxes –Landlords around the country have threatened to increase their rents on tenants following what is proposed in the Finance Bill 2024.
The Kenya Property Investors Association KEPIA has, on Tuesday June 18, warned of a 25 per cent increase in rents owing to the increased taxes in the Finance Bill.
Speaking to the press on Monday, June 16, Ephraim Murigu the Secretary General of the association, commented that landlords and property owners have raised complaints over the proposed Finance Bill 2024 but seems the State is not ready to back down.
And due to this, rent increments will affect not only tenants in different estates but also business owners who have rented shops and other business premises.
According to Mr. Murigu, landlords had revealed that they would have no option but to increase the rent by 15%-25%. This increase would affect Kenyans who are already dealing with increased prices of other basic commodities.
“I have heard from my members, including landlords and other corporate tenants, who are complaining about the current bill. They will increase the rent by 15%-25% because they have no other option,” he revealed.
He further highlighted that, besides members of KEPIA, other landlords and property owners have announced plans to increase the rent to survive in this harsh business environment which will be exacerbated if the Finance Bill is passed as it is.
