Rent control is a very hot topic inside property management and landlord businesses. We hear horror stories and nightmare scenarios a lot of times, but navigating rent control laws can be easy when you know the rules.
Rent Control: A Definition
So, what is rent control? It’s basically a city ordinance that implements a cap on how much you can increase your rents. It also dictates when you can and cannot evict a tenant.
Rent Control Laws are City-Specific
Each city has its own rent control laws and exceptions. Check with your city ordinances before you raise your rent or attempt to evict a tenant. You want to make sure you aren’t violating any existing rent control laws.
Review your city’s rent control laws with your property manager or with your attorneys so you know what they are about and how the will impact the amount of rent you charge and the way you handle your property.
Avoid Rent Control Mistakes
It’s important to know the rules and to be clear on what you can and cannot do in terms of rental increases and evictions. When you know what you are working with, managing rent control becomes pretty easy. But, if you don’t know the rules and you violate them, you’ll get into trouble, and it will likely be expensive.
Get yourself educated about rent control, or contact us at The HLW Group. We keep up to date with all the rent control laws in the area, and we’d be happy to discuss how they impact your property in particular.