Explanation Of Rent Control For Landlord.
What is rent control?
Answer
Only a few jurisdictions in only a very few states have local rent control ordinances that restrict the amount of rent that a landlord may charge and limit the reasons that a landlord may bring eviction. There are many variables in each jurisdiction’s rent control laws and landlords will need to conduct due diligence to understand and comply with local regulations. Typically, rent control ordinances set a base rent amount for a subject unit that takes into account such factors as the building’s age, size of the unit, upkeep and operational expenses, how long the tenant has been in residency, the amount of rent previous to the rent control administration, inflation rates, and market supply and demand.