Rent control refers to legislation restricting rental rates in a city or state. The maximum rent that can be charged for a unit and the amount that the rent can be increased per year varies per municipality. Cities use rent control laws to regulate the housing market.
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Property owners nationwide should anticipate across-the-board utility increases in 2021, with some jurisdictions expected to see double-digit rate hikes. Yet there are proactive steps owners can take now to hedge against these additional expenses.
With retail and hospitality industries in a perpetual state of uncertainty since the global pandemic started in 2020, real estate investors have been drawn to multifamily properties. There is particular excitement about properties in areas outside of major metros, like Jacksonville. During the pandemic, these more affordable, less dense areas have become newly popular with former urbanites looking for more space and easier access to nature.
Here We Go Again
It may be 2020 but it’s starting to feel like 2018 all over again. A big election is looming and tenant advocates are once again bringing a rent control measure to the California ballot.