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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Congress did not pass any new legislation and, in fact, its initial moratorium expired in July 2020. After that point, the extensions were directed by the Centers for Disease Control and Prevention, which claimed it was authorized by a 1944 law to mandate that people stay in their homes so that they would not be put into situations where they might become infected with and spread COVID-19.
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 days to go before the end of a nationwide eviction moratorium, the Centers for Disease Control and Prevention has extended the federal order until June 30. The previous extension was due to expire at the end of March, which was already an amendment to the original end-of-January extension...
With eviction moratoriums extended in many states, countless multifamily owners have been left at a loss about how to keep up with their own financial commitments. Luckily, the Federal Housing Finance Agency has extended multifamily property forbearance until Ju...
While campaigning for office, President Joe Biden proposed numerous tax law changes that, if enacted, would have significant impacts on the multifamily industry. The biggest potential change is the end of 1031 exchanges,...
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.
Nationwide, property owners should expect across-the-board ongoing utility increases, with some jurisdictions expected to see double-digit rate hikes. According to a survey from the U.S. Energy Information Administration, the residential electricity price nationwide increased just under 1% between 2020 and 2021, continuing an upward trend - rates have gone up 6% in the last decade.