OVER REGULATION = LOSS OF RENTALS

In response to increasing rental prices, A Regional Coalition for Housing (ARCH) recently proposed changes to local laws.  With rising expenses, interest rates and the lifting of the moratorium on rent increases, ARCH reports that HUD will allow rent to be increased as much as 16% for local tenants with subsidized housing. ARCH sent letters to multiple mayors and city councils suggesting the following changes to local laws:

  1. Require landlords to provide a minimum of 120 days’ written notice of rent increases greater than 3% and 180 days’ notice of increases greater than 10%.
  2. Cap fees for late rent at 1.5% of one month’s rent.
  3. Limit move in fees and security deposits to the equivalent of one month’s rent and allow tenants to pay in installments.

A coalition of rental housing organizations wrote to oppose ARCH’s proposal, which they assert would increase, “the already onerous burdens placed on small housing providers.”  They conclude:

“We have seen over 11,000 rental housing units leave the Seattle market over the last year. A survey of our membership shows that 40% of respondents sold their rental properties in 2021 due to increased regulatory burdens. As rental supply is dwindling across the state, now is not the time to increase the already onerous burdens and push more housing providers out of the market.”

We are here to help you and your clients with all aspects of the rental market. Please contact us for further assistance!

Nothing found herein should be construed as an attempt to offer or render a legal opinion or otherwise engage in the practice of law. You should not rely solely on this information. We encourage our clients to work with a lawyer experienced in commercial and/or residential real estate matters as they can be complicated and confusing.

About Coldwell Banker Bain Property Management

As residential property managers for Coldwell Banker Bain Property Management Division, we manage single family residences, individual condominium units and small apartment complexes in the greater Puget Sound region. We serve Seattle, Tacoma, Anacortes, Marysville, Bainbridge Island, Lynnwood, Everett, Redmond, Bellevue and many other cities in Washington State. We also offer full service commercial property management services at www.cbcommercialpropertymanagement.com
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