The Latest Laws that Will Affect Your Rental Property Business in the Future

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The Latest Laws that Will Affect Your Rental Property Business in the Future

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As a landlord, you know it’s important to try and be one step ahead. That’s why you screen your applicants, seek out reliable tradesmen before something on your property breaks, and look for solid insurance. You look to the future by keeping your eyes peeled on new laws that can affect you, your business, and the rental housing industry as a whole.

A Focus on Rent Control

As a landlord, you know it’s important to try and be one step ahead. That’s why you screen your applicants, seek out reliable tradesmen before something on your property breaks, and look for solid insurance. You look to the future by keeping your eyes peeled on new laws that can affect you, your business, and the rental housing industry as a whole.

A Focus on Rent Control

Rents across the nation have been going up, up, and up, and now lawmakers are looking for ways to stamp it back down. This includes major cities like Miami and Tampa, where prices went up by thirty percent. For now, their focus has been limited to a new law that requires landlords to give renters sixty days’ notice should a rent increase go over five percent. However, they are currently exploring enacting a housing crisis, which would give way to allowing rent control to pass. In other places like St. Paul, Minnesota, lawmakers passed a rent control law that caps increases to 3% annually.

Rents across the nation have been going up, up, and up, and now lawmakers are looking for ways to stamp it back down. This includes major cities like Miami and Tampa, where prices went up by thirty percent. For now, their focus has been limited to a new law that requires landlords to give renters sixty days’ notice should a rent increase go over five percent. However, they are currently exploring enacting a housing crisis, which would give way to allowing rent control to pass. In other places like St. Paul, Minnesota, lawmakers passed a rent control law that caps increases to 3% annually.

Stays of Eviction

New York is known to be rather pro-renter, and this latest news can only prove the matter further. In a public announcement, Attorney General Letitia James made it clear that in some cases, a tenant may stay on the property for up to a year after the landlord has won the evictions case. This is only in certain circumstances. After a tenant loses the case, they can ask the judge to stay in the rental property for up to one year if they can show they would have trouble finding a similar rental. The judge will then consider the tenant’s current living status, including children and health concerns.

Stays of Eviction

New York is known to be rather pro-renter, and this latest news can only prove the matter further. In a public announcement, Attorney General Letitia James made it clear that in some cases, a tenant may stay on the property for up to a year after the landlord has won the evictions case. This is only in certain circumstances. After a tenant loses the case, they can ask the judge to stay in the rental property for up to one year if they can show they would have trouble finding a similar rental. The judge will then consider the tenant’s current living status, including children and health concerns.

Good News: Assembly Bill 848 – Sacramento

AB-848 was officially shut down in February, allowing local landlords to breathe a little easier. This bill had stated that landlords within city walls would have to keep their rental properties for a minimum of five years. If a property is not doing well would not have mattered, as the minimum time span is non-negotiable. Denouncers of the bill pointed out that it would not solve any housing crisis, as Sacramento would just see the evictions paused and tsunami in five years’ time. It would only delay a problem, rather than solve it. Thankfully, the bill did not pass, and landlords in the area can breathe a little easier.

There is a chance that these laws may not indicate the entire future of the rental housing landscape. What happens in Miami may not happen in San Jose. However, with these larger cities, they could indicate how the country is fairing as a whole. It’s a good idea to keep these in mind when it comes to trying to gauge how your business is fairing. Hopefully, it won’t affect your business too much if you have good tenants that you can rely on thanks to your quality background screening.

There is a chance that these laws may not indicate the entire future of the rental housing landscape. What happens in Miami may not happen in San Jose. However, with these larger cities, they could indicate how the country is fairing as a whole. It’s a good idea to keep these in mind when it comes to trying to gauge how your business is fairing. Hopefully, it won’t affect your business too much if you have good tenants that you can rely on thanks to your quality background screening.

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©2018 ApplyConnect. All rights reserved

ApplyConnect marks used herein are trademarks or registered trademarks of applyconnect.com. Other product and company names mentioned herein are the property of their respective owners.