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We pride ourselves in always keeping our local market updated on all things real estate and that includes all things involving income property.  Currently we find ourselves in a position having to deal with changes taking place with rent control.  Let’s be honest.  If you own a rental property or even a single-family residence that you currently rent out, the last thing you want is someone else telling you how you need to manage it.

Well now in the state of California, starting January 1st, 2020, as an income property owner you will be limited on certain things you can do with your property and the tenants that lease or rent from you.  Here is a summary of what we feel stands out most and might be most concerning to you as an income property owner.

  • Yearly rent increases over the next decade will be limited to 5% plus the percentage change in the cost of living or 10%, whichever is lower.
  • In the event that an owner has increased the rent by more than the amount permissible under subdivi-sion between March 15, 2019, and January 1, 2020 the applicable rent on January 1, 2020, shall be the rent as of March 15, 2019, plus the maximum permissible increase.
  • The measure would affect all apartments in the state that are at least 15 years old. Houses and condos owned by corporations and real-estate investment trusts, or REITs, that are 15 years old or older would also be subject to the rent caps.
  • The measure also provides just-cause eviction protections for tenants who have lived in their rental for at least a year, meaning a landlord can’t order renters who are following terms of their lease to move out unless the owner plans to move in, demolish or renovate the unit, or cease renting it at all.

LET US KNOW IF WE CAN ANSWER ANY QUESTIONS.

CHECK OUT THESE TWO REVIEWS

We pride ourselves in always keeping our local market updated on all things real estate and that includes all things involving income property.  Currently we find ourselves in a position having to deal with changes taking place with rent control.  Let’s be honest.  If you own a rental property or even a single-family residence that you currently rent out, the last thing you want is someone else telling you how you need to manage it.

Well now in the state of California, starting January 1st, 2020, as an income property owner you will be limited on certain things you can do with your property and the tenants that lease or rent from you.  Here is a summary of what we feel stands out most and might be most concerning to you as an income property owner.

  • Yearly rent increases over the next decade will be limited to 5% plus the percentage change in the cost of living or 10%, whichever is lower.
  • In the event that an owner has increased the rent by more than the amount permissible under subdivi-sion between March 15, 2019, and January 1, 2020 the applicable rent on January 1, 2020, shall be the rent as of March 15, 2019, plus the maximum permissible increase.
  • The measure would affect all apartments in the state that are at least 15 years old. Houses and condos owned by corporations and real-estate investment trusts, or REITs, that are 15 years old or older would also be subject to the rent caps.
  • The measure also provides just-cause eviction protections for tenants who have lived in their rental for at least a year, meaning a landlord can’t order renters who are following terms of their lease to move out unless the owner plans to move in, demolish or renovate the unit, or cease renting it at all.

LET US KNOW IF WE CAN ANSWER ANY QUESTIONS.

CHECK OUT THESE TWO REVIEWS