Are you familiar with rent control? If yes, chances are you are interested in it, even more so if you are currently looking for a new apartment.
Rent control limits the amount of money a landlord can charge a tenant. It might sound too good to be true on paper but it is real. Continue reading to know what rent control is all about and how to get it.
What is Rent Control?
Rent control happens when a governmental body puts a limit on how much property owners can charge in rent. The rent will cap out at a specific amount with the help of rent control, and whatever happens, the landlord won’t be able to ask for anything higher than this.
Tenants living in rent-controlled properties can also take advantage of unique protections against eviction because they can continue to live in the apartment for an indefinite period.
Unfortunately, it is not that easy to come by rent-controlled apartments. The truth is that only a few states in the United States have laws on rent control in place. These are California, Washington, D.C., New York, New Jersey, and Maryland.
New York City, Los Angeles, San Francisco, and Oakland are the largest cities with rent control laws. Rent control is completely prohibited in 37 US states. However, units are still dwindling even in areas with existing rent control laws.
For instance, once long-term tenants age out of their New York apartments, landlords can easily transfer the units to policies on rent stabilization or take them out of rent regulation outright. As such, it would be safe to say that most apartments under rent control have been and will even continue to be phased out.
Conditions and rules may differ from one city to another. For instance, if you are researching New York City and its rent control laws, you have to refer to the ORA or Office of Rent Administration. You can also consult the Department of Housing and Community Development if you are in Washington, D.C.
How to Get and Live in Rent-Controlled Properties
The truth is that it is almost impossible to move into rent-controlled apartments. If you are in New York, you are required to live with a relative in an already existing rent-controlled apartment. You can only claim the lease if this relative decides to move out or passes out.
Instead, it will be a more realistic goal to look for a rent-stabilized unit. To do this, you will need to go through the lists of these rent-stabilized properties. For example, New York has PDFs of the rent-stabilized buildings found in each borough. They also have a tool that will allow you to check if a specific address is stabilized.
If you are serious about keeping updated with the available vacancies, you can still squeeze your way into a good rent-stabilized unit.
Rent control may sound enticing but it is easier said than done. Always do your research to find a property that will have the rent under control.