Get Your Rents Up To Market Now Before January 1, 2020 Because Rent Control is Here.
The State of California it looks like is about ready to implement a Statewide Rent Control Law that recently passed both house of the State Legislature and headed to Gavin Newsom’s desk.
According to the Sacramento Bee Article I have here for you, it won’t become law until 1/1/2020.
If you have not raised the rent in a long time my suggestion is to do it now and get it close enough to the current market rent as you can because after the 1st of the year you will be limited in what you can do.
In addition, the more onerous “just cause” eviction will now be a factor in cleaning up a property that needs to rid itself of uncooperative tenants that maybe laying waste to the property and intimidating neighbors. In the past with situations like this, we’d only have to give a 30 or 60 day “termination of tenancy” notice which had no defense. It could be for any reason at all.
We rarely ever used that tool, but it did come in handy when we had situations that our Property Management Company encountered from time to time.
Now if you think Rent Control is going to help, it’s not. The people it’s meant to help won’t get it.
CALIFORNIA LEGISLATORS MADE A MESS OUT OF RENT CONTROL. THEY JUST DON’T KNOW IT YET | OPINION – Newsweek, Sept. 13, 2019
California embraces failed rent-control policies at the statewide level – Washington Examiner, Sept. 12, 2019
If you have more questions, please contact me at 916.203.1260 or drop a note at email@example.com
In the Mean Time…?
Make it a Great Day…!