If you weren’t aware of rent control legislation, now is the time to be active. Bills proposing rent control (as well as restrictions on eviction and criminal records) have become an alarming trend within the multifamily housing industry. Just last week, I went with other CIC™ tenant screening experts to Washington, D.C. to lobby on behalf of the National Consumer Reporting Association. Our big concern is that without access to eviction or criminal records, property owners and managers like you will not have the information to determine if a rental applicant is a risk or not. While plenty of owners combat potential risk by raising the rent or fees, if rent control measures pass, that option will no longer be accessible.
Unfortunately, states like California, Oregon, Illinois, and Maine have already been targeted by rent control activists – and it seems like this is only the beginning. Take a look to see what multifamily legislation has passed and failed this November, and what bills will likely be reviewed in the Spring of 2018.