Submitted by [deleted] t3_10ufrpw in washingtondc
OcelotControl78 t1_j7ebsdx wrote
Reply to comment by NPRjunkieDC in Apartment Hunting Prices...Is There A Catch, Here? by [deleted]
Any building built before 1975 can be a rent controlled building if all the other statutory requirements are met. Most of the apartment buildings built in upper Caucasia, upper GA Ave, 16th st, etc. were built before 1975.
NPRjunkieDC t1_j7ecf6r wrote
But, being under rent control still allows landlords to increase the rent so they are at market level or close .
OcelotControl78 t1_j7h1sru wrote
no, it doesn't.
NPRjunkieDC t1_j7hcwrf wrote
5 + 10% are huge increases Landlords are guaranteed a certain return which is over 12% think . HUGE PROFIT
Landlords may only raise the rent by the amount specified by the DCRA each year, which is based on the Consumer Price Index. Increases in rent-controlled apartments cannot exceed 10 percent. For tenants who are elderly or disabled, allowable increases are more limited and cannot exceed 5 percent.
If a unit becomes vacant, the law does allow property owners to raise the rent on rent-controlled units, even if the last increase was less than one year ago. The owner may then increase the rent by 10 percent or up to 30 percent to match the rent of a comparable unit. But then no other increases are allowed for a full year.
https://gordonjamesrealty.com/resource/raising-the-rent-in-washington-dc/
DC has rent control, but if landlords aren’t making a 12% profit they can file a hardship petition and raise rent
OcelotControl78 t1_j7j8tqk wrote
10% max compared to the rate at non rent controlled appts, which is anything the landlord wants to charge. My rent controlled apt rose at about 4-5% a year. At the time non-rent controlled appts were raising 20-40%. Once rent freezes stopped after the shutdown some people were seeing increases above 40%. Rent control keeps rents to a manageable level & maintains affordable housing stock.
NPRjunkieDC t1_j7j9175 wrote
Good for you .
OcelotControl78 t1_j7rxar2 wrote
Welp, if you actually understood how rent control works you, too, could take advantage of it. Just a suggestion.
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