Blog Information

• Posted By : Finlay Stevenson
• Posted On : Nov 20, 2023
• Views : 93
• Category : General
• Description : ............................................................

Overview

• Rent stabilization is a process that is a little different than you will find with rent control. With rent stabilization, you will have a policy that will limit increases for units that will fall under the policy. Only certain units will fall under this type of policy and it does not work for everyone either. This is another rent regulation method. Though it is a different policy, it is easy to get this one mixed up with rent control.

   

  Rent-stabilized apartments are more common than what you see with rent-controlled apartments. There are almost one million rent-stabilized apartments found in the country. You will be able to find these in some of the major cities throughout the United States, and it is much easier to get into one compared to picking one of the rent controlled buildings.

   

  However, keep in mind that the idea of rent stabilization is something that the states will get to regulate. This means there is more variety between some of the laws that help govern how this will work. The amount of increase that the landlord is able to use will depend on the state. For example, in California, there is a new law that will limit rent increases to just 5% plus inflation each year until 2030. In New York, the citizens have been using the same laws for rent stabilization since 1969, which can make it easier for people to know what to expect.

   

  As these regulations are not the same between states, it is difficult to find one tool that will help you figure out whether a building is considered rent-stabilized or not. Some states do have this in place so that the tenant is able to figure it out ahead of time. Otherwise,  you will need to take the time to do your own research on the state you currently live in, or would like to live in, to help determine whether it falls under these regulations. You may also sign an agreement with the landlord to make sure your rent is stabilized.

   

  Shopping for an apartment can take some time and can be a challenge. You have to consider what amenities are important to you and what you would like to have in an apartment before you choose to move in. When you are looking for a new apartment to call your own, then you need to choose some of our apartments at Madison House to help make the decision easier. Come and take a look at some of our great apartments and see what it is like to live in one of our units today!