From changes in rental prices to new regulations, here are the latest developments in the world of rentals.
According to recent reports, rental prices across the United States are on the rise. In fact, the national median rent increased by 2.7% from July of 2020 to July of 2021. This is due in part to high demand for rental properties, as more people are choosing to rent instead of buy homes. However, some cities are seeing more significant increases than others. For example, rental prices in Seattle, WA have increased by 10.6% over the past year, while prices in San Francisco, CA have decreased by 7.2%.
In some areas, there are new regulations being put in place to protect renters. For example, the state of Oregon recently passed a law that requires landlords to give tenants at least 90 days’ notice before raising rent by more than 5%. This law is designed to give renters more time to prepare for rent increases and potentially find more affordable housing options. Other cities, such as New York and Los Angeles, have implemented rent control laws, which limit how much landlords can raise rent each year.
In addition to new regulations, there are also efforts being made to better protect tenants’ rights. For example, the city of Philadelphia recently passed a law that prohibits landlords from discriminating against renters based on their source of income. This means that landlords cannot refuse to rent to someone simply because they receive government assistance or have a low income. Other cities have implemented “just cause” eviction laws, which require landlords to have a valid reason for evicting a tenant, such as failure to pay rent or violating the terms of the lease.
Finally, technology is changing the way people rent and manage rental properties. There are now several online platforms that allow renters to search for apartments and homes, apply for leases, and even pay rent online. Landlords can also use these platforms to manage their properties, communicate with tenants, and collect rent payments. Additionally, some landlords are using smart home technology, such as smart locks and thermostats, to make their properties more attractive to renters and to streamline property management tasks.
Overall, the rental market is constantly evolving, and it is important for renters and landlords to stay up-to-date on the latest news and developments. Whether it’s changes in rental prices, new regulations, tenant rights, or technology, there are many factors that can impact the rental market and the way people rent and manage properties.