With rents on the rise across the country, more cities are looking at the possibility of rent control. While that could provide relief to renters, it could be devastating to landlords and property values, and would eventually hurt renters too.
I’m Kathy Fettke and this is Real Estate News for investors.
As rents soar in metropolitan areas across the country while salaries have remained relatively flat, renters are seeking relief. Some cities are rethinking rent control (or rent stabilization as it’s sometimes called) and landlords are coming out in droves against the possibility.
Mountain View, a city in the heart of the Silicon Valley and in Google’s backyard, had been on the fast track to approving binding arbitration. Since this is a form of rent control, property owners caught wind of it and mobilized around the issue - advocating for less extreme and more practical measures.
What exactly is binding arbitration? Essentially, it gives control over rent pricing to a third party, allowing that third party to make decisions on rent increases, or even to determine if any are approved. It’s catching on. The City of Alameda, CA recently approved this anti-landlord measure.
The issue of binding arbitration is a significant one for landlords. In large metro areas across the country, where high rents are becoming both the norm and a real issue, governments are stepping up regulations.
Get the full transcript at www.NewsForInvestors.com
If you’d like a list of the best cities for buying rental property today that are landlord-friendy with no risk of rent control, talk to a Real Wealth Network investment counselor. Don't have one? Get one, by joining the network. It's free.
The post #037 – BEWARE! Rent Controls on the Rise as Rents Soar appeared first on Real Wealth Show | Real Estate Investing | Turnkey Rental Property | Cash Flow | Notes | Private Lending | Flipping | Wholesaling.