Rent control continues to be a hot topic in Monterey County, and it’s important for property owners to understand how these policies affect their investments.
What is Rent Control?
Rent control laws cap the amount landlords can increase rent each year. While intended to protect tenants, these laws can also have unintended consequences.
Challenges for Owners
– Reduced Profit Margins: Limited rent increases may not keep up with rising property expenses.
– Discouragement of Property Upgrades: Owners may avoid renovations that could enhance property value due to capped returns.
– Strain on Relationships: Tensions can arise when tenants feel emboldened to demand more than legally required.
How 36 North Properties Supports Owners
We provide guidance on how to remain profitable while complying with regulations. Our strategies include maintaining high tenant retention, streamlining operations to reduce costs, and leveraging our expertise to market properties effectively.