Annual rent increase set at 0.2 percent
Takoma Park’s Rent Stabilization law maintains the affordability of rental units in the community by limiting the number and amount of rent increases allowable for a specific rental unit. Generally, the rent may be increased only once in a given 12-month period, and a two-month written notice is required.
Multi-family rental units and rental condominium units are subject to rent stabilization which limits the rent increase to the percent increase in the Consumer Price Index from March in the preceding year to March in the current year.
Starting on July 1, 2015 and for any rent increases taken through June 30, 2016, the Rent Stabilization Allowance is 0.2 percent. Landlords required to comply with Takoma Park’s Rent Stabilization law cannot increase the rent on occupied units any higher than this allowance.
The following units may be exempt from rent stabilization upon application to the city. The exemption is not automatic and is subject to the approval of the city.
- Rental units leased to tenants under the Housing Choice Voucher Program;
- Any rental facility where the rents are regulated under contract by a governmental entity; and
- Newly constructed rental units for a period of five years after construction.
For more information about the requirements of Takoma Park’s Rent Stabilization law, contact Jean Kerr at 301-891-7216 or at firstname.lastname@example.org.
This article appeared in the May 2015 edition of the Takoma Park Newsletter. The Takoma Park Newsletter is available for download here.