ACTION Apartment Association - In first increase since ballot box revolt, Rent Control Board proposes a 2.8% increase

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In first increase since ballot box revolt, Rent Control Board proposes a 2.8% increase

In first increase since ballot box revolt, Rent Control Board proposes a 2.8% increase

05/10/2023 11:35 AM | Margaret Fulton (Administrator)

The Rent Control Board will meet this week to determine allowable increases for rent controlled units and while the proposed figure is significantly higher than increases in recent history, it is less than half of the figure that roiled renters last year.

Rental increases in rent controlled units are established by a preset formula that limits rents to 75 percent of the Consumer Price Index (CPI). This year, the CPI comes in at 3.7 percent meaning increases will be capped at 2.8 percent for the next year. The Rent Control Board has the option to establish a dollar cap on those increases which is also determined by a preset formula and if they do implement the cap it would be a maximum of $67 per month on units already paying $2,375 a month or more.