Recently I have listed a 6 unit building in Dupont Circle with my associate Martha Williams, located at 1610 19th Street NW. We have many inquires regarding DC rent control laws. In DC, if a landlord owns more than 4 rental units, their units are subject to rent control.
Rent Control in DC is very complex, and here's my understanding-for an existing tenant, you can charge the current CPI (Consumer Price Index) plus 2%-but not more than 10% from year to year. The 2008 CPI is 3.4%. Therefore, for an existing tenant, the maximum increase on a lease renewal this year is 5.4%. So, if you are renting an apartment at $1000/month in DC and the unit is subject to rent control, your landlord can only increase your rent to $1054/month at the time of renewal.
If there is a vacant apartment, the landlord can go up on rent a little more. The maximum increase in rent is 10% from the previous tenant's rent or rent for a comparable unit not to exceed 30%. A comparable unit is defined as same square footage and floor plan, location, and height in the building. Rent can only increase once in a 12 month cycle-even if the apartment is vacant more than once a year.
There are a few exceptions to the rule, but they become more complicated. For an overview on DC rent control laws, go to http://ota.dc.gov/ota/cwp/view.asp?a=3&q=573352&otaNav=33325
For more information on the 6 unit for sale in Dupont, including all of the cash flow statements, Certificate of Occupancy and Rent Roll, go to www.DupontInvestment.com
Thanks!
Rachel
Tuesday, August 19, 2008
DC Rent Control Laws
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Rent Control Law in DC
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1 comment:
THanks for the info!
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