Investors and property owners often ask me what I think about rent control, and where I see the future of rent control going. Today, I have some answers.
Rent Control and Bay Area Investment Properties
Many property managers and investors complain about rent control and the way it limits their ability to raise rents. However, in my personal opinion, it does not have to be a problem. We think it’s still a good investment decision to buy property in an area that has rent control. It actually works out well. Tenants and owners know their rights and understand the laws. They know that they cannot surpass the laws or act outside of what’s permitted. If you do anything against those laws, you will be held accountable – and you should be held accountable.
Price Control in the Bay Area
In the majority of bay area cities, there is some kind of rent control in place. What you really need to know as a rental property owner is that the laws will be a little bit different from city to city. For example, Oakland rent control will be slightly different than rent control in San Jose. Both of those rent control situations will be different than rent control in Berkley.
Violating rent control laws can cause big problems, so make sure you understand your limitations when it comes to raising rent on your rental property. If you have any questions about how rent control works, or you need help with Oakland property management, please contact us at California Pacific Realty.