dwarfgourami t1_ja90fm6 wrote
I feel like inflation + 2% is pretty fair. That’s a bit higher than some cities’ rent control caps but its not absurd. I live in a rent controlled apartment so it would be nice if it was lower, but I can live with 8.9%.
NorseTikiBar t1_ja98d41 wrote
Yeah, like... this is just a big scary number without the context of inflation and that other rents have gone up way higher. I'm not sure why I'm supposed to be aghast at this.
ch36u3v4r4 t1_ja9lnvj wrote
Because many people are already spending a huge % of their income on housing and increasing that share will likely affect spending throughout the economy.
NorseTikiBar t1_ja9mj6l wrote
Rent control units are already significantly below market rate. This doesn't change that.
[deleted] t1_jaa60p8 wrote
[deleted]
drastician t1_jaanjr9 wrote
No, there is a max they can increase. When a place goes vacant, you can charge 10% more than the last tenant, unless they were there more than 10 years in which case you can charge 20%. This is from the pamphlet on DHCD’s site.
88138813 t1_jaaws4x wrote
Flat-out not true. For rent controlled units, the max rent increase for a vacancy is 10%.
CatDisco99 t1_jac8q96 wrote
Not necessarily. They’ve basically met the market at this point, with the exception of some of the newer buildings that are vastly overcharging.
Gumburcules t1_jacvskz wrote
> with the exception of some of the newer buildings that are vastly overcharging.
If their vacancy rate is low, they're not overcharging, they're charging exactly what the market will bear.
CatDisco99 t1_jad0j9q wrote
Maybe the vacancy rate is low because of the overpriced rent? 🤔
Gumburcules t1_jad6qld wrote
I don't think you understand what a "low vacancy rate" means.
DC's class A vacancy rate is currently 5.7%, meaning 94.3% of class A (i.e. "luxury" apartments) are currently being rented. The national average for residential vacancy is 5.8% so DC is a slightly more competitive market.
lmboyer04 t1_jaavfdv wrote
Would be great if salaries could also be made to follow that as well. 3% market adjustment here!
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