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Rent Control in Washington Explained
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National Story: Spite House in Seattle is Back on the Market

Local Story: Washington State Signs into Law House Bill 1217 – Rent Control – Joins Oregon, New York and California

This Bill has changed numerous times over the Last 2 weeks
Talk that Single Family homes would be exempt
THEY ARE NOT
DIFFERENT RULES FOR Manufactured Homes

Currently this rate on the Bureau of Labor and Statistics page is 2.5% - that would make the rent control cap at 9.5%
Landlords: Do not make a mistake that will cost you up to $7500.00
The penalties are severe, and if you are looking at investment ratios, this would be like losing 4 months rental income!

Also notice of rent increases has gone from 60 days to 90 days.

On the Advantage side:

1. Rent control can make housing more affordable
2. Tenants are less likely to be displaced by rapid rent hikes – more stable communities
3. Landlords may be more likely to renew leases, reducing turnover

Disadvantages
1. Limited rental income may discourage landlords from investing in property maintenance and upgrades – leading to lower quality housing
2. Rent control can make new construction or investment in rental properties less attractive
3. Discourage tenants from moving, less flexibility, and delaying availability of units

Landlords in Washington – what are the exemptions to Rent control:
1. The rental is new construction – or 12 years or newer. So if you have a rental, that was built 5 years ago, you provide the First Certificate of Occupancy showing that – you are not subject to rent control
2. When tenancy changes – you can raise the rent to whatever you feel is appropriate
3. You live in one of the units of a duplex, tri-plex. Or 4 plex


Here are some potential problems That can come up:
Take Property Insurance – I’ve seen policies go from 1200 to 2K over the last year, and it might get worse.
SO the increase for property insurance might be $65, and then if property taxes go up as well – then you are really only keeping up with insurance and taxes, not actually making any more money.