Portland Maine Rent Control
For all those investing in Portland, Maine - as many of you know, rent control is going to become our new reality. As the city works to try and figure out how to interpret and enforce these rules, I want everyone to be aware of some of the information out there right now. Refer to the link below for an article in the Portland Press Herald as well as the image for the highlights of what is in the referendum. One item of note are the new requirements surrounding termination of leases that are tenant at will. It now requires 90 days notice to terminate an at-will tenancy for no cause - unless you pay tenants $500 for a 60-89 day notice or $1000 for a 30-59 day notice. The other important items obviously revolve around limitations on rent increases: capped to inflation every year; 5% upon new tenancy; potentially up to 10% rent increase, but never more, if you can prove to a rent board that you spent enough money in upgrades. Another key point in the referendum revolves around the new rent board to be established that will handle landlord-tenant disputes and mediation. This board will be made up of 7 members, of which no more than 3 can be landlords and must contain at least 3 tenants. The rent control limitations do NOT apply to owner occupied properties of 4 units or less. With all this being said, Portland is still a desirable place to be and live with tons of people moving here from other parts of the country, both renters and home buyers. With the lack of housing inventory available as well as the new restrictions on development, it will be interesting to see how rent control mixes with the local economics of little supply and huge demand. See the details below for more info.
https://www.pressherald.com/20...
