Managing properties now California has rental control
We now have rent control in California limiting rent increases to 5 percent, plus local inflation, per year. What's exempt and what are your plans to manage properties now that we have rent control?
What's exempt? Just single-family homes and condos?
How much do you have to raise rent every year, so you don't end up under the market? Do you need to do the max of 5 percent every year?
What resets rent control? If someone moves out and you have a vacant rental (for example a 20 unit apartment where a tenant moves out) can you raise rent to market or does 5 percent cap apply?
Lots to think about going forward and getting ready for 2020 when it kicks in.