Here's How Much California Rent Is Expected To Rise In August
By Logan DeLoye
July 21, 2022
As inflation continues to impact Americans, it is only a matter of time until tenants see an increase in rent prices across the state. So, just how much can we expect prices to rise within the next few months? According to Planetizen, some landlords do not have to abide by local rent stabilization ordinances. This means that landlords will be able to raise rent by 10% in August.
Planetizen mentioned that state laws make it impossible for landlords to raise the rent by more than 5%, however, with inflation taken into consideration, this increases to 10% in some regions. Liam Dillon, a reporter for The LA Times mentioned that the date in which the building was built can determine if, and how much landlords are allowed to raise rent prices. For example, apartment complexes that were built before 1978 are not allowed to increase prices for existing tenants.
However, if the apartment complex was built after 2007, the 10% increase could effect existing tenants. The LA Times mentioned that individual tenants are able to contact the city to see if they qualify for regulations that would prohibit this increase.
Most tenants that will be effected have already been notified of this change. The rent increase will effect millions of apartments across the state starting on August 1.