For some Prince George’s County renters in Maryland, annual rent increases just got a little more predictable.
Many landlords are now limited on how much they can raise rent each year because of the new Permanent Rent Stabilization and Protection Act.
Rent hikes are capped at 6% each year or the Consumer Price Index plus 3%, whichever is lower. That rate is even lower for anyone in age-restricted senior housing, capped at 4.5%.
But there are quite a few exceptions to the new law including:
- Newly constructed units completed after Jan. 1, 2000
- Units in medical facilities or temporary shelters owned by 501(c)(3)
organizations - Owner-occupied group houses and religious properties
- Hotels, motels, dormitories, and licensed assisted living facilities
- Owner-occupied duplexes, accessory dwelling units, and certain condominiums
Click here to read the rest of the article written by Lateshia Beachum over at WTOP
