We have shared a lot of information about the Tenant Protection Act and what it means for rental property owners in Modesto and throughout California’s Central Valley.
This is a quick addendum to the Tenant Protection Act of 2019, also known as the Rent Cap Law.
One of the things that we want to make sure we impress upon you is that there are still restrictions and rules, even if your property is exempt from the rent control laws that were just passed.
You are exempt if your property is a multi-family property that is less than 15 years old, a single-family home, or you are an owner that lives in one side of a duplex and you rent out the other side. If you own a condominium and rent it out, you are also exempt.
In these cases, you can increase your rents.
But, if the rents are going to be increased more than 10 percent, note that the law changed the duration of the notice. Previously, you could give a 60-day notice and then increase the rent by more than 10 percent. Now, with the new law, you must give the residents a 90-day notice before the rent is increased.
This is just one extra little bit of information that we wanted to make sure you know.
If you have any questions or you’re interested in getting updates on these legal changes, please contact us at New Bridge Management.com.