At Progressive Property Management, we provide full-service management in Orange, California to landlords and investors with rental homes in the area.
Today, we are talking about a subject that is on the minds of every property owner in California. That subject is the upcoming renter’s state. We know you have questions and we know there will be some implications for your rental property, and we want to know that we’re happy to be a resource for you as new laws and regulations go into effect.
Rent Control Throughout California
Rent control is something that most landlords and tenants have come to expect from cities like San Francisco. It’s been spreading to other communities around California as well, and it’s likely to come to your city or town before too long. Believe it or not, the whole state of California could be subject to rent control.
If you are a property owner in the city of Irvine, you too could be subject to rent control laws in the very near future. It’s important to make sure you’re informed and prepared.
Preparing for California Rent Control
It’s never too early to begin preparing for the potential rent control laws that may include your community. Here are some of the things we recommend you begin thinking about:
- Get your property up to market rent. If you’re not charging what the market will bear already, you’re losing money. It will only be harder to bring that rental value up when rent control restrictions are in place.
- Collect a two-month security deposit. California law allows you to collect the equivalent of two months’ rent as a security deposit. Think about increasing your security deposit requirements to this threshold. It will provide greater protections for you.
- Make sure your contracts are air tight. Your lease agreement must be detailed and legally compliant in the state of California.
- Know the law and continue to keep yourself informed on the topic. Find out everything you can about rent control and the renter’s state. You don’t want to be held liable for something you weren’t even aware of.
Hire a Professional Property Management Company
Another valuable tool is professional help. When you hire an experienced and local property management company, you’ll be better informed and well-protected. As professional property managers in California, we already know the law and we work hard to stay up to date on all its changes. In fact, we already deal with properties that are in rent control areas right now. So, rent control is nothing new to us and we help landlords to deal with it every day.
Ask us about some of the programs we have in place to protect your interests. We have a preferred tenant program and an eviction protection program that are especially popular with landlords who are worried about risk. Plus, we have many more different programs that are going to protect you and your asset.
If you are interested in learning more about these programs or you have questions about the potential for rent control, please contact us at Progressive Property Management.