In the last few decades some real estate markets have experienced such high demand that emergency residential rent regulation has become necessary. In most areas, such measures will only be taken if the vacancy rate is near zero for extended periods of time. Typically, a maximum allowable rate will be established for affected properties and a limit on the amount rent may increase in one year is created. Once regulation has been enacted, an owner may only raise the rent by more than the allowed percentage if services are increased significantly. Likewise, if an owner fails to maintain the condition of a property, the rent of their units may be decreased by the Rent Control Board. In general, rent control is enacted in areas that experience exceptional growth in demand. This growth in demand, in turn, makes it unreasonable for long-time residents of that area to continue living there. For more information about rent control in your area, contact your local Housing Authority.
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