In some major cities where the price of rental units seems to double every year, there are some policies in place to make sure families and individuals are not cut out of their home and not able to find an affordable place to live. Rent control is simply a policy that works to regulate the prices of houses in an area. It requires that the current rent price for the unit will stay the same, indefinitely, or at least as long as the tenant decides to call it their home.
If you choose to move into an apartment that is rent controlled, you will not have to deal with the rental amount going up, as long as the rent control policy is in place. This is a term that is often used more than it should and can include a term known as rent stabilization. Rent control and rent stabilization will be two different things, though both are a form of rent regulation.
Rent-controlled apartments are going to be really hard to find. There are only a few of them in the biggest cities in the United States. In 46 states, rent control isn’t even allowed. And often, tenants who are able to get a rent controlled apartment are less likely to leave. They like the affordable rents and they do not want to worry about what the market is doing, so they do not leave.
In the past, there used to be millions of rent-controlled units that you could choose. Now there is an estimated 22,000 left. The biggest reason for this is that once an apartment no longer meets the right requirements, then it isn’t legally required to adhere to the policy. Landlords aren’t that fond of having the rent-controlled options because they have to list the apartment for less than market value and keep it there, which can cut into some of the profits they will make. There are also some requirements that you need to meet to keep a rent-controlled apartment in the family, and once you fail to do that, the landlord will often choose not to do that any longer.
When you are ready to find a new place to call your own home, then come check out our apartments on West Broad Street to see what is available. We are proud to offer some of the best apartments in the area, ensuring that you will be able to get all of the amenities that you need when you walk in the door. From great spaces and the perfect location, you will want to move in right away. Come and take a look at some of our units and see why they are just right for you.
