Nothing is more volatile than the economy, and few aspects of the economy are as volatile as the rental market. The past few years have seen such seismic changes that our regular schedule for spring and fall market updates, or a market update roughly every six months, of necessity, became every three months or as needed. We will continue to adapt to our customers’ needs as we move forward.
As of July 1st, 2022, some of the protections granted to renters at the expense of landlords have expired. Until that date, tenants were able to provide management with proof of a pending application for rental assistance. The tenants who already provided proof prior to July 1st are still protected from termination of the tenancy until October 1st, 2022.
Going forward, residents may still provide proof of a pending application for rental assistance but that proof no longer prevents the landlord from continuing with a termination notice or an action for possession.
Protections still in effect until September 20th, 2022
Until October 1st, 2022, landlords must still:
- Provide 10 days’ notice on all non-payment of rent notices; and
- Provide specific disclosures in non-payment of rent notices to renters related to rental assistance and eviction protection.
Inflation has once again reached a record high. We all see the effects rippling through our everyday life. Though the price of fuel has stabilized, for the moment at least, it remains at a painful high. The price of food and other necessities of life is up, and rising.
For landlords and tenants, inflation manifests as rising rents and rising maintenance costs. Across the board, ranging from appliance repair, remodels, and move-out cleanings, vendors are raising prices. These costs short term will be felt by the owners, but the market will inevitably transfer most of the weight back onto the primary consumer, the tenants.
There will always be a demand for housing. The responsible, farsighted landlord will always weather the rough patches, secure in the knowledge of future profit.
As always, Happy Landlording!