ch36u3v4r4 t1_ja9lnvj wrote on February 27, 2023 at 9:15 PM

Reply to comment by NorseTikiBar in D.C. Tenants in Rent-Controlled Units Could See as Much as 8.9 Percent Increases by rennbrig

Because many people are already spending a huge % of their income on housing and increasing that share will likely affect spending throughout the economy.

NorseTikiBar t1_ja9mj6l wrote on February 27, 2023 at 9:21 PM

Rent control units are already significantly below market rate. This doesn't change that.

[deleted] t1_jaa60p8 wrote on February 27, 2023 at 11:30 PM

[deleted]

drastician t1_jaanjr9 wrote on February 28, 2023 at 1:37 AM

No, there is a max they can increase. When a place goes vacant, you can charge 10% more than the last tenant, unless they were there more than 10 years in which case you can charge 20%. This is from the pamphlet on DHCD’s site.

88138813 t1_jaaws4x wrote on February 28, 2023 at 2:45 AM

Flat-out not true. For rent controlled units, the max rent increase for a vacancy is 10%.

CatDisco99 t1_jac8q96 wrote on February 28, 2023 at 11:51 AM

Not necessarily. They’ve basically met the market at this point, with the exception of some of the newer buildings that are vastly overcharging.

Gumburcules t1_jacvskz wrote on February 28, 2023 at 3:08 PM

> with the exception of some of the newer buildings that are vastly overcharging.

If their vacancy rate is low, they're not overcharging, they're charging exactly what the market will bear.

CatDisco99 t1_jad0j9q wrote on February 28, 2023 at 3:40 PM

Maybe the vacancy rate is low because of the overpriced rent? 🤔

Gumburcules t1_jad6qld wrote on February 28, 2023 at 4:21 PM

I don't think you understand what a "low vacancy rate" means.

DC's class A vacancy rate is currently 5.7%, meaning 94.3% of class A (i.e. "luxury" apartments) are currently being rented. The national average for residential vacancy is 5.8% so DC is a slightly more competitive market.