Nov

Rental Advertising – The Important Facts!

By emily

State and local government around the world have come to realize that unless a limit is imposed on the prices of certain commodities and / or services, particularly those which are considered necessary for health, safety and decent living; they may, under very specific circumstances, become unattainable to people within the lower socio-economic and the working classes like me.

Yes, “big brother” may be watching but he’s watching out for the little guys — the consumers who are looking through listings of apartment advertising because they are simply in need of a place to call “home.” Some may be searching in apartment advertisement sections of newspapers while other may be browsing through websites that list rental advertisements, but they are all in need of affordable roofs over their heads.

Rent control is, for all intents and purposes, a price ceiling on the rent landlords may charge tenants. And this price control is legislated by a municipal or a national governing body which also has the wherewithal and the authority to enforce it.

To-date, about forty countries have come to appreciate the importance of putting a cap of the apartment rental marketing or rental property marketing of any other kind and the rates they charge. Of course, the laws pertaining to rent control vary from one country to another and even between cities of the same country.

For the most part and under many jurisdictions where rent control laws are in effect, rent control which intends to prevent rent from skyrocketing is not as simple as one might expect. Rent control determines a variety of aspects that pertain to rental marketing and those may include:

• Identifying which apartments are affected to a lesser or greater extent and which are not. And those, by the way, usually apply to the older and larger apartment houses.
• Limiting of rent increases which are usually parallel to the rate of the current inflation as it exists in any given area.
• Controlling the frequency in which rent may be increased. In most instances, it is limited to once a year.

Written into the rent control laws of many areas are provisions that allow periods of “vacancy decontrol” at which times landlords are allowed to increase rent as they see fit and those provisions apply only when the said apartments have been vacated and are being prepared (cleaned, refreshed, renovated, etc.) to be re- rented to new tenants.Rent control laws that do not include “vacancy decontrol” are known as strong rent control laws but these are relatively rare and extremely hard to enforce.

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Needless to say, rent control has been the subject of countless political debates for many years and the pros and cons are constantly at each other’s throats (not literally). Based on economic, social and moral grounds, those who are for rent control most often argue that:

• Rent control protects tenants from unfair rent increases as a means of retaliation because they asked for some repairs to be made.
•    Although indirectly, tenants get to enjoy a portion of the income tax benefits enjoyed by landlords.
• Rent control laws provide incentives for landlords to improve their properties.
•    Rent control adds more stability in market rentals as it enables tenants to prolong their stay.
•    Rent control defends a basic human right — decent and affordable housing.

On the reverse side of the coin, those who are against rent control claim that:

• Rent control reduces the quantity and quality of houses.
• Rent control laws are useless and ineffective.
• Rent control violates the rights of property owners and landlords.

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