Rent control is a type of state-run program aiming to keep rent costs within a reasonable range. In certain places, especially where housing is in extremely high demand, rent costs can go up very quickly if these measures aren’t put into place. Rent control policies are intended to make housing available to those in lower-income groups than if the measures were not in place.
1. Rent control is good for renters
Ultimately, rent control is good for those who are able to find a rent-controlled apartment. Rent control measures “freeze” rent costs permanently. That means, no matter how much average rents rise around you, year after year you’d be guaranteed the same rent rate each month. In areas where rents rise significantly each year, this can be a serious money-saver.
2. Rent-controlled apartments are in high demand
Since the perks of a rent-controlled apartment are so good, renters that score one are likely to hold on to them for as long as possible. Because of this, rent-controlled apartments are often hard to find for apartment hunters seeking them out.
3. Not all states have rent-control programs in place
Not all states have rent-control apartments. In fact, only five states (California, New York, New Jersey, Maryland and Oregon) and Washington, D.C. have any sort of rent-control programs in effect. Eight other states allow for rent control but have no locales that have implemented the programs. Thirty-seven states have some sort of pre-emptive legislation that makes rent control theoretically unnecessary.
Rent control is one tactic for keeping rent affordable
Rent control measures are just one way that governments seek to keep rent costs affordable. Since rent control apartments are only found in a few cities across the country, it may not be available to you. If it is, you should consider searching for rent-controlled units. If it isn’t available to you, you should look into other affordable housing options that are open to residents in your city.
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