Rent control has become an increasingly important topic of discussion in many states, as the cost of living continues to rise, while pay remains stagnant. In Prince George’s County, Maryland, a new proposed rent control bill sponsored by Krystal Oriadha, council member for district 7. Rent control is a particularly hot-button issue due to the ever-increasing price of rent.
What Is Rent Control?
Rent control is a policy that restricts landlords from raising rents beyond a certain amount or frequency. Additionally, rent control often requires landlords to offer long-term leases at prices below market value while also limiting their ability to evict tenants. Rent control is typically implemented by local governments and can be enforced through either legislation or ordinances.
The Benefits of Rent Control
The main benefit of rent control is that it keeps housing costs affordable for those who are most financially vulnerable and need access to safe and secure housing. This helps ensure that people are not evicted out of their homes due to rising rents and can remain in their community with stability and without fear of displacement. In addition, it decreases rates of homelessness as well as rental payments that consume too much of one’s income. Savings helps people to be able to save money for other expenses such as food, clothing, and healthcare costs.
“Renting still consumes 45% of the average local wage in Prince George’s County, compared to the 40% needed for major homeownership costs,”
–Jennifer Von Pohlmann, Director of content at Attom Data Solutions. This quote came from an article Buying in Prince George’s County is better than renting by Jeff Clabaugh | email@example.com
The Downsides of Rent Control
The downside of rent control is that it can lead to reduced investment in rental properties because landlords may not be able to increase rents enough to cover necessary repairs or upgrades which would help improve the quality of life for their tenants. Others also claim that rent controls reduce the availability and quality of rental housing over time due to decreased incentives for landlords or developers to build new housing units or upgrade existing ones because they cannot recoup the costs associated with such projects through increased rents within a reasonable timeframe. In some cases landlords may choose not to renew leases when they expire or even evict tenants illegally instead in order to circumvent rent control policies altogether.
All things considered, while rent control might provide short term benefits by keeping rents affordable for those who need it most, there are possible drawbacks associated with any policy as well. The proposed legislation is looking to put a 3% cap on rent increases for 6 months in Prince George’s County. We at HYN Charity believe this is a bill worth supporting.