Allowable Rent Increase Set at 2%
As per the San Francisco Rent Ordinance, many residential properties may increase the rents, effective March 1, 2008, to February 28, 2009 by 2%. You may also bank this amount. Currently the increase is set at 1.5%.
There is no limit on the amount of rent a landlord may first charge the tenant when renting a vacant unit. Thats why an owner buy out may look very good. Especially if the unit was significantly below market. An owner can recoup this very fast at todays rates in this city
Allowable Security Deposit Increase Set at 5.2%
In addition the yearly interest owed on security deposits (which applies to all units rent control or no) stayed the same as last year at 5.2%.
These rates can be "banked" or they can be held by the owner. There is no law requiring the owners use of these funds other than they must be returned at the end of the tenancy. Many owners bank the increases unless the tenant makes a request for the interest earned. Then the owner must return interest earned money promptly.
This is different from the end of tenancy return of the deposit itself. Here an owner has 21 days to return the deposit to a departing tenant. The deposit must be returned whole less any legitimate damages to the unit beyond wear and tear. Remember to retain receipts and foreword a copy with the reduced deposit for any damages done to your property.
Thanks for Reading
Howard for
www.yourpropertypath.com
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