The City Council has directed that changes be made to the Apartment Rent Ordinance. Staff anticipates that revisions to the Ordinance will be completed by the end of 2016.
Beginning June 17, 2016, an Interim Ordinance will be in effect until revisions to Apartment Rent Ordinance are completed. The Interim Ordinance reduces the annual allowable rent increase from 8% to 5% and outlines the process for filing cost pass-through petitions.
After the revisions to the Apartment Rent Ordinance are complete the annual allowable rent increase will be set at 5%. Owners will be allowed to bank up to 10% of unused annual increases. After combining the annual allowable increase, any banked increase, and capital improvement cost-pass through awards the annual increase can be no more than 8%.
Starting September 1, 2016, debt service pass-through petitions will no longer be accepted by our office. However, capital improvement cost pass-through petitions will still be accepted.
For all detailed and updated changes, please visit their website: 2015 Apartment Rent Ordinance Proposed Changes