Headquartered in Duluth, Georgia, Contemporary Information Corp is a data solutions provider led by chief executive officer William Bower and chief financial officer Sabrina Bower. Contemporary Information Corp maintains tens of millions of public records for rental housing, insurance, and banking professionals, including more than 30 million housing court records. For years, the Contemporary Information Corp team has reported on the latest legislative developments and their collective impact on the United States rental industry.
Various legislative changes have influenced rental markets throughout the US in recent years, especially those impacting rental control laws at both the state and federal levels. Rent control is often a contentious topic in America. Supporters believe that strong rent control legislation protects tenants from unexpected and severe rental price increases, while opponents believe rent control hinders real estate market growth and contributes to the national housing crisis. Nationally, robust rent control laws usually have the support of the public, though trends vary by state.
Over the last few years, several states have introduced bills calling for stricter rent control legislation. Depending on local support and the opinions of regional policymakers, these laws have either passed without issue or faced stiff opposition. California and New York, two states that have historically embraced rental control legislation, have welcomed even stricter controls through bills such as California’s AB 1482, which compels property owners in the state to have “just cause” for terminating a tenancy. New York’s AB A4255, meanwhile, has introduced new protections for small business rental prices. On the other hand, historically conservative states generally take a hands-off approach to rent control, and proposed legislation to the contrary often fails at the committee stage.
Some rent control bills are more expansive than others. For instance, in 2023, Oregon introduced SB 611, which lawmakers designed to cap year-over-year rental price increases to the lower of either 3 percent plus inflation or 8 percent total. Furthermore, the bill sought to decrease rent control exemptions from buildings built within the past 15 years to buildings constructed within the last three years, in addition to increasing relocation support fees (the amount of money a property owner pays a renter for a no-cause eviction) to three months of rent. The comprehensive bill passed into law in July 2023.
Taking a broader view of the nation’s rent control landscape, rental property owners should understand that while new laws may present challenges, they also create unique opportunities. For instance, owners can offset rent control constraints by introducing enhanced amenities, supporting community-building initiatives, and embracing tech-driven solutions that increase property value. William Bower, Sabrina Bower, and the Contemporary Information Corp team can equip property owners and managers with the real-time data needed to make effective decisions while remaining compliant with the most up-to-date regional rent control guidelines. The company supports clients with agile data processing and a helpful regulation map, one of the most direct ways of tracking the constantly evolving nature of rent control as it shifts on a state-by-state and city-by-city basis. These insights provide value not just to landowners, but also to businesses that develop products and solutions for landlords and property managers.
As rent control standards continue to evolve, rental property owners should become flexible and learn to adapt so they can thrive within the nation’s broader real estate ecosystem. Contemporary Information Corp remains committed to helping clients stay ahead of these changes and overcome any challenges they may face along the way.
