For most multifamily rental properties in the City of Richmond, rent increases are limited to the annual change in the Consumer Price Index (a measure of inflation).
In the coming months, the Rent Board will establish standards for allowing individual rent increases and decreases due to a rental unit’s conditions, historic rental rates, operating costs, and other reasons.
December 2017 Community Workshops
Rent Program staff members hosted community workshops on December 4, 2017, and December 9, 2017, to solicit feedback from community members on topics such as:
• Rules and standards for increasing or decreasing rents for rent-controlled rental units • Possible models for defining a “fair rate of return” on rental property investments • Calculating rent reductions due to problems with the rental unit (pests, broken appliances, etc.)