In Montgomery County, the Department of Housing and Community Affairs (DHCA) has released its first report on the outcomes of the Rent Stabilization law that hit the ground running in July 2023, showing that it’s been effective in delivering stable, predictable rent and fee increases for tenants while maintaining fair returns for landlords. The report highlights significant findings for the County’s landscape of rent-stabilized properties more than 23 years old, according to Montgomery County’s announcement.
“Montgomery County enacted our rent stabilization law to give many renters more stability by stopping excessive rent hikes and junk fees” County Executive Marc Elrich said, according to an announcement from Montgomery County, the law which became effective on July 23, 2024, through Executive Regulation 2-24 has geared towards not only providing tenants with peace of mind but also ensuring that landlords’ needs are respected, furthermore the Office of Rent Stabilization (ORS) pointed out the benefits for communities of color and seniors, among other demographics.
The report offers a snapshot of the financial outcomes for both landlords and tenants, crowning the Rent Stabilization law’s initial 18 months a resounding success with over $90,000 in rent and fee refunds for tenants. ORS managed to respond to 1,390 inquiries by residents, leading to these significant refunds and an average 56% reduction in proposed annual rent increases per tenant, stated the county’s press release…