As mentioned by numerous people, these policies will increase rent long term as corporate entities are the issue. I hope you're listening Olympia.
I rented for some time and corporate owned housing ALWAYS increases rent annually of at least $100 because they know moving is a hassle and I was paying far beyond what new tenants were. I moved into a privately owned home for 4 years without a rent increase and when my landlord sold, he gave me 60 days.
When private landlords increase rent, it's generally due to increases in property tax, insurance, or a hefty loan needed for major work. The private landlord is making a very small profit that generally goes back into improving and maintaining the home.
As a homeowner who plans to move into a home with others in a couple years, I plan to rent my 3 bedroom 1 bath home on a quarter acre near a lake for $2300/mo - enough to cover my expenses and a bit extra to make some major improvements like a heat pump, new siding/windows which will also save my tenants money on power costs and keep them comfortable in our increasingly hot summers.
If an exception isn't made for mom and pop landlords, I'll be taking this affordable home off the market and will naturally sell to whomever offers the most...even if it's a corporate investor. Thus reducing affordable and fair rentals in Olympia and watching more people get squeezed for rent.
I bought a home to control my housing payments. Owning a home costs a lot in terms of upkeep and I'd like to build generational wealth for my son. Renting my home to cover my costs allows me to do that. But Olympia seems set on maintaining the status quo by penalizing the very people who are actually doing well by renters because corporate housing will simply pass all the costs to renters to ensure they're profitable as opposed to breaking even as most private landlords do.
I urge an exception for landlords who own under a certain number of units. There also needs to be clear conditions for the minimum acceptable conditions for inspections. If my windows are broken, they need to be replaced. If they're a bit drafty, that should be something noted to improve within x number of months/years as most homeowners with drafty windows note they need to start saving and need time so they live with it. Otherwise, inspections requiring higher standards than most homeowners would live in will also result in sales simply to avoid the hassle.
Rentals should be maintained to a level that provides safety, reasonable comfort and well-being for tenants without over regulation.
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