New landlord-tenant ordinances became effective May 21, 2024, for properties inside Olympia city limits.
To ensure both renters and landlords understand these new protections, Olympia is hosting a series of virtual evening information sessions in June and July.
These sessions will cover the new ordinance's details, provide landlord resources, and introduce the new Rental Registry and Inspection Program.
Additional sessions focusing on the City's new rental housing inspection program and energy efficiency initiatives are planned for Fall 2024.
Interested parties are encouraged to subscribe for email updates and submit any questions or topic suggestions via email.
For more information, visit the City of Olympia’s Tenant Protections pages for Renters and Landlords.
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JulesJames
If only tenants would be honestly informed about how much these so-called "tenant protections" costs within their rent. But it is impossible to calculate the costs of a noisy dangerous obnoxious tenant next door who can't be efficiently removed. Nor can one precisely calculate the consequences of a periodic inspection program upon a landlord's repairs and improvements budget. Landlording has become a profession where the government dictates product and customer -- and is trying to dictate price. Compliance is expensive.
Monday, June 10 Report this
Info2Consider
What?
No information om the Rights of Landlords? How to evict squatters, deadbeats, or people who violate agreements?
Tuesday, June 11 Report this
sonshi
We sold our rental, but I still run the numbers with 'new' regulations for my own interest. It makes zero sense for private SFH landlords to continue anymore - somewhat due to costs/profit, but moreso for the new risks. Corporate multi-unit organizations can centralize and distribute the new risks [lawyer on retainer, bookkeeper, etc.] No one wants to go through an eviction, it's stressful and expensive. Having an eviction timeline of 6 months OR MORE with current backlogs and taxpayer funded delay tactics removes the failsafe we used to have. . .massive increase to risk.
Our very nice basement 1 bedroom unit [safe parking, quiet, safe, great neighborhood] was $800 in 2020 when we bought it. . .all utilities included. 'Fair market' was/is closer to $1300, but we kept it as is. Since 2020, property taxes have increased over 40%. We opted to bump rent to $850 in 2022, still a screaming deal. That increase would put us at risk of *paying relocation assistance* under these new rules. The new registry/business license/inspection would cost around $300 up front now. The entry only has one handrail [consistent with WAC building codes] but the inspection lists indicates two handrails are required for some reason. So likely another couple thousand for that due to a wall that would need to be removed, concrete poured. That's the entirety of our 'profit' for an entire year eaten up for absolutely no real improvement to the rental.
Putting it all together - risk, cost, market rates - Our previous $850 rental would be increased to $1500 a month if we continued as landlords. This is the reality for a lot of landlords renting out single family houses with fenced backyards. I've been seeing a lot of postings for 'private landlord' rental requests lately. . .good luck.
Wednesday, June 12 Report this