On November 7th, 2023, Tacoma citizens voted on Initiative 2023-01, a Tenant Bill of Rights, and the bill was passed.
All Tacoma voters should be aware of what this bill includes, as all multifamily property owners will be affected.
The most important components to the Tenant Bill of Rights include:
- Notice of Rent Hikes and Tenant Relocation Assistance
- Landlords must provide notice of rent increases six months (180 days) and three months (90 days) before the increase.
- When rents are raised over 5%, landlords must offer relocation assistance to tenants who cannot afford the increase and decide to move out. Tenants are entitled to the following amounts:
- 2x months of rent for rent increases over 5%
- 2.5x months of rent for rent increases over 7.5%
- 3x months of rent for rent increases over 10%
- Rent increases in dwellings with habitability violations are prohibited.
- Move-in and Late Fees
- Landlords may not charge move-in fees that, together, total more than one month’s rent.
- Landlords may not collect pet deposits greater than 25% of one month’s rent.
- Late fees are capped at $10 a month; late fee accrual following the end of the lease is prohibited.
- Protection from Economic Evictions
- Students, their families, and educators are prohibited from economic evictions during the school year.
- Economic evictions during cold-weather months (November 1- April 1), are prohibited.
Reach out to Evan McLeod, Chris Hardman, and Drew Feldman to find out more about Initiative 2023-01 and how this affects your multifamily property.
Evan McLeod
Managing Director
cell: 831.747.4247 | office: 800.746.3175 ext. 7037
email: emcleod@capstone-companies.com
Chris Hardman
Director
cell: 415.259.8241 | office: 800.746.3175 ext. 7041
email: chardman@capstone-companies.com
Drew Feldman
Investment Sales Advisor
cell: 425.505.3376 | office: 800.746.3175 ext. 7092
email: dfeldman@capstone-companies.com
Source: https://www.tacoma4all.org/about
