Rent Control Pushes Landlords to Invest in Northwest
By Athena Savoglou
Rent control is a term at which real estate owners and investors cringe. Rent control laws describe a set of statutes that limit the amount rent can be raised by a landlord. They vary from strict rent limits to controls on how much and how frequently rent can be raised.
In the 1930s, the Supreme Court of the United States ruled rent control to be a state issue. In other words, the federal government leaves it up to each state to decide whether they will allow their municipalities to implement any degree of rent control. Today, various states across the country allow rent control, including California, New York, New Jersey and Maryland. The regulation exists in varying degrees, the most prominent being in cities like New York City and Los Angeles, where the majority of rental units are rent controlled in some way.
However, the Pacific Northwest, and Idaho in particular, is more owner and investor friendly. Rent control is virtually nonexistent in the region, so there is more leeway to adjust rent rates based on economic factors like the real estate market, supply and demand, etc. The minimal regulation gives owners and investors more freedom in their business decisions and greater opportunity to maximize profit on a rental property. Additionally, with increasing incoming population migration, a great quality of life and career opportunities, rents are continuing to increase in the Greater Boise Metro Area.
(The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email Spencer@rentalsinboise.com to let him know.)
Look for the 2019 updated annual Preventative Maintenance Suggested Services in February. These will be emailed to you with a request for you to return to us with your choice of opt-in or opt-out for each suggested service.
Year End Accounting
If you haven’t already received your Detail Profit and Loss statements, (owner’s income and expenses for each property), and 1099, you will shortly. They will be mailed to the address we have on file for you on or before January 31, 2019. Your P&L statement is also available to view through your owner portal and your December owner statement has 2018 Year-to-Date totals.
If you ever have questions about your statement, please contact Karen@rentalsinboise.com.
Our February Tenant Newsletter reminded our tenants of our pet policy. If you’re interested to read the tenant newsletters, you will find them on our WEBSITE.
Employee Spotlight – DaNay Salas
We are pleased to feature our newest team member, DaNay Salas, as our February employee spotlight. She has recently joined RMA as a property manager and we are excited to have her on board! DaNay is a California native, born and raised in Silicon Valley. She and her husband have been in Boise since 1997, and have enjoyed living and bringing up their three children here.
A typical morning for DaNay must begin with coffee. On weekdays she drops off her youngest son, a senior at Centennial High School, on her way to work. After a long day at the office she enjoys going home to a meal lovingly prepared by her husband. DaNay values mealtime to spend with her family, and hear about her children, and husband’s days. After dinner the evening will commence with a soak in the hot tub and some TV time before bed. Sounds like the life!
When she is not working, DaNay enjoys floating in her pool, playing ping-pong, painting, doing crafts in her art room, trying new restaurants, and catching up with friends. She and her friends meet weekly for dinner, and play together in a Bocce league in the springtime. She is also very involved in Autism and Asperger Syndrome Awareness– as her youngest son has Asperger Syndrome. She has been his advocate throughout his life and learning career. Naturally, she has come to belong to a couple of advocacy and nonprofit organizations.
DaNay plans to tick a big item off her bucket-list. In two year’s time, she and her hubby are going to Europe to celebrate their 25th wedding anniversary! They plan to visit Italy, England, Ireland Greece, and Spain. No shortage of good wine and food on that vacation! DaNay has a love of the ocean so we can be sure she’ll be enjoying the many beautiful beaches and shorelines those countries have to offer.
Family woman and fierce worker, DaNay has a strong moral compass. She may attribute this partly to the inspiration she drew from her grandfather. She describes him as a man of integrity, honesty, and determination. He had an intensely strong work ethic, and a high level of intelligence. She tells us that he also taught her the value and importance of owning real estate.
We here at Realty Management and Associates are looking forward to working with and getting to know DaNay, welcome to the team!
What Are You Interested In?
This newsletter is intended as a resource and communication platform for you. If there is a topic, relevant to the management of your investment property, that you would like me to write on, please let me know!