Definition of Rent Stabilization

To combat rent prices that soar out of control in major metropolitan areas, some cities enact laws designed to keep rent affordable for certain types of dwellings. One type of law designed to control rent levels is the rent stabilization law; this law guarantees certain rights for tenants living in qualifying rental units and protects them from steep increases in the amount of rent they pay.

Rent Regulation

Rent regulation laws such as rent stabilization are designed to keep landlords from overcharging their tenants. These legal regulations prevent landlords from drastically increasing the rent of current tenants based on changes in the desirability of the neighborhood or increases in local property value. Those living in regulated apartments are also protected from eviction if the reason for eviction stems from the landlord's desire to rent the apartment to someone else at a higher rate.

How Stabilization Works

Rent stabilization sets a specific amount that a landlord can increase the rent by each year if he chooses, letting him earn a fair return on his rental property without overcharging his tenants. This amount may be based on inflation or a reasonable percentage of the rental property's value. Tenants living in a rent-stabilized rental are guaranteed the option to renew their lease each time it expires, preventing them from being forced from their home by the landlord choosing not to renew the lease.

Qualifying Properties

The properties that qualify for rent stabilization vary depending on the city where the rent stabilization law is enacted. Most cities with rent stabilization laws allow apartments to qualify, though there may be limitations on qualification based on when the apartment building was erected or how many apartment units are included. Other properties that may qualify include duplex units, townhouses, condominiums, mobile homes and properties that contain separate single-family housing units on the same lot. It is important to note that some properties of a qualifying type may not qualify for rent stabilization.

Relationship to Rent Control

Rent stabilization is often introduced as a successor to rent control laws on older properties. Rent control is a legal protection that ensures that long-term tenants cannot have their rent increased or be evicted as a means to increase the rent on the property. Rent-controlled properties typically must maintain the same tenant to maintain their rent control status; once the tenant moves or passes away, the property typically either becomes rent stabilized or is no longer subject to rent regulation.

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