Benefits and disadvantages of commercial rent increases based on In addition, as time passed methodological changes occurred which often resulted in a lower CPI. 2022 Cost-of-Living Adjustment Coming in May - CalPERS PERSpective Title: 2022-23 California Consumer Price Index Author: Property Tax Department Subject: 2022-23 California Consumer Price Index Created Date: 12/23/2021 8:25:02 AM . The biggest obstacle fueling rapid rent increases across California is restrictive zoning regulations a huge obstacle for creating new construction. (Tenants Together has put together a list of cities with rent control that you can find here.). The cookie is used to store the user consent for the cookies in the category "Performance". Copyright 2023 Morgan, Lewis & Bockius LLP. Santa Monica is one of the locations that follow rent control rules and all increases or adjustments to the price of rent must be in compliance with current rent control board laws. In general, a California rent increase notice will include the following information: Staying current on market conditions and trends in your area helps you make better decisions about acquisitions, property management, and more. The Consumer Price Index Rose 0.5% Seasonally Adjusted in January and Rose 6.4% Annually, The Consumer Price Index Dropped 0.1% Seasonally Adjusted and Rose 6.5% Annually in December, The Consumer Price Index Edged Up 0.1% Seasonally Adjusted and 7.1% Annually in November, Historical U.S. Inflation Rate Table (1913 to 2017). The California CPI is updated on even-numbered months (mid-February, mid-April, mid-June, etc.) The California Department of Industrial Relations (DIR) issued a memo on October 18, 2021 increasing the compensation threshold for exempt computer professionals by 5.3%, compared to the 2021 rates. The CPI percentage must also be rounded to the nearest one-tenth of a percent. To find out the applicable CPI for the county in which your property is located, go to CAA's website and use the "Find your CPI" tool in this link. The formula is as follows: We do our best to ensure the numbers are accurate. So if that unit has remained occupied by the same family, it qualifies under the law. RentSpree offers a comprehensive rent analysis and rent rate estimate report to help you maximize your rental profit. How Long Should You Keep Sympathy Cards Up For, Articles C
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