Washington’s First Broad-Sweeping Rental Control: What You Must Know As a Washington Landlord
On May 7, 2025, Governor Bob Ferguson signed House Bill 1217 into law, enacting statewide rent control measures that took effect immediately. Key changes are noted below, but let’s get into what you as a landlord must be thinking about moving forward.
What HB 1217 Means to YOU as a Landlord:
Given the new landscape it’s critical to take some time and review your portfolio, and your practices. Here are a few tips from a fellow Washington State Landlord (me).
Lease Agreements: Ensure that your lease terms comply with the new rent increase caps and notice requirements. Some landlord support organizations might not have immediately made the necessary changes to the documents they provide.
Financial Planning: Adjust your financial projections to account for the capped rent increases. The new caps might impact your margin, especially when contrasted with rising insurance and maintenance costs. This is especially important when considering capital improvements to increase rents. Make sure you can get the ROI you need in a timeframe you can handle.
Tenant Communication: Have a plan for each unit you own and communicate that plan with your tenants. Having a rent rate roadmap will help you and your tenants plan.
These changes, especially in light of low cap rates and high sales volume, indicate that now might be a good time to assess your property portfolio. Whether you’re considering an exit or simply want clarity on your property’s value, let’s talk.
Reach out today for a no-obligation, no-fluff valuation consult with Rob.
