‘Outrageous rent increases’ hard on seniors
For many Rockville residents, these rent hikes have become unbearable.
Chris Madden, the leader of the Huntington Tenant Association, expressed concern for seniors, especially those on fixed incomes, who are struggling to keep up with the steep increases.
“I hate to see my neighbors have to leave this great community because of these outrageous rent increases,” Madden told ABC 7 News. “For seniors, especially, it’s very hard because they’re on a fixed income and moving is very difficult.
“This neighborhood, specifically, this apartment complex has seen up to a 30% increase.”
Renters like Madden say such steep hikes are forcing people to leave. As of March 14, 13,000 federal workers and contractors in the DMV area had filed for unemployment, adding to the financial strain for many Rockville residents.
“We have had renters here who are federal workers that are currently feeling a lot of uncertainty with the layoffs,” he said. “They need some semblance of certainty, at least about where they live.”
One of the residents' biggest concerns is the potential impact of rising rents on the area’s diversity.
“I am concerned about what this means for diversity in the area,” Adams said. “This is one of my biggest concerns as someone who has seen minority communities get pushed out because of high rent prices.”
7News spoke with Councilmember Zola Shaw, who has expressed support for the tenants' push for rent control.
“I think that my constituents are doing a great job talking to them directly and coming to City Hall,” Shaw said. “We’ve had hundreds of renters, landlords — all types of residents — coming and sharing their story. It’s time for Rockville to have the same equal protections as the majority of our housing market.”
As the pressure grows on city leaders, Rockville residents continue to demand protections that will help maintain the stability of their community and ensure affordable housing options.
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MorePros and cons of rent control
Rent control policies, like those that the Rockville tenants are pushing for, can make housing more affordable and provide more stability for tenants.
The benefits of rent control include predictable rent increases and allowing tenants to budget effectively. It also helps increase affordability for low- and moderate-income earners by making keeping units accessible.
However, there are also potential impacts on rental prices and the broader housing market.
One challenge of rent caps is that they put a burden on landlords, potentially reducing their ability to provide upgrades or repairs. As a result, while tenants' rental costs are protected, buildings may suffer from deferred maintenance.
Rent control could also shrink the rental market if landlords decide to convert units into non-rental properties or withdraw them from the market altogether.
Additionally, rent control policies can create a gap between capped and unregulated units, driving up rents in the non-capped segment when demand shifts to those properties.
When implementing rent control policies, policymakers must weigh the pros and cons to strike a balance between protecting tenants and maintaining a healthy housing market.
As for Rockville, the call for rent stabilization has gathered significant support, with many residents urging the City Council to act.
“The city council of Rockville desperately needs to consider and pass this legislation,” Samms said.
The richest 1% use an advisor. Do you?
Wealthy people know that having money is not the same as being good with money. Advisor.com can help you shape your financial future and connect with expert guidance . A trusted advisor helps you make smart choices about investments, retirement savings, and tax planning.
Try it now