What's it mean to have a rent controlled apartment?

Question

I'm always hearing about people trying to jump on a rent controlled apartment, but what's it mean? And what does a co-op apartment mean?

Answer 1

Rent control is when a governmental agency such a city or county has passed a law that tells the owners of apartments how much they can raise the rent on an apartment once it has been rented per year.

Certain parts of Los Angeles county have past rent control laws.

This is good and bad. Under rent control if a land lord can raise the rent $50.00 each year, in all probability he will do so. He can also raise the rent in non-rent controlled areas, but I suppose history has proved that a law sub-consciously give the land lord permission.

Answer 2

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Answer 3

A rent controlled apartment is one that has a cap on how high the rent can go so everyone is interested because they know up front that the rent can't be raised.

Co-op is a legal form of owing property that means everyone in the co-op owns all of the co-op. You have shares in the association not a deed to one unit. It's a tougher way to buy because for most people you have to pay cash. Check that out before you get involved and work with a REALTOR who knows the score! Good luck.

Answer 4

rent-controlled,means that the landlord can't jack up the price you originally paid for rent.Co-op means you buy your apartment,much in the same way you buy a house,except that all repairs,maintenance,etc are paid by you through the co-op board,who can say who they will&will not allow to buy apartments in thier building

Answer 5

i think it mean the rent is a certain amount , like 300 dollars for example , it means that its always going to be that amount ,. people like it cause it means they cant rraise the rent more