Rent control is a form of "rent stabilization," except with a more comprehensive reach. Rent-control policies vary by location, however, they can include mandates over certain buildings or neighborhoods on the allowable amount for rent to be raised by property owners, how frequently rent can be raised and can even dictate a maximum allowable cost for rent.
Rent control isn't offered everywhere. In reality, it's really only found in a handful of cities in the U.S. Part of the criteria for a rent-control policy being adopted in a municipality is a need for it.
Since rent control is meant to curtail rapidly inflating rent costs and manipulative market practices, it's most commonly found in large cities. New York City notoriously has some highly-desirable buildings that are mandated by rent-control policies.
Rent control is pretty effective at keeping rent costs reasonable, but there are some downsides. Let's compare the positives and negatives of renting a rent-controlled unit.
Rent-controlled apartments are in high demand and usually few and far between. However, they're not impossible to find. When searching for apartments online, check in the description for any mention of "rent control." Property owners usually include this information in the listing so that prospective renters can easily find available units.
Timothy Harris is a freelance writer based in Albuquerque. He brings a professional background in event marketing, residential real estate and journalism to the table to provide useful and relevant content for the modern renter. Timothy has previously written content for Karsten & Associates in New Mexico and Up 'til Dawn, a philanthropic fundraiser that benefits St. Jude Children's Research Hospital.