TRI-CITIES, WA – Rent prices are on the rise across the region. Some renters may wonder why there is not a legal limit on rent increases in Washington State.
A rent ceiling is defined as the maximum amount of rent a landlord is allowed to charge a tenant. Washington law prohibits cities from imposing rent control.
Debbie Thorington of Peak Mortgage in Kennewick says there are pros and cons when it comes to rent ceilings.
The Pros:
Renters could count on what to pay, budget and plan aheadRent prices will not get out of hand
The Cons:
Landlords may not be able to cover the cost of owning the propertyDecreased supply, making it harder for renters to find a place to live
Here’s how the average worker may fare paying rent when the Washington minimum wage goes up to $14.49 in 2022.
According to Ajsa Suljic, the Regional Labor Economist for the Washington Employment Security Department, the general rule of thumb is to only spend 30% of total income on housing.
A full-time worker on the new minimum wage would make about $2,318/month before taxes. 30% of that comes out to about $695.
Mike Corrado of Celski and Associates says the average cost of a single bedroom apartment in the Tri-Cities is anywhere from $850 to $1,100, which is more than 30% for those on minimum wage.
As prices go up, help is available for renters. Talk to your landlord about rental assistance options, or contact the Housing Resource Center for Benton and Franklin Counties at 509-737-3946.
