If you own San Diego real estate and you're a landlord, I'm sorry to say there's some unsavory news coming your way. Here are the three new revisions coming to the current San Diego landlord/tenant laws:
- No option to terminate the tenancy for a remodel. You can currently give a tenant a 60-day notice to vacate if you want to do a substantial remodel but that will be going away. If your property is severely under market value, the only way you can raise the rent to true market value is to have a vacancy. Without a vacancy, the current maximum rent increase is 9.1%. However, some properties are exempt. If you want to know if your property is exempt, give me a call.
- A 90-day moving notice. An owner that wishes to move into their home or move an immediate family member to their property will need to provide a 90-day notice. It's currently a 30 to 60-day notice.
- A 6-month notice to withdraw units from the rental market. If you want to withdraw your units from the rental market, you currently must provide a 60-day notice. This change is a big deal because some owners want to sell quickly in order to take advantage of the historically high prices.
The City has now voted twice, and these changes have been fully approved. The new laws should be in full effect sometime in May 2022. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
