Stay Informed: CAA Updates CPI Calculator for Allowable Rent Increases under AB 1482
The California Apartment Association (CAA) is dedicated to providing valuable resources and updates to landlords and property owners in California.
Recently, the CAA announced important changes to its Consumer Price Index (CPI) calculator, which is used to determine the maximum allowable rent increases under Assembly Bill 1482 (AB 1482), also known as the Tenant Protection Act. In this blog post, we will delve into the updates made by the CAA and how they can assist landlords in complying with AB 1482.
Understanding AB 1482
AB 1482 was introduced to bring stability and protection to the rental market in California. It limits rent increases to 5% plus the percentage change in the cost of living (CPI), or 10%, whichever is lower, within any 12-month period. This legislation aims to prevent excessive rent hikes and provide tenants with a sense of security.
Updated CPI Rates
The CAA has now updated the CPI rates for all areas in California, ensuring landlords have accurate information to determine allowable rent increases. The CPI is based on the April figures and is rounded to the nearest one-tenth of a percent. It is crucial to use the appropriate CPI depending on when the rent increase will take effect: before August or on or after August 1st of any given year.
Accessing the CAA's CPI Calculator
To find the applicable CPI for the county where your property is located, visit the CAA's website and navigate to the AB 1482 page. Here, you will find the "Find your CPI" tool, which provides the necessary information based on your location. It's important to note that access to these resources requires signing into your CAA account. If you don't see them on the AB 1482 page, ensure that you are logged in to gain access.
Additional Compliance Support
In addition to the CPI calculator, the CAA's AB 1482 page offers a wealth of compliance materials and resources to help landlords navigate the Tenant Protection Act. These resources include tools to determine whether the rent cap and "just cause" eviction provisions of the law apply to your property. The CAA's commitment to providing comprehensive support ensures that landlords can make informed decisions and adhere to the regulations effectively.
Conclusion
Staying informed about the latest updates and regulations is crucial for landlords and property owners in California. With the CAA's recent updates to its CPI calculator for allowable rent increases under AB 1482, landlords can accurately determine the maximum rent increases while complying with the law. Take advantage of the CAA's resources, including the CPI calculator and other compliance materials, to ensure a smooth and legally compliant rental experience.
