RENT CONTROL – COMING TO A HOME NEAR YOU!
Effective January 1, 2010, residential properties with an ARV (Annual Rental Value) of $27,000 or less are considered rent controlled units (dwellings subject to the provisions of the Rent Increases (Domestic Premises) Control Act 1978).*
More than 50% of Bermuda’s residential units are now governed by this Act and the regulations of the Department of the Rent Commissioner.
What does this mean to you???
As a homeowner or as a tenant of such a property,
- any increases in rent will need to be reviewed, filed, and/or approved by the Department of the Rent Commissioner and
- any eviction notices must comply with the rules and regulations of the Department of the Rent Commissioner as well as the Rent Increases (Domestic Premises) Control Act 1978).
Visit www.landvaluation.bm or contact the Department of the Rent Commissioner or your attorney for more information. *Tenancies of some properties are exempt. Visit the above link for more info.
