On Monday, April 30th, the Spokane City Council passed an ordinance regarding rental increases. Washington State currently requires 60 day written notice for rent increases. This new law will require landlords in the City of Spokane to give 180 day written notice for rent increases of more than 3% and 120 written day notice for rent increases of equal to or less than 3%.
The new law also states that in a subsidized tenancy where rent is based on the tenant’s income or conditions specific to the subsidized household, 30 day written notice for rent increases is now required.
This new law takes effect on June 1, 2024. This will put many landlords, especially mom and pop owners, in difficult positions due to quickly changing economic conditions and rising expenses. It is important to note that this effect only takes place in the City of Spokane and will not affect owners outside of city limits (see map below).
We anticipate this will lead to several landlords wanting out of the Spokane market which could increase the demand in Spokane Valley, Liberty Lake, and Airway Heights.
Please reach out to see how this new law may affect you.
SVN Cornerstone Multifamily Team
Jordan Lester is an Associate Advisor with SVN Cornerstone. Jordan specializes in the multifamily sector of commercial real estate. To get in touch with Jordan, email jordan.lester@svn.com or call 509.496.6922
Nate Gant is an Advisor with SVN Cornerstone. Nate has been an active member of the Eastern Washington real estate community since 2010. He has brokered more than $100 Million in real estate transactions, specializing in land development, REO and investment properties. To get in touch with Nate, email nate.gant@svn.com or call 509.993.4440.