Hawaii SB2539 establishes a three percent annual cap on rent increases to stabilize the rental market.

Hawaii SB2539 aims to address the severe housing shortage and rapidly rising rents by establishing a three percent annual cap on rent increases. This cap is intended to promote housing stability and prevent displacement and homelessness. The bill amends the landlord-tenant code to include this limitation, which does not apply to new tenancies, federally or state-subsidized units, and certain owner-occupied properties. Landlords must notify tenants and the Department of Commerce and Consumer Affairs of any exemptions. Failure to comply can result in voiding the exemption and legal penalties.

Hawaii SB2539 establishes a three percent annual cap on rent increases to stabilize the rental market.

Hawaii SB2539 aims to address the severe housing shortage and rapidly rising rents by establishing a three percent annual cap on rent increases. This cap is intended to promote housing stability and prevent displacement and homelessness. The bill amends the landlord-tenant code to include this limitation, which does not apply to new tenancies, federally or state-subsidized units, and certain owner-occupied properties. Landlords must notify tenants and the Department of Commerce and Consumer Affairs of any exemptions. Failure to comply can result in voiding the exemption and legal penalties.