New housing laws are going into effect in 2024, and one of them aims to make renting a little more affordable.
Starting July 1, landlords will have to limit security deposits to one month’s rent. Governor Gavin Newsom signed Assembly Bill 12 into law in October.
Paul Prouty, with National Commercial Property Management in the Bay Area, says the new law is “great” for tenants. They manage more than 500 properties, with roughly 1,500 tenants.
He says this new law will help potential tenants who may have a hard time qualifying.
“If you have credit trouble, or whatever the issue is, which would want to make a landlord charge you two months security deposit… this restricts that,” Prouty said.
And, if you’ve already paid a double security deposit, Prouty has a tip for you:
“Talk to them about getting some of that money back, they are not required to give it back to you, but reasonable people will be reasonable and work it out with you.”
