Bill > SB426

This bill aims to address the housing crisis in Nevada by regulating rent increases. The key provisions are: 1. The Housing Division must annually calculate and publish a cost-of-living increase for rent, which cannot exceed 5 percent. 2. Landlords are generally prohibited from increasing rent on existing tenants by more than the cost-of-living increase during the first year of tenancy and any 12-month period thereafter. Landlords are also prohibited from charging prospective tenants more than the maximum allowed for existing tenants. 3. Landlords can apply for an exemption from the cost-of-living limit in certain circumstances, such as when there is an additional occupant or the landlord makes capital improvements. The Division must adopt regulations to govern this exemption process. 4. Tenants have remedies if a landlord violates the rent increase limits, including withholding rent and recovering damages. The bill also prohibits landlords from retaliating against tenants who exercise their rights under the law. 5. The notice period for rent increases is extended from 60 to 90 days for tenancies of 1 month or more. Overall, the bill aims to provide more stability and affordability for rental housing in Nevada.

Budget and Finance, Business and Industry

https://www.leg.state.nv.us/App/NELIS/REL/82nd2023/Bill/10435/Overview