Bill > H5676

This bill amends the Rhode Island Residential Landlord and Tenant Act to limit annual rent increases for residential properties. Specifically, the bill adds a new provision that restricts rent increases to no more than ten percent (10%) plus the increase in the Consumer Price Index (CPI) during any twelve-month period. The CPI is defined as the Consumer Price Index for all Urban Consumers (CPI-U) as published by the U.S. Department of Labor Statistics, with the index value determined as of September 30 of the prior calendar year. This means that if the CPI increases by 3% in a given year, a landlord could raise rent by up to 13% (10% + 3%), providing some protection for tenants against potentially dramatic rent hikes while still allowing landlords to adjust for inflation. The bill will take effect immediately upon its passage, applying to all residential rental agreements in the state.

Justice

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