If you’re still reeling from the news that the Federal Trade Commission has opened an investigation into the rental practices of rental properties in the United States, you can now find some help for yourself.
The FTC is currently looking into the practice of “landlord-tenant relationships,” which have become a hot topic for the post-9-11 era.
In fact, the agency has been investigating these practices for years, and they’re likely to become a major issue in the future.
According to the FTC, these practices have created a “financial burden” for rental properties, as landlords and tenants cannot afford to take on more and more debt.
It is estimated that a typical rental property will owe $2,000 in rent or more each year, which would make the average rental property nearly $1 million.
The FTC’s recent findings have prompted many rental properties to begin paying more money to tenants, which has been viewed as a necessary cost to keep up with rent hikes.
The American Landlord-Tenant Association (ALTA), which represents some of the country’s largest landlord-tenants groups, released a statement earlier this week about the FTC’s new findings.
The association said that landlords should be prepared to comply with the FTC.”ALTA is pleased to learn that the FTC has opened a formal investigation into some of our industry’s practices,” the statement reads.
“The FTC’s preliminary findings show that some landlords are making substantial financial adjustments to accommodate the changes in the market that have resulted from the 9/11 attacks.
This means that landlords are not paying enough to keep their properties livable, and are not making a good enough financial return to justify the additional costs.”
In addition, ALTA has called for increased protections to protect renters and landlords from predatory practices that prey on vulnerable consumers.
The Commission should work closely with ALTA to ensure that these reforms are enacted, and we urge all landlords and their tenants to take immediate action to protect themselves.
“The ALTA added that the organization will continue to support the victims of the 9-11 attacks and the families of the victims in this important time.
The statement also said that ALTA supports the Commission’s efforts to protect tenants and tenants’ rights and to create a fairer rental market.ALTA has also announced that it will work with the Trump administration to provide support to communities impacted by the 9:11 attacks, as well as those impacted by any related natural disasters.