THE REPORT IS IN.
Housing experts
agree: Measure 1
is a failure.
UNDERSTANDING THE FALLOUT:
Housing Opportunities
in Tacoma will Decrease:
75% of landlords expect to reduce their Tacoma rental properties within five years, with many citing the Landlord Fairness Code (LFC) as part of their reasoning.
Rent Payments are Less Reliable:
60% of landlords reported that rent defaults increased at least somewhat after December 2023. More than 75% believed the LFC had at least some effect on defaults.
Quality of Life is Declining:
Nearly 60% of landlords said they had become less effective at managing noise, nuisances and tenant disruptions, with most blaming this change on the LFC.
Rental Screening Restrictions are Tightening:
72% of landlords reported making at least one application criterion stricter since Dec. 2023. More than half reported tightening rental history, credit score, and minimum income requirements.
Evictions are Growing:
Landlords reported significantly more termination and eviction notices after the LFC took effect.
Rents are Increasing:
85% of landlords said the LFC influenced their rent-setting decisions. Among landlords reporting increases over 10%, almost 90% reported that the LFC had a “great effect” on their rent decisions.