EasyKnock Sets Rent Increase Cap to Combat Housing Crisis
EasyKnock, a home equity solutions platform company based in New York, has announced a voluntary cap on rent increases.
EasyKnock has pledged to cap all rent increases at 2.5% (half of what President Biden proposed for a national rent cap) or the Urban Consumer Price Index. EasyKnock is now calling on other companies that own a large number of housing units to make the same 2.5% commitment.
The company, which buys houses while allowing the seller to remain in the home as a renter, says its rent increases have never exceeded 2.5% or the Urban Consumer Price Index (CPI-U). By tying rent increases to the CPI, EasyKnock is ensuring adjustments are directly correlated to inflation.
“As the White House has highlighted, there is a critical need to address the issue of rising rents and housing affordability,” said Jarred Kessler, CEO of EasyKnock. “While most property owners, including us, only raise rents in response to inflation and the corresponding increase in fees, we believe it’s essential to take proactive steps to ensure fair and sustainable rent practices across the board.”
In July, President Biden asked Congress to pass legislation giving corporate landlords a choice to either cap rent increases on existing units at 5% or risk losing current valuable federal tax breaks.
By tying rent increases to the CPI, EasyKnock hopes to ensure that rent adjustments are directly correlated with inflation, maintaining fairness for tenants while preventing business failures.
EasyKnock is also helping to combat the housing affordability crisis by providing American homeowners a way to convert the trapped equity in their homes into cash and remain in their homes as renters. EasyKnock has an extensive suite of products and services that will provide consumers alternative ways to buy and sell, finance new homes, and utilize their equity.
