Are there restrictions on how much I can charge for rent on my condo unit?
Yes, there are restrictions on how much you can charge for rent on your condo unit in Alaska. The state legislature has enacted a law that caps how much landlords can charge for rent based on the rental history of the property. This law is known as the Rental Fairness Act of 2019. Under this law, landlords may not charge more than 10% above the average rent of comparable units in the vicinity where the property is located. Additionally, a landlord is prohibited from charging more than two months’ rent as a security deposit at the start of a rental agreement. A landlord is also required to make the security deposit available to the tenant within two weeks of the start of the lease period. In addition to rent caps and security deposits, condo law in Alaska also limits how much a landlord can charge for late fees if a tenant pays rent after the due date. This fee must not exceed 5% of the unpaid rent. Lastly, condo law in Alaska requires landlords to provide tenants with written notice of the termination of a lease at least thirty days prior to the end of the lease period. This notice must state the grounds for termination and the date of occupancy termination.
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