Vacancy decontrol is another term for allowing rent to change at the time of the turnover of the unit. In other words when an apartment or mobile home has been rented at a specific rate or leased for a specific rate and the tenant or resident vacates the apartment or mobile home space, and a completely new tenant or park resident moves into the unit, the rent is only adjusted upon “turnover”. This term is frequently used in areas where there is rent control and allows rents to be adjusted to “market rate” when a long term tenant or mobile home owner moves out. In rent controlled jurisdictions, the new tenant receives the full benefit of the “stabilized” rent while they are occupying the unit, which is typically below market rate. The result of vacancy decontrol is a fully protected long term tenant and an owner of the property who is able realize a fair return on the unit once it is vacated.
What is Vacancy Decontrol?