This bill amends the Arizona Residential Landlord and Tenant Act by establishing new limits on permissible rent increases for tenants. Under the proposed changes, the maximum allowable rent increase is capped at the lesser of either seven percent of the lowest rental rate charged in the previous twelve months or three percent of that rate plus the percentage change in the consumer price index. This replaces the existing law, which does not specify these particular limits.

Additionally, the bill specifies that these changes will take effect after December 31, 2024, providing a timeline for landlords and tenants to prepare for the new regulations. Overall, the bill aims to provide more predictable and manageable rent increases for tenants in Arizona.