The proposed bill seeks to enhance housing stability for tenants in Washington State by implementing new regulations under the residential landlord-tenant act and the manufactured/mobile home landlord-tenant act. Key provisions include capping rent and fee increases at a maximum of seven percent within any 12-month period, requiring landlords to provide written notice of such increases, and establishing a landlord resource center for compliance assistance. Tenants will have the right to terminate their lease if rent increases exceed the stipulated limits, and landlords are prohibited from imposing more burdensome terms on month-to-month rental agreements compared to longer-term leases. The bill also introduces specific exemptions for certain properties and mandates annual notices of rent increases, along with penalties for non-compliance.

Additionally, the bill amends existing laws regarding move-in fees and security deposits, limiting the total amount charged to one month's rent and requiring that all security deposits be held in a trust account. Landlords must provide written receipts and notifications about the deposit's location, and in the event of foreclosure, the full deposit must be refunded to the tenant or transferred to the successor landlord. The bill also outlines requirements for rental agreements, including the necessity for written terms and prohibitions on certain fees. A comprehensive assessment of the effects of rent stabilization is mandated, focusing on various impacts and due by June 30, 2028, with the section set to expire on July 1, 2029.

Statutes affected:
Original Bill: 59.18.140, 59.18.270, 59.18.170, 59.20.090, 59.20.170, 59.20.060, 59.20.030
Substitute Bill: 59.18.140, 59.18.270, 59.18.170, 59.20.090, 59.20.170, 59.20.060, 59.20.030