Calculation of the CPI Rent Adjustment. Beginning in 2002 until July 31, 2022, the
CPI Rent Adjustment is the average of the percentage increase in the CPI—All items
and the CPI—Less shelter for the twelve-month period starting on March 1 of each calendar
year and ending on the last day of February of the following calendar year calculated
to the nearest one-tenth of one percent (0.1%). Beginning on August 1, 2022, the CPI
Rent Adjustment is (1) sixty percent (60%) of the percentage increase in the CPI-All
items published for April of that calendar year from April of the immediately preceding
calendar year calculated to the nearest one-tenth of one percent (0.1%), or (2) three
percent (3%), whichever is lower.
4.
Effective Date of CPI Rent Adjustments. An owner may notice a rent increase for a
CPI Rent Adjustment so that the rent increase is effective during the period from
August 1 following the Rent Adjustment Program's announcement of the annual CPI Rent
Adjustment through July 31 of the next year. The rent increase notice must comply
with state law and take effect on or after the tenant's anniversary date.
5.
Banking. In accordance with rules set out below, an owner may bank CPI rent adjustments
and notice a Banking Rent increase concurrent with a CPI Rent Adjustment.
a.
If an owner chooses to increase rents less than the annual CPI Adjustment permitted
by the ordinance, any remaining CPI Rent Adjustment may be carried over to succeeding
twelve-month periods ("banked"). However, the total of CPI Adjustments imposed in
any one (1) Rent Increase, including the current CPI Rent Adjustment, may not exceed
three (3) times the allowable CPI Rent Adjustment on the effective date of the Rent
Increase notice.
b.