Montgomery County 2024 Voluntary Rent Guideline set to 2.6 Percent as of March 1 

For Immediate Release: Friday, March 1, 2024

 

As required by law, Montgomery County has set the Countywide Voluntary Rent Guideline at 2.6 percent for 2024. The voluntary limit on rent increases applies to the property owners of all County-licensed residential rentals, including rental units in multifamily buildings, houses, townhouses, individual condominium units and accessory dwelling units.  

The Voluntary Rent Guideline (VRG) is a calculation set by law and is based on the rental component of the Consumer Price Index (CPI) for the Washington-Metropolitan Area. The County has set the 2024 VRG at 2.6 percent, effective  March 1. The VRG for 2023 was 5.8 percent.  

County law requires that a notice of rent increase must be in writing and delivered to a tenant at least 90 days prior to the effective date of the rent increase.   

"Excessive rent hikes can exacerbate the hardships faced by many of our neighbors who are already struggling to make ends meet. While not generally mandatory, the County’s Voluntary Rent Guideline highlights a number that we encourage landlords to seriously consider as fair, which acknowledges inflationary pressures for landlords,” said County Executive Marc Elrich. “We strongly encourage landlords to voluntarily limit rent increases to no more than the VRG of 2.6 percent this year. It is fair to both landlords and tenants.”  

Visit the DHCA VRG web page for more information about the guideline, including the history of VRG increases.   

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Release ID: 24-104
Media Contact: Mark Roper 240-962-1743
Categories: Housing