The Real Estate business is a very complex one. Renters in the USA are also affected by inflation and exorbitant prices. Therefore, paying high rent makes their lives much more difficult. Joe Biden’s administration is aware of the fact that many people can barely afford to pay rent together with other expenses. So, they want to do something about it. They have made a statement through Secretary Marcia L. Fudge and the U.S. Department of Housing and Urban Development.
One way of reducing the costs of rent is reducing the fees. According to housing officials in Joe Biden’s administration, it would be advisable to eliminate those fees that are not fair because they are “duplicative, excessive and undisclosed” too.
In this way, fees could be more transparent and fair. Renters will certainly be happy to pay less for them and spend that money on other necessary things or services. Real Estate fees can be exorbitant in some states.
How can reducing fees benefit renters in the Real Estate market?
Not only will allow renters to have more options but they will also have larger budgets. That’s why Joe Biden’s administration wants to reduce fees and allow them to have some extra money which could be essential for 401(k) retirement saving plans. Those who have a low income are the ones that are affected the most in the Real Estate field.
There are endless fees renters have to face in the Real Estate market. Take for example those fees dealing with trash, pets, parking, administrative, security deposits, utility fees, and the list could surely go on. As rental prices went up, these fees have become unbearable. There are many states that are trying to get rid of these unfair fees.
What other fees is Joe Biden’s administration trying to get rid of?
Not only do they want to get rid of unfair fees in the Real Estate sector, but they also want to put an end to several junk fees as well as other charges customers do not expect. The White House is looking for effective ways to tackle all these hidden costs for customers. There are so many things that you end up paying much more than what you saw in the first place.
Another problem Joe Biden’s administration is dealing with is inaccurate reports from tenants. Sometimes the information given by that report is not true or even unnecessary. If tenants cannot correct that information it could be impossible for them to rent a house since the landlord may refuse them. If they accept it, they may charge some fees. Thus, making it more expensive. Hopefully, Real Estate fees that are unfair are over soon.