The government of President Joe Biden launched a new policy that seeks Americans to save on “junk” expenses when renting a home.
This is a plan that the White House Competition Council has worked on in recent months and that has achieved the support of some companies to begin its implementation.
The Biden Administration indicates that the real estate companies impose expenses that may be excessiveeven superior to essential administrative procedures.
“(Those ‘junk’ costs include) rental application fees that exceed the actual cost of running a credit or background check, and additional fees such as so-called ‘convenience fees’ for paying rent online,” it warns.
Each company imposes its own “extra cost” rateswhich can seriously affect the economy of those looking to rent a home.
“Application fees can be up to $100 or more per application and prospective tenants often apply for more than one apartment, paying hundreds in application fees, including apartments that are no longer available,” it says.
The Biden Administration managed to get companies like Zillow, Apartments.com and AffordableHousing.com pledge to release new features on their websitesso prospective tenants can review all fees in advance.
“So that (potential tenants) can compare prices and know what they are paying up front,” says the plan shared by the White House.
This is a first step in improving the experience for those who rent a house or apartment, as the Department of Housing and Urban Development will also work on a plan to eliminate “junk” fees altogether.
The Competitiveness Council is also working on a law enforcement guide, which received 5,000 comments, to prevent monopolies and improve the costs of products and services in all sectors, including agriculture.
Some actions of the new policy are already operating, which would help to have access to better prices on supermarket products, it was anticipated.
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