A bill for an act relating to rent increases under residential landlord and tenant rental agreements and in manufactured home communities and mobile home parks.

HF 740 limits rent increases for current tenants in Iowa residential rentals and mobile home parks. Landlords cannot raise rents more than three times the Midwest consumer price index (CPI) increase over the past year or the assessed property value increase (whichever is higher), whichever is greater. Mobile home park tenants must receive written notice of any rent increase at least 90 days before it takes effect. The bill directly affects existing renters in these housing types by capping annual rent hikes based on economic or property value metrics.