HB 2904 places restrictions on rent increases for residential and manufactured home tenancies. It caps rent increases at 5% per lease term for affordable housing and 10% for other housing unless major renovations have been completed in the past 12 months. If a landlord imposes the maximum allowable increase, they must provide a written explanation of the economic conditions or renovations necessitating the change. Violations result in financial penalties, with each rental period of non-compliance treated as a separate offense. The bill applies to leases entered into or renewed on or after January 1, 2026​.