Russian landlords face major shake-up in rental sector reorganisation

There are over 2.4m apartment blocks in Russia

Russian landlords: The Russian residential rental sector is bracing itself for the introduction of new legislation that will require all property management companies to register in a process that will require their top executives to sit an exam and to make a one-off payment of RUB30k ($670). There are about 2.4 million apartment blocks on Russia and the standard of utilities and overall property management are a constant cause for complaint from residents. It is estimated that the new legislation – due to come into force next year – could put between 10% and 15% of the country’s 16,000 property management companies out of business. Officials claim that  the registration requirement will raise levels of professionalism in the sector and increase transparency. The Moscow Times