If you own rental property in California, you've always had rules to follow. But this year brought a bigger batch of them than usual, and they've now been in effect for half a year. That's enough time to feel the real difference in your monthly costs, not just read about it on paper.

Below, in plain terms, is what changed, and a simple way to think through whether you should keep your property, refinance it, or sell.

What's changed in the last six months

• Working appliances (AB 628)

  Your fridge and stove have to work. If one breaks, you now have 30 days to fix or replace it. Waiting longer isn't an option anymore.

• Wildfires and disasters (SB 610)

  If a wildfire or other disaster hits your area, you have to pause rent and pay to clean up smoke, ash, or mold damage yourself. This can hit your budget suddenly and without much warning.

• Clear pricing for renters (AB 747)

  Every fee you charge, trash pickup, utilities, admin costs, now has to be spelled out clearly before someone signs a lease. You also can't force renters into bundled extras like shared internet packages anymore.

• Rent limits and evictions (AB 1482 & SB 567)

  You can only raise rent by 5% plus inflation each year, capped at 10% total. And asking a tenant to leave, even for a good reason, now comes with more paperwork, more delay, and often a payment to help them move.

So, keep, refinance, or sell?

Option A: Keep the property

Holding on makes sense if your rent already covers your bills and you have someone dependable managing the day-to-day. Start setting money aside now for appliance repairs, HVAC, and disaster cleanup, because waiting on these costs is riskier than it used to be. If your rent is still below what similar units nearby charge, you can keep raising it a little each year and come out ahead over time. And since it's now more expensive to deal with a tenant leaving, keeping good tenants happy is worth extra effort.

Option B: Refinance your loan

Refinancing means taking out a new loan on your property, either to get a better rate or to pull out cash. Lenders are paying closer attention to your actual monthly numbers now, since these new rules eat into what's left over after expenses. It's worth doing if you'll use the extra cash on your property: better appliances, upgrades, anything that lowers your future repair bills. Expect your lender to ask you to keep more money in reserve, in case a disaster forces a rent pause or an appliance needs sudden replacing.

Option C: Sell the property

Selling is often the right move if you're tired of shrinking profits and growing paperwork. Buyers today are looking closely at how much repair work a property needs and pricing it into their offer, so putting off repairs now could cost you more at sale time. Many owners in California sell one property and use the proceeds to buy another without paying taxes right away, through what's called a 1031 exchange, often moving into an easier-to-manage property type or an out-of-state market with fewer rules. Before you list, it's smart to check that your leases, deposits, and appliances are all in good order. Buyers will look closely, and any issues they find usually turn into a lower offer.