Los Angeles Property Management
Los Angeles Property Management knows that in several metropolitan cities rent is escalating, there are more than a handful of vacancies everywhere and development is slow.
This situation has increased an interest for there to be changes in existing rent controls, and for the creation of new ones.
Los Angeles Property Management – The City Keeps Growing
Los Angeles Property Management has seen an alarming amount of apartments that have risen rent by 26 percent in California and 23 percent in Los Angeles County, this is according to Zillow.com over the past three years.
The study showed that about 2 million households spend at least 30 percent of their income solely on housing.
Unfortunately, the homeless population has grown by 23 percent.
Even with rent control there are still housing shortages everywhere, this makes it a bit more difficult to find affordable housing.
Rent Control Procedures
Los Angeles Property Management has learned, that rent control has it’s restrictions on property owners.
Property owners can’t raise rent more than a set amount, this is about 3 percent a year.
Demand for controls, historically, have been driven by stories of high increases that were forcing people with lower and middle income to have to leave their homes.
When this happens, it imposes a price cap that creates an artificial shortage of available units, as whoever is renting an apartment will choose to stay put.
Los Angeles Property Management says, when the market has high increases that force rent control, renters pay lower rates than the market can support.
This leads to wealthy people paying incredibly low rents.
If a tenant was to vacate a rent controlled unit, this is when the property owner increase the rent to reflect the marketplace.
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