Between showings, lease signings, maintenance, and renewals, there are myriad carefully coordinated tasks that must be completed on-site every day. To be as successful and efficient as possible, property management teams need to operate like well-oiled machines. Unfortunately, most property management teams aren’t working that way today.
News and Events
Residential rental concessions are hitting a two-year high with 30% of listing offering at least one concessions, according to Zillow based on its own rental listings. The previous recent high was in February 2021, where 37% of listings offered concessions. Because the data set is all through Zillow, it would be considered self-selected and so unlikely to be statistically representative of the entire country. However, it also is a large number of rental listings and not something to be ignored offhand.
Apartment rents are expected to grow between 2% and 4% in the next two years in all five Southern California housing markets, according to the new University of Southern California Casden Real Estate Economic Forecast. In Los Angeles County alone, rents are projected to grow 2% over the next two years.
LOS ANGELES (CNS) - The Los Angeles City Council Wednesday approved a motion seeking to improve the city's housing inspection capabilities to ensure timely and quality repairs for renters, and to encourage tenants and landlords to fully participate in the process.
The Council voted 12-0 on the matter. Council members Paul Krekorian and Curren Price recused themselves because they are landlords, and Councilwoman Monica Rodriguez was absent during the vote.
In a heated committee meeting on Wednesday, Los Angeles city councilmembers struck down a proposal for a six-month extension on a pandemic-era ban on rent hikes that has covered most L.A. apartments for the past three-and-a-half years.
Instead, the council’s housing committee voted to advance a plan that would lower allowable rent increases scheduled for Feb. 1 from 7% to 4%. A rule that allows an additional 2% for landlords who cover gas and electric costs will remain, bringing the highest allowed increase to 6% in some cases.
That plan will now advance to the full city council for a final vote.
Landlords are getting saddled with higher costs. With everything going up, can you talk about passing costs onto tenants?
Q: Landlords are getting saddled with higher costs. With everything going up, can you talk about passing costs onto tenants? Also, RUBS, where units with more tenants pay a higher share of utilities. Seems sensible to me.
We have a great deal of empathy for housing providers facing rising costs while being constrained in how much they can raise rents. While inflation has become a much-covered topic, the numbers are deceiving. The Consumer Price Index (CPI) takes into account certain consumer staples and does not adequately reflect the climbing costs landlords incur, such as appliances, what contractors are demanding for repairs, building materials, property taxes, and indeed, utilities.
Despite these hardships, we have to be careful in raising rents because Big Brother is watching, tenants have plenty of recourse to air out their grievances, and there is no shortage of tenants’ attorneys looking to find mistakes and even the score.
SAN FRANCISCO – Renters in California will no longer be asked for a security deposit larger than one month's rent, under a bill signed into law by Gov. Gavin Newsom.
On Wednesday, the governor signed Assembly Bill 12 by Assemblymember Matt Haney (D-San Francisco). According to Haney, the measure would stop the practice among certain landlords to charge two or even three times the monthly rent as a security deposit.
Soon some renters priced out of Pasadena, or otherwise evicted for no fault of their own, will get financial compensation and other forms of assistance from their landlord to help them relocate.
The Pasadena Rental Housing Board will adopt regulations establishing relocation assistance and services for covered tenants — those subject to no-fault evictions or large rent increases — at their Wednesday, Sept. 27 meeting.
For property owners considering EV charging infrastructure on their properties, the multiple benefits and incentives justify the initial costs.
As CRE investors and stakeholders continue to pursue sustainability and decarbonization efforts to support their ESG policies, one effort should not be overlooked when assessing the overall efficiency of a property. The installation of electric vehicle (EV) charging stations on commercial real estate properties has multiple benefits, not only contributing to a company’s ESG goals, but also helping to increase property value by attracting and retaining tenants and customers as more people switch to EVs. With currently available national and state incentives for installing EV charging infrastructure, this is an ideal time to consider adding it to your properties.