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News and Events

Where Apartment Rents Are and Are Not Rebounding

via GlobeSt.com In March, as GlobeSt.com reported, Apartment List’s national index jumped by 1.1%, which was its largest monthly increase going back to the beginning of 2017. That doubled historical growth in the month. In the previous three years, March’s year-over-year rent growth was 0.6%. In addition, the rent growth in March knocks out COVID’s declines in Apartment List’s index. The index recently started growing ahead of seasonal trends seeing improvement in both pricey coastal markets and smaller cities that have grown popular through the pandemic. Read More..

Latest Round Of Rent Relief In LA Allows Landlords To Apply For Their Tenants

via Bisnow.com After more than a year of coronavirus pandemic life and its repercussions, a looming threat has been the growing amount of rent debt. The exact amount of back rent owed statewide is not known, but estimates have ranged from $400M to $1.7B. The city of Los Angeles is accepting applications through April 30 for up to $235.5M of rent relief provided as part of the December federal stimulus bill. The funding will be awarded to qualified applicants via a lottery-style system, with preference given to applicants who make less than 30% of the area median income, or $33,800 a year for a family of four. Unlike the previous round of rent relief, this time landlords are able to apply on behalf of their tenants. Read More..

L.A. City Councilmembers look to open up adaptive reuse to supportive housing

via Urbanize.city Earlier this month, the Los Angeles City Council voted to instruct city staff to draft an ordinance which would expand the adaptive reuse ordinance citywide - on the condition that any new housing created is restricted to moderate-income households. Now that policy could be revised once again in an effort to provide shelter to the region's unhoused residents. A motion introduced earlier this week by Councilmembers Paul Koretz and Mike Bonin calls for the Departments of City Planning and Building and Safety to report on the feasibility of amending the adaptive reuse ordinance to include transitional and permanent supportive housing developments. Read More..

LA’s $235M rent relief program goes live March 30

via TheRealDeal.com The city of Los Angeles is launching its $235.5 million rent relief program on March 30, opening applications for both landlords and tenants. While the pool of funds is twice as large as the city’s last rent relief program, city officials expect it will not be enough to meet demand, according to the L.A. Times. Read More..

Los Angeles Apartment Rents Stabilize in February

via GlobeSt.com After several months of decline, Los Angeles apartment rents held stable in February, according to research from Apartment List. Average rents stood at $1,511 for a one-bedroom apartment and $1,982 for a two-bedroom. While rents have stabilized, they are down 8.3% year-over-year. “It’s likely that this is signaling a real stabilization in rents. Although rent growth was flat, it’s worth pointing out that this is the first month since February 2020 where rents in L.A. didn’t drop,” Rob Warnock of Apartment List, tells GlobeSt.com. “After a full year of steady declines, it’s possible that the pandemic-driven rent drop has run its course and that next month we’ll see rents in L.A. start to tick back up.” Read More..

Federal Judge Finds CDC’s Eviction Moratorium Unconstitutional

via GlobeSt.com US District Judge John Barker in Texas has ruled that an eviction moratorium put in place by the Centers for Disease Control and Prevention last year and then extended until March is unconstitutional. The ruling does not affect states’ eviction moratoriums. Read More..

Landlord Attorney Craig Mordoh Joins Us to Update YOU on the Latest Rules and Take YOUR Questions

via AptMags.com ATTORNEY CRAIG MORDOH joins us LIVE! Join us online for a live webinar and Q&A session with Craig Mordoh, the Apartment Association of Greater Los Angeles’ General Counsel and one of the area’s top landlord and eviction attorneys. YOU DON’T MISS THIS IMPORTANT UPCOMING, NEW WEBINAR – THIS IS YOUR CHANCE TO GET YOUR LEGAL QUESTIONS ANSWERED BY CALIFORNIA’S TOP LANDLORD ATTORNEY…ALL FOR FREE! Learn about when and how you can evict your problem tenants, how Senate Bill 80 and Assembly Bill 91 work and whether it will all be over by June 30, 2021, and the many legal strategies YOU... Read More..

Growing Share of Retailers Plan to Cut Physical Footprints This Year

via GlobeSt.com More retailers will cut their physical footprints in 2021, according to a new survey of retail CFOs by global accounting firm BDO. Approximately 40% of CFOs surveyed say they are reevaluating their real estate footprint this year, as high unemployment rates and stalled COVID-19 vaccination strategies have brands girding for a lengthy period of reduced consumer spending. Read More..

Will California’s New Employment Laws Impact Office Demand?

via GlobeSt.com This year, several new employment laws went into effect in California to tackle the impacts of COVID-19 and to ensure the safety of employees. Many of these laws broadly impact companies and office occupiers. While these laws certainly impact operations, some have the ability to hamper office demand as well, even after stay-at-home orders were lifted. The COVID-19 pandemic drove the passage of key workplace laws last year,” Dwayne McKenzie, a partner at Cox, Castle & Nicholson, tells GlobeSt.com. “The pandemic is not over yet, and depending on how 2021 unfolds, the legislature may see a need to add to, modify, or extend some of those laws.” Read More..

Biden Signs Executive Order to Extend Eviction Moratorium. Is More Rent Relief Next?

via Forbes.com Mere hours after Joe Biden was inaugurated as the 46th U.S. president, he signed a slew of executive orders in response to the continuing Covid-19 crisis. Among them was an extension of the eviction moratorium for renters who have fallen behind on their bills due to unemployment or reduced wages during the pandemic. Read More..

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