What is the Purpose here? Landlords do have difficult tenants some times and should be allowed to raise the rent for a difficult tenant! We have a housing shortage now, do you really think this will help? I have 4 Rentals and if this passes, I’m likely to sell and get out of CA, don’t you think other landlords feel similar? If the Market doesn’t have growth for 5 years (let’s say) and then grows very healthy for 5 years, can I take my 7% Increase from a previous year and add it to this year (I’m sure the answer is no here!)
Buy&Hold Hi, Rent can be set a market value, or your perceived value. Your perceived value may not equal what a consumer would pay. You can not raise rent because someone is difficult, a similar example would be a wedding planner who wants to charge more for a difficult bride. Your fee needs to be your fee, rent needs to be rent, across the board, no matter who walks through the door. You should ensure that your rate is comparable to the improvements, location, and amenities provided in your rental. This post is not to scare you, but to inform you as to what may come on the ballot, and what is being discussed between your legislators (senate and assembly) and what your realtors are doing to protect your property rights by negotiating against the current terms. Also, property management is a suggestion I have for anyone who requires a second party to oversee, and sift through potential applicants to ensure your base requirements are met for tenants. I’m more than happy to assist you with property management, with rent collection, application review and marketing for ideal clients, etc. If you have any more questions feel free to ask, or call me. If you’d like NG assistance with property management, I’m more than happy to work with you for a solution to continue with your current strategy of buy&hold, which will benefit you long term. Congratulations on investing and being aware of potential changes around you.
How many multi units? If you had a tenant at $1200 and the move, can you then increase rent to say $2000? Or are they going to cap the amount for the next tenant as well??
nawluck it’s not written specifically as a number for multi units, the numbers are written to exclude singe family residents owners/property landlords (an owner who owns less than 10 single family residents) Once a tenant leaves ($1200), yes you can reset the rent to $2000 or whatever the market rate is in your specific area. My assumption (to your question) is that there are repairs (interior and exterior) and remodeling, that will also justify the increase. Potentially a building that is in disrepair, dilapidated or deferred maintenance by the owner. Your next tenant will be capped YES, at 7%, and in areas similar to LOS ANGELES is 10%. -- If you need help purchasing or with property management I’d love to assist you. Contact me 909-741-0008
Hi Nawluck, depending on where you own property there is another change occurring for Los Angeles County property owners within unincorporated areas. There is a rent Stabilization Ordinance with filing fee that has been created effective this year.
What is the Purpose here?
Landlords do have difficult tenants some times and should be allowed to raise the rent for a difficult tenant!
We have a housing shortage now, do you really think this will help? I have 4 Rentals and if this passes, I’m likely to sell and get out of CA, don’t you think other landlords feel similar?
If the Market doesn’t have growth for 5 years (let’s say) and then grows very healthy for 5 years, can I take my 7% Increase from a previous year and add it to this year (I’m sure the answer is no here!)
Buy&Hold Hi,
Rent can be set a market value, or your perceived value. Your perceived value may not equal what a consumer would pay. You can not raise rent because someone is difficult, a similar example would be a wedding planner who wants to charge more for a difficult bride.
Your fee needs to be your fee, rent needs to be rent, across the board, no matter who walks through the door.
You should ensure that your rate is comparable to the improvements, location, and amenities provided in your rental.
This post is not to scare you, but to inform you as to what may come on the ballot, and what is being discussed between your legislators (senate and assembly) and what your realtors are doing to protect your property rights by negotiating against the current terms.
Also, property management is a suggestion I have for anyone who requires a second party to oversee, and sift through potential applicants to ensure your base requirements are met for tenants.
I’m more than happy to assist you with property management, with rent collection, application review and marketing for ideal clients, etc.
If you have any more questions feel free to ask, or call me. If you’d like NG assistance with property management, I’m more than happy to work with you for a solution to continue with your current strategy of buy&hold, which will benefit you long term.
Congratulations on investing and being aware of potential changes around you.
How many multi units? If you had a tenant at $1200 and the move, can you then increase rent to say $2000? Or are they going to cap the amount for the next tenant as well??
nawluck it’s not written specifically as a number for multi units, the numbers are written to exclude singe family residents owners/property landlords (an owner who owns less than 10 single family residents)
Once a tenant leaves ($1200), yes you can reset the rent to $2000 or whatever the market rate is in your specific area. My assumption (to your question) is that there are repairs (interior and exterior) and remodeling, that will also justify the increase. Potentially a building that is in disrepair, dilapidated or deferred maintenance by the owner.
Your next tenant will be capped YES, at 7%, and in areas similar to LOS ANGELES is 10%.
--
If you need help purchasing or with property management I’d love to assist you. Contact me 909-741-0008
Hi Nawluck, depending on where you own property there is another change occurring for Los Angeles County property owners within unincorporated areas. There is a rent Stabilization Ordinance with filing fee that has been created effective this year.