Apartments Rents

[inquisitive2]

Do good apartments tenants escape yearly rent increases or are yearly increases unavoidable?

It used to be that landlords who were pleased with having good tenants wouldn't raise or drastically raise a tenants rent from year to year.

I'm wondering if this still exists in the city of Los Angeles.

[CALGUY]

Originally Posted by inquisitive2

Do good apartments tenants escape yearly rent increases or are yearly increases unavoidable?

It used to be that landlords who were pleased with having good tenants wouldn't raise or drastically raise a tenants rent from year to year.

I'm wondering if this still exists in the city of Los Angeles.

Before I liquidated most of my rental properties, I never raised the rent once a tenant was in.
The only time the rent was raise was when the unit became vacant.
I had one tenant who lived in one of my units for 15 years.
His rent was $500. and 15 years later it was still $500.
Now the rents in those buildings range from $2200 -$3000
That is what the new owner charges his tenants.

[vincenze]

If an apartment is under rent control in the city of Los Angeles, any increases were prohibited until February 2024.

Now, the allowed increase is 4%.

[CALGUY]

Originally Posted by vincenze

If an apartment is under rent control in the city of Los Angeles, any increases were prohibited until February 2024.

Now, the allowed increase is 4%.

The corporation that purchased my properties paid to have all tenants move out, then remodeled the units.
They could charge anything they wanted for new tenants, and that is exactly what they did.

[vincenze]

Originally Posted by CALGUY

The corporation that purchased my properties paid to have all tenants move out, then remodeled the units.

This is not about annual increases.

It's about no-fault evictions. Renters can get up to $50,000 for vacating apartments.

[CA4Now]

Originally Posted by inquisitive2

... are yearly increases unavoidable?

There are various laws that limit if, when, and the amount rent can be increased.

https://dcba.lacounty.gov/portfolio/rent-increases/

And if your apartment is covered by LARSO (L.A. Rent-Stabilization Ordinance):

https://www.saje.net/help-for-renter...20click%20here.

[Ruth4Truth]

Originally Posted by inquisitive2

Do good apartments tenants escape yearly rent increases or are yearly increases unavoidable?

It used to be that landlords who were pleased with having good tenants wouldn't raise or drastically raise a tenants rent from year to year.

I'm wondering if this still exists in the city of Los Angeles.

Corporate landlords don't care about good tenants. Their priority is to milk the property for as much as possible to pay dividends to the investors. In looking for rentals, always scrutinize the website to see if the building is corporate-owned or not. That info will be there somewhere. There might be a page about an investment group, or something.

Those properties get rent raises annually. In fact, if you look at the page that gives the rental rates for the different sized units, you'll see that there is no set rent! Instead, a range of rents is provided, from entry-level rate through 10 years of roughly 8% annual rent increases to a cap of nearly double the beginning rate. These properties also may not have a manager on site, or the one manager may be responsible for an entire complex of buildings, so not very available to address your concerns.

Try to find rentals owned by individuals, not Real Estate Investment Trusts (REITs), i.e. Wall Street entities. These are a booming business in the investment world, that in my opinion are contributing to homelessness.

[CALGUY]

Originally Posted by vincenze

This is not about annual increases.

It's about no-fault evictions. Renters can get up to $50,000 for vacating apartments.

I have no idea what the corporation paid each tenant to vacate, but obviously it was their plan all along to remove them in order to remodel the units.
The old adage, "you need to spend money in order to make money". applies here.