In any city where the majority of people are renters, the projected rise of a 5% increase in rent is anything but good news.
Over 61% of households in Los Angeles are inhabited by renters; one of the highest rates in the country. Under the citys Rent Stabilization Ordinance (which limits annual rent increases to about 3%, as long as the same tenants are in the unit) tenants have some protection. However, this law only applies to housing built prior to 1979 (when the Ordinance came into effect); an ever-shrinking housing stock in this city.
As the increase in rent skyrockets, Landlords are motivated to get rid of longtime tenants paying below-market rent. Landlords cite they have been hit with significant increases in real estate taxes, and rising fuel costs, and deserve compensation.
Owning a rental investment property hasnt always been so profitable for Landlords. In fact, between 2000-2004, rents were not being increased because most tenants were vacating rental properties to buy houses or condos (300,000 apartments were converted to condos for sale during this time in Los Angeles).
This home-buying frenzy spurned investors to purchase an abundance...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
