Join Us for the 10th Annual Income Property Management Exposition on May 24th

Written by Apartment Management Magazine on . Posted in Blog

The Wait is Finally Over: Join Your Peers for the “Business of Property Management”

For over a decade, the Income Property Management Expo & Exhibition (IPME) has provided property owners, managers, investors, and real estate professionals with the information they require to succeed in the ever-changing real estate business.  With the increased demand for rental housing, an unprecedented rate of inflation, rising interest rates, and pandemic-driven moratoriums, it’s time to be reinvigorated, get back to work, join together with peers and industry experts, and learn how to navigate the new normal of today’s real estate marketplace. IPME attendees will discover many new strategies and tools property owners and investors require to thrive in this post-pandemic environment.

The Los Angeles Area’s largest, most important annual property management expo is back after a two-year, pandemic-driven hiatus, offering fresh strategies so attendees can get back into the game of making informed real estate decisions.

Written by Apartment Management Magazine on . Posted in Blog, Laws & Regulations, Leases & Legal

SEPTEMBER 3, 2020

Governor Signs Assembly Bill 3088, the “Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020”

Bill Passed by Overwhelming Majority, Bipartisan Vote in Both the Assembly (59-9) and Senate (33-2)

As anticipated, late Monday night, Assembly Bill 3088, the “Tenant, Homeowner, and Small Landlord Relief and Stabilization Act of 2020” was signed into law by Governor Gavin Newsom and takes effect immediately.  The “key” provisions contained in the legislation are described below.

Written by Apartment Management Magazine on . Posted in Blog

In response to the Coronavirus (COVID-19) pandemic, cities throughout California are issuing orders and adopting urgency ordinances establishing temporary eviction moratoriums on evictions due to non-payment of rent for renters impacted by COVID-19.  Some cities are also prohibiting “no-fault” evictions except in limited circumstances.  In addition, some cities are also prohibiting Ellis Act evictions.

The number of cities that have instituted temporary eviction moratoriums continues to expand.  The list provided below is a sampling of the cities, with links to their orders and/or ordinances, that have implemented temporary moratoriums and not inclusive of all the cities that may adopt such moratoriums.  The Apartment Association of Greater Los Angeles is committed to providing updated information throughout the pandemic.

Coronavirus (COVID-19): How Should Landlords Respond?

Written by Apartment Management Magazine on . Posted in Blog, For Landlords, Landlord Tips, safety

Rely on the People Who Know Science.

When coronavirus has been detected in a rental unit, the first and most compelling course of action is to call local public health officials to seek guidance in how to handle it.

Ask the infected tenant to voluntarily place themselves in a hospital facility, or at a bare minimum, self-isolate themselves.  For someone who exhibited symptoms or has tested positive, the most prudent course of action is to admit themselves into a medical facility. We still do not yet know, though, if the health care system can accommodate an influx of patients. In last Sunday’s press conference, New York Governor Andrew Cuomo says a serious concern for his state (and, by extension, California) is that the number of infected people can severely tax the resources of hospitals.  Alternatively, a resident who tests positive for the virus can ideally self-isolate themselves in the rental unit.  Asking someone to sever ties with the rest of the world, of course, is a request that is hard to swallow, but hopefully heeded.  Tenants who are infected should be told that in the interest of transparency, other residents will be notified that someone in the building has tested positive; however, the name of the inflicted tenant shall remain anonymous.

Public Health Advisory – March 24, 2020 Event Postponed

Written by Apartment Management Magazine on . Posted in Blog

As the situation surrounding COVID-19 (coronavirus) continues to evolve, the Apartment Association of Greater Los Angeles and the producer of the Income Property Management Expo & Maintenance Mania has been committed to working closely with the City of Pasadena Public Health Department, Los Angeles County Department of Public Health and we have been monitoring guidance being communicated by the Centers for Disease Control and Prevention.

State public health experts have determined that gatherings should be postponed or canceled across the state until at least the end of March. Non-essential gatherings must be limited to no more than 250 people, while smaller events can proceed only if the organizers can implement social distancing of 6 feet per person. Gatherings of individuals who are at higher risk for severe illness from COVID-19 should be limited to no more than 10 people, while also following social distancing guidelines.

As a result, we are postponing the March 24th Income Property Management Expo until Wednesday, October 7th.  The Expo at that time will again take place at the Pasadena Convention Center. In addition, Maintenance Mania will be cancelled until further notice. Additional information regarding the event will be made available as soon as possible.

New California Rental Housing Laws: AB 1482 Is Only the Beginning…

Written by Apartment Management Magazine on . Posted in Blog

While the rental housing industry in California has been abuzz about the latest rent control and “just cause” eviction law (more on that below), Gov. Newsom has passed five other rental laws. From extended rent increase notices to the mandatory acceptance of Section 8 vouchers, you won’t want to miss these other hot-off-the-press laws.

Why Now Might Be a Good Time to Sell Your Investment Real Estate

Written by Apartment Management Magazine on . Posted in Blog

While today’s rental property owners are facing challenges and pressures they have never seen before, there are alternative investment strategies that should be considered.

By Dwight Kay, Founder and CEO of Kay Properties & Investments

Historically speaking, independent real estate investors, who held for the long-term, walked a relatively straightforward (although bumpy and slow at times) path toward achieving asset appreciation and long-term wealth. This path would often look something like this: an investor would purchase a piece of property that would potentially generate enough cash flow to cover the expenses, including principal and interest on the mortgage, insurance, property taxes, and maintenance costs. Over time, the property would (hopefully) increase in value, income (rents) would rise, and certain tax advantages like the ability to deduct operating and depreciation expenses could be utilized to improve cash flow.

Property Taxes Too Much? Checkout the Mills Act

Written by Apartment Management Magazine on . Posted in Blog

By Daniel Yukelson, Executive Director

Most property owners are unfamiliar with the Mills Act.  The Mills Act (California Government Code, Article 12, Sections 50280-50290) is a California state law that allows cities to enter into contracts with the owners of qualified historic structures. These Mills Act contracts require property owners to make improvements to and take steps to preserve their historical properties and in exchange, they are entitled to a reduction in their property tax bill to help offset the costs of continued preservation of the property.  The Mills Act is recognized by the State of California as the “single most important economic development incentive program in California for the restoration and preservation of qualified historic buildings by private property owners.

Leasing 101: What A Property Manager Needs To Know About Rent Control

Written by Apartment Management Magazine on . Posted in Blog

Contributed by the Team at LIVABLE

Rent control refers to legislation restricting rental rates in a city or state. The maximum rent that can be charged for a unit and the amount that the rent can be increased per year varies per municipality. Cities use rent control laws to regulate the housing market.

In the United States, rent control is not often used. According to a 2019 Urban Institute report, 182 towns in the United States have rent control laws, all of them located in New York, New Jersey, California, Maryland, or Washington, DC.  In fact, 31 states prohibit municipal governments from passing rent control legislation. However, in recent years, the subject of rent regulation has resurfaced, particularly in cities and states where rising living costs combined with stagnating earnings have produced a housing affordability crisis for middle- and low-income individuals, as well as for seniors living on fixed incomes.  Oregon was the first state to enact a statewide rent control law. The rule, which was passed in March 2019, limits annual rent increases to 7% plus the consumer price index increase.

The glass is half-full after lawmakers extend California’s eviction moratorium past April 1

Written by Apartment Management Magazine on . Posted in Blog

By passing Assembly Bill 2179 (AB 2179), lawmakers have given rental housing providers a sense of finality to what has been a deluge of regulations to comply with.

Early on in the pandemic, it was newsworthy when an eviction moratorium was extended. But after they were prolonged over and over again, we became resigned to them. On the eve of an extension, our clients could just automatically assume that it would be pushed further into the future.

All indications are that AB 2179 is the last and final extension of COVID-related protections

“Ask Kari!”

Written by Apartment Management Magazine on . Posted in Blog

By Kari Negri, Chief Executive Officer, Sky Properties, Inc.

Dear Kari, I recently purchased my first rental property, a 6-unit apartment building.  What are some helpful tips you can give me?  Dad always told me that “small mistakes can become catastrophic” and I want to avoid any sort of trouble down the road.

Becoming a rental housing provider is an extremely complicated endeavor. You must be aware of and keep up to date on landlord-tenant laws to avoid any unexpected problems. A minor incident in your rental property that occurs due to negligence can escalate into a catastrophic situation. Making even the smallest mistakes can wreak havoc if you do not take them seriously.

Here are some helpful suggestions that you should follow:

Fair Housing and Your Responsibility: 4 Best Practices to Keep in Mind

Written by Apartment Management Magazine on . Posted in Blog

Rae Parker

In today’s busy world, it can be challenging to keep up with changing regulations, managing employee relations, and meeting residents’ expectations. Even though it may feel like you’re juggling multiple hats, one of your biggest responsibilities is to abide by and follow fair housing laws on a federal, state, and local level. As a property manager, you should familiarize yourself with applicable laws to avoid any violations or liability, and to ensure your business stays compliant. 

A fair housing trend report from 2020 indicates that there were 28,880 reported complaints of housing discrimination in the U.S. in 2019. Even though this is a 7.5% reduction from 2018’s total (31,202), it shows that there remains an issue within the housing market that needs to be addressed. Considering that housing is the foundation for so many other crucial life factors, it’s important to not only do the right thing, but also to use it as an opportunity to break away from these statistics and be an example for others when it comes to being fair in the process for prospective renters. Here’s some best practices around fair housing that can help you protect yourself and your business.

How Rent Control Makes Housing Less Affordable

Written by Apartment Management Magazine on . Posted in Blog

Market-Based Rents Will Increase Housing Supply, Improving Quality, Expanding Choice, and Lowering Costs

By Roger Valdez, The Center for Housing Economics

Executive Summary.  COVID-19 related job loss—and the resulting loss of income for many people—has spurred state and local governments bring back an old policy solution: the imposition of eviction bans and rent controls.  From a political standpoint, it’s not surprising. Price controls can be both popular and widely accepted in a crisis. However, what starts as a short-term intervention can become a medium-term expectation—and then a permanent, ossified mandate—with entrenched special-interest constituencies. Now, more than ever, we need to carefully consider how to make housing more affordable.

The Perils and Pitfalls of Tenant Screening Through Social Media

Written by Apartment Management Magazine on . Posted in Blog

By Nicole Seidner

The internet loves to cancel people. It’s incredibly easy to look up a person’s entire history on their Twitter, find something controversial they posted in 2012, write #Cancelled and suddenly they’re the most hated person around.  The debate about if “cancel culture” is ethical is muddy with public-facing figures, but what about the average joe? You shouldn’t do this with your applicants as it will cause you to muddy the waters while screening and increase the chances of lawsuits as you see information regarding protected classes. Social media can lead landlords into searching for information that taps into implicit biases and is based solely on subjective information.

Some of the Dirty Tricks

11 Safety Tips To Give Tenants Peace Of Mind (All Property Types)

Written by Apartment Management Magazine on . Posted in Blog

There are many ways to provide a safe community: better doors, extra locks, lots of lighting around the property, security guards, a gated entry, etc. Our goal is to list a few safety tips that you might not have thought of yet. These safety tips will help give your tenants peace of mind.

1. Don’t let prospects enter units unattended

One of the most important rules in real estate is to know who is supposed to be in each unit. If strangers are walking around your properties, your residents might get uncomfortable.

Some property managers leave keys in a lockbox and give prospects the code. This isn’t a great way to show a property because you don’t know these prospects and can’t be there to answer their questions. If something were to happen to the property or a resident, you could be held responsible.

Bonus safety tip: Unless you’re using advanced self-guided tour technology, it’s safer and smarter for you or someone on your staff to be there.