This LA Nonprofit Leads The Way in Innovative Rental Solutions

Written by Apartment Management Magazine on May 21, 2021. Posted in Blog

LeaseUp helps property owners find qualified renters fast.

While the rental market recovers from COVID-19 in a struggling economy, property owners and managers face growing collections of unpaid rent and a looming eviction crisis. But property owners in LA County have a solution that provides financial security and support: LeaseUp. The nonprofit connects them with rent-ready tenants and steady, monthly rental collections.

Powered by PATH, LeaseUp is an innovative program backed by the Los Angeles Homeless Services Authority (LAHSA) and serves over 600 property owners and managers in Southern California. LeaseUp sets out to offer benefits and stability to property owners and managers in LA County and provide housing for people who are struggling to make ends meet.

The success of the program is due to its property owner-focused approach. Not only does LeaseUp provide a dedicated concierge service that helps property owners find the right renter for their units and navigate any issues with tenants once the tenant has moved in. LeaseUp also waives listing fees and provides unit holding fees for up to two months, property damage protection of up to $10,000, and vacancy loss fees.

So, how do you qualify for LeaseUp? Property owners and managers sign up and qualify to gain acceptance into the program. Once approved, the housing specialist works with a property owner or manager to list their property online, find applicants, and assist with paperwork. After move-in, the specialist provides ongoing support should any issues arise and connects property owners with mediation services if necessary.

As for the tenants, the majority of LeaseUp tenants use government subsidies, like Section 8, to cover a significant portion of rent. While government-backed housing subsidies offer a solution to the monthly rent check quandary, signing onto this kind of agreement with tenants can raise a variety of concerns among property owners and managers.

LeaseUp addresses these concerns head on. Worried about an issue you don’t see addressed here? Don’t hesitate to reach out to the LeaseUp team at Leaseupla.org.

Timely rent payment

How you get paid depends on the housing program the tenant participates in, but know that you can definitely count on a monthly check. Why? You aren’t counting on an individual whose income may vary month to month. Instead, you can be sure that in this case, the government has you covered.

Rental rate

Good news: LeaseUp will make sure you bring in a fair rent based on your location and amenities. Just like the payment terms, the exact percentage depends on the specific program the tenant participates in.

Additionally, while you may collect slightly less money in rent every month, there’s a good chance you’ll make it up with consistent payments. When you sign on with LeaseUp, you are guaranteed a holding fee of up to two months rent until your unit is filled. Once it’s occupied, LeaseUp tenants tend to stay longer than your average renter. And if a match doesn’t work out? LeaseUp provides a vacancy loss fund.

Renting to someone experiencing homelessness

Particularly in a market like LA County that has a critical shortage of affordable housing, so many people are struggling to make ends meet. LeaseUp provides the support they need so they don’t have to worry about losing the roof over their head.

To qualify for LeaseUp, tenants must be enrolled in a program that provides support services. Prior to move-in, tenants meet with supportive services to discuss their specific needs. Based on this meeting, tenants are connected to resources, such as job training, healthcare, mental health counseling or addiction treatment, and education.

Also, LeaseUp prides itself on customer service. The program is specifically designed to support property owners and managers. Case in point: the aforementioned housing specialist. When you sign up for LeaseUp, you work closely with a housing specialist, who is available to help you navigate any issues that arise with tenants.

Property damage

One of the great benefits of working with LeaseUp is protection for property managers and owners. LeaseUp can cover property damage and unpaid rent up to $10,000 after the security deposit has been applied.

Evictions

The need for eviction has been extremely rare with LeaseUp, but in the event that it’s required, you can count on getting the support you need. While the LeaseUp team does not have the authority to initiate the process, LeaseUp is committed to ensuring a positive experience for landlords and tenants.

Ready to sign up? Visit leaseupla.org.

*Please note that leaseupla.com is a commercial real estate company and is in no way affiliated with LeaseUp powered by PATH.