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FAA
FOOTHILL APARTMENT ASSOCIATION TNEWS UPDATE
he U.S. Board of Labor and Statistics Another aspect of this relatively new situation a has released its April 12-month CPI property owner/manager has to look out for is the numbers. The Los Angeles-Long application of relocation fees that could be triggered Beach-Anaheim, CA region came in at if you raise the rent above a certain percentage. Case 3.6 percent. Therefore, the maximum in point, the City of Glendale. In Glendale if you raise allowable rental increase for the next the rent more than 7% and the tenant objects to the year will be 8.6% in this region. increase and qualifies (overall household income is
Please be aware that the property must not be in a municipality or unincorporated county area that has further rent control restrictions such as the City of Los Angeles, West Hollywood, Santa Monica, Baldwin Park, or the unincorporated parts of L.A. County. For example, the City of Los Angeles allows only one rent increase every 12 months based upon the regional Consumer Price Index (CPI). But the City of L.A. is also currently under a rent freeze, as is unincorporated L.A. County. This rent freeze should end with the end of the eviction moratorium June 30th. Please keep in mind I used the word “should.”
Other than the units covered by L.A. County laws, like the units in Altadena, the only other city in our region to look out for would be Baldwin Park. Their rent control laws are like the City of L.A. and unincorporated parts of the County, one 3% increase every 12 months.
less than 130% AMI), then the owner must pay a relocation fee of multiples of the new asking rent based upon how many years the tenant has been in residency. In short, it is complicated, and we at the Foothill Apartment Association will be happy to take any questions you have concerning your particular situation.
The good news is that our region continues to improve through the Covid-19 pandemic. Most cities we serve allow for rent increases, with the rest are soon to follow. The bad news is that you do need to be aware of the local and state laws restricting how much you can raise the rent. The bottom line being that the State of California still has the Costa- Hawkins Act which allows you to reset your rents at tenant turnover. And we should all be aware of just how important preserving this essential legal protection is for our industry.
All content within this column is provided for general information and should not be treated as a substitute for the legal advice of your lawyer or any other financial or legal professional. The FAA is not responsible or liable for any decision made by a reader based on the content of this article. The FAA is not liable for the contents of any external internet sites listed, nor does it endorse any commercial product or service mentioned or advised on any of the external sites listed.
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APARTMENT MANAGEMENT MAGAZINE
10 JUNE 2021 - APARTMENT MANAGEMENT MAGAZINE AMM1/6
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