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If a tenant has been paying $2,500 for cramped living space and can get a better abode for a comparable rent, why wouldn’t they seize the opportunity? The spike in rental applications is not because of an influx of new faces coming to the Bay Area.
WHAT’S THE VALUE OF A GOOD TENANT?
During the pandemic, the value of a desirable tenant has gone up. If a tenant has faithfully paid rent on time, is a model resident and does not create nuisances for neighboring tenants, and is anchored to their current location, it may not make sense to raise the rent and run the risk of the ideal tenant going elsewhere. We know that a good tenant is worth their weight in gold, and it might take a long time to fill a vacancy at a higher rent amount.
Throughout the long, dark winter of COVID, we have told clients that in some circumstances, it might make sense to lower the rent in order to retain a good tenant. We’ve been careful to explain that rent debt should generally be deferred and not waived, but there are exceptions to this rule. If the landlord likes the tenant, a steady stream of rental income is flowing in, the tenant is not creating any damage to the premises and wants to stay put, it could potentially be prudent to lower the rent if the tenant is struggling and is likely to get back on his or her feet.
WHAT WILL THE MARKET LOOK LIKE IN THE NEAR TO INTERMEDIATE FUTURE?
Facing a recall election, Governor Newsom has coined the phrase, California is “roaring back.” We feel that this statement is a bit exaggerated and the economy is instead slogging back to life in a painfully slow process.
There is a mixed bag of economic news, but with reports of California unemployment claims soaring to the highest total in three months among other downers, the rental housing community should not be overexuberant by believing there will be an easy bounce back from COVID-related economic setbacks. Our community should not cling to the false hope that rents will be anywhere near pre- pandemic levels anytime soon.
HAS THE GOVERNMENT ARTIFICIALLY PROPPED UP THE FINANCIAL HEALTH OF RENTERS?
Since the outset of the pandemic, landlords have been asked to bear the brunt of the pandemic. The public policy of stabilizing housing and averting displacement has left the needs of cash-strapped landlords to the wayside. One thing the government
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CHUNG ROOFING COMPANY
HONEST CONSTRUCTION
chungsroofing
45 Years Experience FULLY BONDED & INSURED
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ALL APPLICATIONS ACCORDING TO CITY AND COUNTY BUILDING CODES. PRICES ARE GOOD FOR ALL ROOFS RANGING 30 SQ. OR MORE
Lic. No. 1032338.C39
NEW ROOFS & REROOFS
SCOPE OF WORK MATERIALS PRICE/Sq. Ft.
WARRANTY LABOR MATERIALS
SCOPE OF WORK MATERIALS PRICE/Sq. Ft.
WARRANTY LABOR MATERIALS
FLAT OVERLAY
4 PLY 28lbs. 11 lbs. 11lbs. 75lbs.
$3.00
5 YEARS
10 YEARS
SHINGLE 30 YEARS OVERLAY
30 lb. 30 YEARS SHINGLE
$3.20
10 YEARS
30 YEARS
FLAT REMOVE
4 PLY 28lbs. 11 lbs. 11lbs. 75lbs.
$3.60
5 YEARS
10 YEARS
SHINGLE 30 YEARS REMOVE
30 lb. 30 YEARS SHINGLE
$4.00
10 YEARS
30 YEARS
WOOD SHINGLE REMOVE
30 lb. WOOD SHINGLE
$4.00
10 YEARS
30 YEARS
SILICON OVERLAY
50 YEARS SILICON
$4.00
20 YEARS
50 YEARS
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1467 W. WASHINGTON BLVD., LOS ANGELES, CA 90007
213-259-0243 • 213-259-0258 • 323-863-3114
Fax: 213-745-8997
CS-14 FEBRUARY 2022 - APARTMENT MANAGEMENT MAGAZINE
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