IET Real Estate Los Angeles Blog

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The Rent Stabilization Ordinance (RSO) has brought about a lot of changes for 2017. Among the most important of these are the Tenant Buyout Notification Program, or "Cash for Keys". Many of us have probably heard of, if not experienced firsthand, a landlord looking to strike a deal with a tenant to get them to move out of their unit. This tends to happen a lot in developing neighborhoods, where someone is looking to renovate an entire building and reopen at a higher pricing tier.

As this trend has grown, the city has taken notice. Through the Cash for Keys program, tenants in RSO covered housing will be better protected as tenant buyouts become more regulated and streamlined.

 

Knowledge is Power

 

One of the main ideas behind RSO changes for 2017

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The Los Angeles Housing and Community Investment Department (HCIDLA) held a public hearing on Wednesday, February 1st down on Vermont and 85th street. The purpose was to discuss how federal funds are being used by the city to help communities in Los Angeles. Here's what they shared...

 

Five Years Later 

The speaker pointed out that HCIDLA was now in its 5th year of its 5-year program. This program has had four main objectives to help improve conditions. These are: 

  • The Community Development Block Grant
  • Home Investment Partnerships Program
  • Emergency Solutions Grant
  • Housing Opportunities for Persons with AIDS
The U.S. Department of Housing and Urban Development required that the city submit plans for these grants, and it has been a…
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Los Angeles is a very big, mixed up, beautiful mess of a city. Itís got bits that are clean and pretty, others that have more grit with hidden drinking and dining gems hiding behind nondescript storefronts and in back alleys. There are two things nearly all of LA has in common: low vacancy and high rents.


Rental site, Zumper, shows most of West LA from Playa Del Rey to Brentwood sitting at average 1-bedroom rents of over $1,800, with a number of hotspots over $2,400, and with Santa Monica alone able to claim an average of over $3,000 as if trying to compete with San Francisco prices.


While most Angelenos feel the increases on their finances, eyes turn to the battalion of construction cranes that dot the skyline. Before long, those cranes get replaced by

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If you’ve driven through downtown LA on the 110 in the last few months, you’ve probably noticed the new construction that’s been taking shape on the iconic landscape.

 

What you’ve been driving past is soon to be Metropolis, an ambitiously large-scale complex of retail shops, a restaurant, a boutique hotel, a garden and three towers of luxury condos that start reaching into the skyline from six stories above the street.

 

Here’s a rundown of the three residential towers.

 

 

Tower I 

This tower has already sold most of its availability, and there’s every indication that they will all be sold by the time the tower is available for move-in. Offering 308 units in its 38 stories, this will be the first of the towers to open. It's luxury

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Increasing numbers to tenants are becoming familiar with the Rent Stabilization Ordinance, and most rental property owners are already familiar with it. For more information on the Los Angeles RSO, have a look here.

 

RSO and most of its regulations have been in place for some years now. However, there are some changes taking effect in 2017 that tenants and owners should both be aware of.

 

Rent Registry Ordinance

 

Effective as of October 4th 2016, the LA City Council has enacted the Rent Registry Ordinance, which applies to all properties covered under RSO. 

 

What landlords need to know

 

  • All properties under RSO must be registered by the last day of February each year
  • A separate form must be submitted for each
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Down on the corner of South Virgil Avenue and 5th Street, a short walk away from the bustle of 6th street and Wilshire Blvd, are the luxury condos of Element 436.

 

Having opened its doors in July 2016, Element 436 is a new structure that houses luxury condos near the heart of Koreatown. All residences offer either 2 bedrooms and 2 baths, or 3 bedroom and 2 baths with varying floorplans. Square footage ranges from 1,042 to 1,164 for the 2 bedroom homes, and from 1,341 to 1,385 for 3 bedrooms.

 

Prices have more variance than sizes, starting at $597,600 and reaching up to $914,500 for penthouse level homes. These prices have been rising as more residences are being purchased, so hesitating on getting a spot here won’t do you any favors.

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I recently visited the Los Angeles City East Valley Animal Shelter and learned quite a bit about Pets in Rental Housing for Landlords. Furry friends in a rental can be an area of tension between tenants and landlords, but it doesn’t have to be! As a landlord, you can quickly fill vacancies, gain a little extra income from pet fees, and tenant who own pets tend to stay longer in the same rental (an average of 18 months in LA). Alongside the pros, you may run into some cons. Under the unfortunate circumstances of your tenants having nuisance pets, here are some tips for taking care of the issues:   

  1. Act quickly! A landlord who waits too long to take action may forfeit their right to object.
  2. Refer to the lease agreement your tenant
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On my recent visit to the Los Angeles City East Valley Animal Shelter I learned quite a bit from their meeting on Pets in Rental Housing. Furry friends in a rental can be an area of tension between tenants and landlords, but it doesn’t have to be! Landlords can quickly fill vacancies and gain a little extra income from pet fees, while the responsible pet owners get to live happily with their companions. It’s a win-win situation. Here's how you can land your dream apartment, and bring your dog or cat along!


  1. Provide your prospective landlord with a resume for your pet (see example below). Write a nice cover letter, and tag on a letter of recommendation from your neighbors or previous landlords as

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Many of you may remember the horrific damage done by the 6.7 magnitude earthquake that shook Northridge, CA in 1994, or maybe even Loma Prieta during 1989. Thankfully, Los Angelenos haven’t been hit that hard since, but there is still much work to be done.


What many considered long overdue, on November 22, 2015, the Los Angeles City Council put into effect the Earthquake Hazard Reduction Ordinance, establishing mandatory standards to reduce earthquake hazards and damage. The law determines that seismic retrofitting on soft story buildings is an effective method of work that benefits the structural integrity and safety of the whole building. It protects the safety of Los Angeles residents and properties alike. The City has

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Don't Have time to read up on all the propositions or go to a "Proposition Party" (yes I did that last night)?...

 

Friends at LA Weekly have put together this handy cheat sheet...JUST FOR YOU!!!

 LA Weekly Voter Cheat Sheet

Awwww...wasnt that nice of them...be sure to click on 2-3 banner ads next time you read something on www.laweekly.com

 

 

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