Have You Raised Rents Lately?

Have You Raised Rents Lately?

Many multi family owners have not raised rents in the last couple of years because of COVID. There are cities, such as Los Angeles and West Hollywood who have extended the moratorium on rent raises along with the eviction moratorium, which now goes until June 2023. AB 2179 which extends the eviction moratorium, also leaves some groups of tenants not protected by the legislation.

It’s complicated. As brokers we do not offer legal advice. Check with your Apartment Association. Speak to a licensed attorney SPECIALIZING in Tenant- landlord law. Many lawyers are not even sure about the process. And finally, if it is legal for you to raise rents make sure you understand the maximum percentage allowable IN YOUR JURISDICTION.

You may be leaving money on the table every month! PRS PROPERTIES can help you with a rent survey to give you an idea of the current market rents for your property. We can also let you know what your building is worth.