Have You Raised the Rents Lately?

Have You Raised the 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 that 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.

What we at PRS PROPERTIES CAN DO. We can discuss with you the current rents in your area and supply you with comparable rental prices for similar properties. Before you hire a manager, make sure the compensation is fair to you! We can also look at your building for changes that might allow you to get a higher value in order to create value without huge expenses for your building. We can help you to get the maximum value for your property, should you decide to sell, or the maximum return if you are planning to keep your building.

We always have many investors who are looking for “as-is” properties and are willing to purchase with low rents, a moratorium, or even with a problem tenant in place. We have put together numerous transactions over the years which involve properties that are not listed for sale. Many investors are in 1031 exchanges and need to identify a replacement property before their 45-day identification period runs out.

Should you decide to put your property on the market, we will put together an aggressive, targeted, and professional campaign to get your property sold fast. We have been doing this for over 40 years, and we will use all the tools available to bring you the most dollars at closing. If you are thinking of selling or are just curious about the value of your property, don’t hesitate to give us a call.

Remember – KNOWLEDGE IS POWER!