If you're an apartment owner, I know you have a lot of questions right now. Last year, they passed statewide rent control. This year due to COVID-19, they passed eviction moratoriums. The CPI just came out so the way that you could raise your rent has been changed as well. And so I know there's a lot of uncertainty. Can you raise your rent? Can you serve a three-day notice? Can you get your property back? And also, there's questions about ADUs and how that impacts whether you're exempt from rent control or not. So to help clarify this, we're going to sit down with Bruce Menke, one of the best well-known attorneys in Long Beach, and he's going to help bring some clarity to the questions that we all have.
As your market leader in Long Beach fourplexes, we are tracking statistics, trends, and important information affecting Long Beach 4-plexes. In this 2020 Quarter 1 Market Update, we will discuss:
- COVID-19 Rent Collection
- Increased Long Beach 4-plex Inventory
- Market Response to COVID-19
- Rent Repayment Forms for Owners
With California in the midst of a housing crisis, the State has taken several steps to encourage the creation of housing through the passage of several bills such as California Senate Bill 1069 and Assembly Bill 2299. More specifically, these bills allow property owners to build Accessory Dwelling Units, also known as ADUs. Here is everything you need to know about ADUs.
Statewide rent control is here. Many owners are unaware of the new rent control law, what it entails, and how it affects their property values and management methods. For buyers, this new law will change the way that they forecast future rents and initial investment. This information and these resources are extremely important for all owners and investors to understand.