Advisor

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Scotty Weisstein

PartnerMultifamily Investment Sales
818.205.8847 scotty@lucrumre.com CA License: 01483264 Download Bio

L.A. CITY REQUIRES LANDLORDS PAY TENANT RELOCATION COSTS

On February 7th, 2023 Los Angeles City Council passed an ordinance which requires that landlords pay tenant relocations cost if their tenant vacates their unit due to a rental increase of more than 10% or 5% plus CPI.

The tenant relocation costs would be equal to three times the fair market value of a rental unit plus an additional $1,411 in moving costs. The fair market rent is set by the City Housing Department which has established the following amounts for the corresponding unit types:

  • Studio: $1,534
  • One Bedroom: $1,747
  • Two Bedroom: $2,222
  • Three Bedroom: $2,888
  • Four Bedroom: $3,170

This ordinance is set to impact approximately 84,000 non-rent controlled units.

Are you interested in selling your apartment building or curious how much your property is worth in today’s market? Contact our experienced team to get clarity on your real estate’s value. We can have an offer on your property or a Broker Opinion of Value to you within 48 hours!

By: Lucrum
February 16, 2023

Advisors

Raymond A. Rodriguez IV

Founding PartnerMultifamily Investment Sales
866.582.7865 ray@lucrumre.com CA License: 01402283 Download Bio

Scotty Weisstein

PartnerMultifamily Investment Sales
818.205.8847 scotty@lucrumre.com CA License: 01483264 Download Bio

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