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Rent Control refers to laws that limit the amount of rents and the amounts that rents can be increased in any year. There is no statewide rent control law in the United States, instead rent control laws and regulationss are passed by individual cities. Most of the cities with rent control are located in New York, New Jersey, Washington, D.C. and California.

Rent control laws don’t just concern rent limits or rent increases. They also deal with the landlord’s responsibility to make repairs, lease renewals, evictions, and special rules for groups like senior citizens.

Over a dozen California cities have some form of rent control law.  These cities include Los Angeles, San Francisco, Oakland, Berkeley, Santa Monica and San Jose. In addition, about 100 cities and counties have laws limiting the rent mobile home park owners may charge people who lease space in their park. Altogether, about one million California households live in rent-controlled apartments or mobile home parks. While the provisions of these rent control laws vary, they typically restrict the amount of money by which a landlord (or park owner) may increase a tenant’s rent each year. If a tenant moves out of a housing unit or mobile home park, property owners may reset rents to market rates. Once the unit or space is rented again, however, rent control laws restrict the rate of future rent increases.

The city of Los Angeles has 626,600 rent-controlled residential units. Rent control law in Los Angeles applies to buildings that were constructed before October 1, 1978 and on mobile home parks whose operating permits were issued before February 10, 1986.

With the vast amount of resources and information so easily accessible one would think it would be easy for anyone to learn anything and become an expert.  However despite the vast amount of information we have at our reach, the amount of time we have remains constent. 

In many cases the amount of time we have seems to actually be decreasing. Whether it is because of longer work days or longer commutes, the free time that we have never seems to be enough and is extremely valued.  Therefore, very few individuals have the ability nor the time to sort through all the information. That is why the need for experts/specialist will always remain.

There is so much information out there that people become overwhelmed by it. Bert Sperling said it best, “It’s like trying to get a drink of water from a fire hose.”  It is so much easier and less stressful to simply call up a real estate professional that specializes in a certain field and ask specific questions about what you need to know.  It is also important that you select a true professional that really understands the business and not someone who specializes in a number of things. 

Question
My tenant insists that I cannot make repairs unless she is in the unit. This makes it very difficult to schedule workmen. Do I have to allow her to be present when work is performed?

Answer
Civil code 1954 does not require that the tenant be present. The landlord needs to serve a notice, at lease 24 hours in advance. The notice must state the date, time, and reason for entry. The entry must be during normal business hours. The tenant cannot legally alter your schedule.

Author
Dennis Block: Source

The downward momentum from last week seemed to have quelled after oil retreated from its high of $143/barrel to begin this week, but oil continues to plague stocks. Last week’s FOMC meeting indicated that the fed was still concerned about inflationary pressures, and decided, as expected, to hold interest rates. Investors await economic data this week, which includes: construction spending, the ISM Manufacturing Index, the Employment Situation, and Jobless Claims.

Interest Rate Trends
U.S Treasuries have eased from gains made last week and early this week. Sentiments over inflation and the economy push yields lower. Expect commercial rates to decrease slightly in line. To combat higher interest rates, we’ve created our “Market Solution Program”, with rates in the low 5.25-5.665% range for Multifamily and Commercial properties.

Author
Landmark Commercial Capital:Source