Los Angeles Rent Rollercoaster: Can Your Landlord Crank Up the Price in 2023 (and Beyond)?
Ah, Los Angeles. The land of sunshine, surf, and...skyrocketing rent? If you're a renter in the City of Angels, you've probably wondered if your landlord has the keys to your bank account as well as your apartment. Let's buckle up and navigate the wild world of rent increases in LA, 2023 edition.
Rent Freeze Frenzy! (But It's a Frigid Farewell)
Hold on to your hats (or rent-controlled helmets)! There was a rent freeze in place for most of LA in 2023. That's right, rents couldn't climb higher than Mount Baldy – a sweet relief for tenants in a scorching rental market. But like a rogue wave, this freeze ended on January 31st, 2024. So, grab your boogie boards, because we're about to catch a wave of...
Rent Increases: A Not-So-Chiller Thriller
Now, with the freeze thawed, landlords can potentially raise rents. But here's the twist: it depends on what kind of apartment you're chilling in.
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Rent-Controlled Royalty? If your apartment was built before 1979 (or falls under some special exceptions), you might be under the protection of the Rent Stabilization Ordinance (RSO). This fancy ordinance dictates how much rent your landlord can legally squeeze out of you. In 2023, increases were capped at a cool 8.8% (don't worry, that number includes inflation, so it's not quite as scary as it sounds). As of February 1st, 2024, things changed a bit, with a 4% increase allowed.
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Post-1979 Peons? If your digs are newer than 1979 and not covered by RSO, well, buckle up. Landlords generally have more freedom to raise rents in these buildings. California's Tenant Protection Act (AB 1482) limits annual increases to 5% + local inflation (around 3.8% in August 2023) or 10%, whichever is lower.
Need a Rent Roadmap?
Here's the not-so-fun part: figuring out if your place is rent-controlled. Don't worry, you're not expected to be a detective (though those skills might be handy in LA). The City of Los Angeles offers a nifty online tool to check: [LA Rent Stabilization Ordinance tool].
Important Side Note: The Power of Knowledge (and a Notice)
Even with rent control, landlords gotta play by the rules. They need to provide a written notice 30 days in advance of any rent increase (except for those whooping 10% bumps). So, if you don't get a proper heads-up, you might have some legal wiggle room.
The Rent Hike Rundown: A Recap (with Sass)
- Rent freeze in most of LA for 2023 (score!).
- Rent control for some lucky ducks (check that RSO status!).
- Increases capped at 8.8% in 2023, 4% since February 2024 for rent-controlled apartments.
- California's AB 1482 limits increases for non-rent controlled places (thank goodness for limits!).
- Knowledge is power, so check that RSO status and know your rights!
Remember, this is just a whistle-stop tour of the LA rent jungle. If you're facing a rent increase that seems fishy, consult a tenant lawyer or your local housing department.
Here's to hoping your rent stays flatter than a Hollywood starlet's stomach after awards season!
