So You Wanna Be a Real Estate Mogul in L.A.? Rent Hike Edition (circa 2023, not 2024, because whoops, time travel is hard)
Ah, Los Angeles. The land of dreams, smashed avocados, and the burning question every landlord eventually asks: Can I raise the rent? Buckle up, buttercup, because navigating rent increases in L.A. County in 2023 was a wild ride that would make a rollercoaster jealous.
First things first, let's get you oriented. In 2023, California's statewide Tenant Protection Act (AB 1482) was cruising along, limiting rent increases to a cool 5% + local Consumer Price Index (CPI), or a flat 10%, whichever was lower. So, if you were feeling feisty, you could've potentially bumped the rent by 8.8% (thanks, inflation!).
But hold on to your overpriced lattes! Los Angeles County also has its own set of rules, particularly for unincorporated areas (think charming towns outside the city limits). Here, the Mobilehome Rent Stabilization Ordinance (MRSMOPO) reigned supreme. In 2023, it kept things chill with a standard annual increase cap.
Now, here's where things get interesting. Remember that whole inflation thing? Yeah, it wasn't exactly a fan of rent freezes. Seeing the struggle, Los Angeles County swooped in with a temporary rent increase cap in December 2023. This meant, even with AB 1482 and MRSMOPO, there were new limitations depending on your location.
But fear not, aspiring real estate tycoon! This cap was temporary (and let's be honest, who remembers temporary anything in 2023?). It expired in June 2024, which isn't exactly relevant to our 2023 time capsule.
The moral of the story? Rent increases in L.A. County in 2023 were a complex beast. Always check with local regulations before unleashing your inner rent-raising rocket.
P.S. Looking for rent increase rules in 2024? Fear not, intrepid landlord! Those are a whole new can of worms (or should we say avocado toast?). But hey, at least you have something to keep you busy while you perfect your rent-increase negotiation skills.
