RSO Properties in the City of Los Angeles: 7% Rental Increase as of 02/2024!

Dear Investor,

Under the new Rent Stabilization Ordinance (RSO) that will come into effect on February 1, 2024, landlords of RSO properties will be allowed to resume permissible rent increases.

According to the new updated RSO guidelines, the annual allowable rent increase from February 1, 2024, through June 30, 2024, will be 7% unless otherwise amended by the City Council. In addition, landlords may add an extra 1% for gas and 1% for electric service if they provide these services to the tenant.

However, it is important to note that no banking or retroactive rent increases will be permitted. To ensure transparency, landlords are required to provide a written notice at least 30 days in advance for all rent increases. This notice should clearly outline the new rental amount, effective date, and any applicable additional charges for gas and electric services.

CLICK HERE FOR A COPY OF THE NOTICE

Shant Sherbetdjian and his staff are committed to keeping our investors well-informed and up to date. If you have any questions or need further clarification, please do not hesitate to reach out to me. I am available at your convenience and would be glad to assist you. I eagerly anticipate the opportunity to dive deeper into this matter during our discussion.

Sincerely,

Southern California Apartment Group