News: Vacancy RatesFilter
Over objections from CAA, the city of Los Angeles is rushing to place a “vacancy tax” measure on the November ballot that could create steep tax penalties for landlords with unoccupied units. The Los Angeles City Council on Tuesday unanimously directed staff lawyers to draft the proposal, which is being modeled after ordinances in Oakland and Vancouver, Canada. On Tuesday, the council is expected to decide whether to place the measure on the ballot — a move that would cost the city at least $12 million.
Among large metros, Oakland nabbed the No. 1 position on the list of the country’s annual rent growth-leaders as of the third quarter, according to MPF Research. Pricing for new leases in Oakland grew 7.9 percent during the past year. While San Francisco ceded the top spot to Oakland, pricing power remained strong with rates up 6.6 percent annually. Rents climbed 5.9 percent in San Jose, according to MPF. Other strong performers in rent growth included the Southern California trio of Orange County, San Diego and Los Angeles, which just missed MPF’s top-10 list. “Improving performances in Southern California are… Read More
In the Silicon Valley, apartment rent prices jumped an average of $134 in the second quarter. “It shows there’s plenty of demand,” says Joshua Howard, executive director of the California Apartment Association’s Tri-County Division. “With the lack of homes available for sale, more people are renting. And with home prices going up, some consumers are figuring out it’s less expensive to make a rent payment.” For more specifics on average rents in the state’s top markets, check out this article in the Silicon Valley Business Journal. Despite high demand, occupancy dropped slightly in the Silicon Valley, something Howard attributes to… Read More