Short Term Rentals in the Los Angeles Market

//Short Term Rentals in the Los Angeles Market

Short Term Rentals in the Los Angeles Market

Curbed LA has an interesting article regarding the number of rental units being taken off the market in order to feed the demand of short term rentals. The article is “Short Term Rentals Are Taking 11 Units off the LA Rental Market Every Day”

The article provides lots of statistics and research into the number of units being removed and the neighborhoods that are most affected, generally Venice, Hollywood, Santa Monica, West Hollywood, and Silverlake. There is a push for the Los Angeles City Council to address short term rentals as they affect many L.A. neighborhoods. The issue has not been addressed yet by the City Council. Currently, short term rentals are in a limbo area of the law as they are being run nearly as hotels in residential neighborhoods. Further, there may be Los Angeles rent control issues if a tenant stays there for more than 30 days. I use the word tenant because any time a person rents out space in real estate, the other person is a tenant — no matter how short it is.

It is important to note the one area that is not gray is a tenant who operates a short term rental in their unit. Under nearly any lease I have ever seen, this would be considered illegal subletting and would be cause for an eviction under the Los Angeles Rent Stabilization Ordinance. Prior to operating a short term rental, a tenant should receive the permission of their landlord.

By | 2017-12-02T02:58:45+00:00 August 31st, 2015|Uncategorized|Comments Off on Short Term Rentals in the Los Angeles Market