Can’t tell wtf is happening with LA rental market. I’m sensing a slight desperation that property managers are trying to hide. They are unable to move units at the price points they want but are trying to avoid lowering rents by increasing incentives.
Insight anyone?
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I hear that once they lower rent, they get locked in to the low price due to rent control. So that creates an incentive to find ways to reduce effective price that don’t affect sticker price.
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i've been keeping a close eye on the seattle + sf rental market and have noticed the same thing, lots and lots of incentives and a notable amount of vacancies at places that definitely did not have vacancies when i was looking around ~8 months ago
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The system isn't built to lower rents. Property Managers, especially the national companies, usually have budget and authority to give incentives up to a certain point so long as they secure a lease at close to market rate. You often need agreement from the owners to lower rents.
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Rents pretty much never go down, there are incentives built into the system like layers of opaque management and the thing ppl are mentioning about legally restricted rate increase rates that make them prefer empty apartment to cheaper one
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