Renting a townhouse in Los Angeles is officially out of control \ stacker news ~econ

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Renting a townhouse in Los Angeles is officially out of control

219 sats \ 16 comments \ @Bell_curve 28 Jan econ

My current tenant asked for a 12 month extension or longer.
I told her I plan to sell my townhouse in 6 months or less.
She replied: we would like 15 month extension and will pay 6 months in advance. Current lease expires Feb 28, then month to month.

My answer will not change. I do not want to be a landlord in Los Angeles and I also want to sell high. Not trying to profit from a crisis but I don't make the rules.

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2 replies \ @Bell_curve OP 28 Jan

The property next door will be listed on Jan 31. Same size and configuration.
The best comparable for me.

0 sats \ 1 reply \ @Bell_curve OP 28 Jan

0 sats \ 0 replies \ @nitter 28 Jan bot

https://xcancel.com/rajatsonifnance/status/1870322510983553428

9 sats \ 0 replies \ @BlokchainB 28 Jan

Good luck with the sale

9 sats \ 2 replies \ @xz 28 Jan

Interesting read. I understand the worry. Being a prospective buyer for years and years but not becoming an owner, it's almost hard to understand such an issue.

Since when do renters start making demands about terms of their lease, or is this just 'I want...'? If you already made the decision to sell, way back, could you substantiate that in any way if needed to? Not doubting you of course, just thinking evidence is pretty useful. If you have a renter wanting to extend, until you clarify the situation, and go ahead with the sale, is that going to derail your plans?

Doesn't sound so bad.

0 sats \ 1 reply \ @Bell_curve OP 28 Jan

I was trying to be subtle, I guess I need to be more direct.

My plan is close on or after July 14. I am giving her at least 5 months notice that she has to find a new place.

9 sats \ 0 replies \ @xz 19h

Sounds pretty reasonable. Ultimately, it's your decision. I guess being as reasonable as you can is the best way. 5 months sounds pretty damn reasonable. Extend it out for as long as you need to complete everything and that way it should make the change as smooth as possible, I'd of guessed. Anyway, good luck with it all.

9 sats \ 1 reply \ @SimpleStacker 28 Jan

How's the market in your neighborhood?

79 sats \ 0 replies \ @Bell_curve OP 28 Jan

the property is in Westlake Village

I haven't been tracking rents or home prices in the area but based on my tenant's desire to extend and prepay, I believe it is saturated

I have heard Palisades residents are relocating to Manhattan Beach and Newport Beach and Beverly Hills

update: I want to clarify one important detail. I decided to sell 6 months ago, long before the fires occurred 20 days ago. I would have sold earlier but there is a prepayment rider that is confusing

9 sats \ 6 replies \ @freetx 28 Jan

I don't blame you for not wanting to be a landlord. Seems like a mega hassle....

If she is willing to put up 6 months in advance, perhaps she should just get a loan and buy it?

61 sats \ 5 replies \ @Bell_curve OP 28 Jan

funny you should mention that, when she first moved in, my agent said she expressed interest in buying the property (Nov 2023).

Clearly, her current rent which was market rate in 2023 is below market in 2025 because of 125,000 homeowners displaced in Malibu, Pacific Palisades and Brentwood.

update: I became an accidental landlord in 2022 after my father passed away. My mom tried to take over my dad's landlord tasks and I quickly realized I needed to intervene.

25 sats \ 4 replies \ @freetx 28 Jan

One thing that would worry me in the current climate is once the public starts howling about housing shortage / high prices, the local gov is going to clamp down on landlords for "price gouging".

This shortage could go on for longer than we expect....so prices may continue to rise. Hard to know whats right move, but I guess if you have a chance to make an outsized profit right now maybe its best to take it.

101 sats \ 0 replies \ @Bell_curve OP 28 Jan

plus the home insurance crisis in CA which will only get worse

15 sats \ 2 replies \ @SimpleStacker 28 Jan

Complaints about price gouging already started

10 sats \ 1 reply \ @Bell_curve OP 28 Jan

https://laist.com/news/housing-homelessness/attorney-general-charges-rent-gouging

CA attorney general is more concerned with price gouging than looting.

Criminal complaint. Max penalty is one year in jail and $10,000 fine. Most people can pay the fine but jail is harsh.

9 sats \ 0 replies \ @SimpleStacker 28 Jan

Then they're fools