LIST OF NON-RENT CONTROLLED CITIES TO BUY AN APARTMENT BUILDING!
The recent tightening rules surrounding rent controlled properties has made it extremely difficult to be profitable in Los Angeles. The 3% allowable rent increase keeps rents relatively low and puts pressure on owners to actively seek ways to reduce expenses in order to keep afloat.
If you’re interested in getting around rent control regulations, you should look into purchasing properties in non-rent controlled areas. Below are several hot non-rent controlled markets in Los Angeles County.
Burbank – Known as a popular area for the entertainment industry, Burbank has become a hot rental market. Since it is not rent controlled, investors are flocking to this area to secure a good investment property. As of October 2017, the Burbank rental market reflects the average rents listed below:
Studio Apartment $1,519
1 Bedroom $1,756
2 Bedrooms $2,278
3 Bedrooms $2,741
Culver City – Conveniently located between Downtown and Santa Monica, Culver City is exceptionally popular with millennial and young working professionals alike. Just far enough from the bustling city life, Culver City is the perfect mix of urban city life with a suburban charm. It’s non-rent controlled status and educated demographic, makes it an investor’s idea location. As of October 2017, Culver City’s rental market reflects the average rents listed below:
Studio Apartment $1,479
1 Bedroom $1,911
2 Bedrooms $2,440
3 Bedrooms $3,202
Pasadena – Pasadena is an area full of culture and entertainment. From the glamour of Old Pasadena to the educational NASA facilities, Pasadena has a lot to offer and is an ideal location for families. As of October 2017, Pasadena’s rental market reflects the average rents listed below:
Studio Apartment $1,624
1 Bedroom $1,852
2 Bedrooms $2,398
3 Bedrooms $2,990
Below is a list of other areas without rent control in Los Angeles County:
East Los Angeles
City of Commerce
Rancho Palos Verdes
Marina Del Rey
Of course some of the areas above are more feasible to invest in than others. Even then, many property owners are opting out of rent controlled areas and exercising their option of 1031 exchange to a non-rent controlled area and paying a little bit more for far less restrictions. If you’re looking for someone who can assist you in picking the right non-rent controlled property, please contact us at 818-915-9118 or send us an email.