LA Rental Market - Month-to-Month normal, or strange?
March 10, 2014 10:42 PM Subscribe
West-side LA Rental question: My first year's lease is up. I asked my property manager about renewing, and the manager told me, "oh, once your 12mo is up, you just go month-to-month, no contract." What's going on here?
posted by Alterscape to Home & Garden (22 answers total) 1 user marked this as a favorite
I moved to LA a year ago. Everywhere else I've lived, month-to-month leases are usually considered a liability by property managers, and tenants are expected to pay significantly more for the privilege. I know that at the last Big Management Company-owned apartment I leased in Phoenix, there was about a 60% premium on top of the 12+mo lease for a month-to-month, if I had elected not to sign another long-term lease. The same was true in upstate NY when I rented there in the mid '00s.
For this reason, I am a bit skeptical. What's the deal here? It seems like it would only be advantageous for the property owner to get me off a long-term lease in order to raise the rent unexpectedly -- otherwise, having me on a lease provides more stability to them, yes? Or is this perfectly normal in this market and I'm just being paranoid?
I have it in writing that my rent is not going up at this time, and they'll give me 30 days notice before raising the rent (which seems dodgy since my current lease says 60 days notice to move out).
I know YANML, TINLA, etc. I'm mainly looking to calibrate my 'is this weird/unusual/a bad sign?' detector for the LA rental market.
(For the record: I live in a nice little complex in a pretty-nice-but-not-upscale area. The management company is relatively small -- three properties that I know about, maybe more though. I've had my rent in on time every month so far. I've had to make a few service requests, and been patient about them. To the best of my knowledge, none of my neighbors have any complaints with me.)