The Los Angeles Times is reporting that rents have dropped for the third consecutive time. This last period reflected a 1.5% decrease in rents as they report higher unemployment rates have forced certain renters to move in together. As one can imagine this has pushed vacancy rates up, creating a downward effect on rental prices.
At Pacific Shore Property Management we are consistently running rental market surveys for the areas that we service to keep up to date on current rental rates. This effects not only how we market and price our upcoming vacancies, but also when and by how much we increase current residents. In these trying times it's extremely important that Property Management Companies in Los Angeles be careful who they choose to increase, and have a firm hold on what exactly constitutes a market rent for the particular area, given the particulars of the specific unit.
If you'd like to get a better idea of what the market rental value is for your particular apartment building or home please contact us directly at,
Pacific Shore Property Management
310.839.8970
info@pspmla.com
If you'd like to learn more about our services we invite you to visit our website at www.PSPMLA.com we manage and lease a variety of property types from apartment buildings to single-family homes and condominium units. Please visit our website today, or give us a ring!
Thursday, April 23, 2009
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