Axios’ Post

Curious to hear some thoughts from our Multifamily Clients about this article in the Wall Street Journal. What do you think of this service and how does this impacts the market? Is this infringing on price fixing? Should this be public information? #multifamily #apartments #rentals #lawsuits #Realpages #propertymanagers #propertymamagement #rentfixing

🌟 Exciting Changes in California Real Estate! 🌟 Hey everyone, California's real estate landscape just got a big shake-up with two new laws! 🔹 New Buyer Agent Commission Law: Starting mid-2024, sellers won't be responsible for the buyer's agent commission. This change ensures clear agreements between buyers and their agents, enhancing transparency and service quality. It might even lead to reduced costs for buyers. 🔹 Enhanced Disclosure for Flippers: Effective July 1, 2024, property flippers must disclose all repairs and renovations if selling within 18 months. This step guarantees that buyers have comprehensive information on the property's condition, fostering trust and transparency. It's essential to note that every real estate regulation brings new opportunities! What's your perspective on these changes? #RealEstate #CaliforniaRealEstate #Transparency #HomeBuying #HomeSelling

1. Most property investors are aware the “No cause eviction” 90 days notice is coming back in for tenants. This is one of several tenancy law changes which are going to be enacted early in the 2025 calendar year. There are other changes around notice periods. Tenants will only need to give a landlord 21 days notice to end the tenancy (currently 28 days) and landlords will only need to give 42 days’ notice to sell, move back in, develop or renovate. 2. Deadline sale, By Negotiation. One of my biggest bug bears as a property investor, as I’m sure it is for first home buyers, is not seeing a price on a property for sale. I know as a property investor I’m more likely to pursue a property that has a fixed price or a price range. For property investors its all about running the numbers. 3. The change in the Brightline Test back to 2 years from 1st July 2024 is creating some interesting conversations. What’s all the fuss about? Previously the focus has been on the purchase date and projecting that date forward 2, 5 and 10 years. However, properties sold from 1st July 2024 that have been held for more than 2 years fall outside of the Bright Line Test. The sale date becomes the initial focus because the 2 years is retrospective as well as being the new time frame going forward.

A Philip Lee team led by Brendan O' Connor, Michael Cahill and Harry O'Malley, collaborated on an insightful article “Lease and Desist: Tenant avoids market rent in lease dispute”. This case summary examines a recent Circuit Court decision concerning a landlord’s claim for market rent where a tenant was overholding commercial property and seeking a new tenancy pursuant to statute. To read the full article, click here: https://lnkd.in/ekXPUPQq #RealEstate #LeaseDispute #CommercialProperty #LegalInsights

Old News You in Case You Missed It (ICYMI) 🚨 Attention Connecticut Landlords! 🚨 Did you know that recent changes to Connecticut law limit how much you can charge for late rent?🏘️💸 Here’s what you need to know: Monthly tenants: Late charges can only be imposed starting 10 days after rent is due. Weekly tenants: Late charges can only be imposed starting 4 days after rent is due. Here's what's new: The late charge cannot be more than $5 per day, up to a maximum of $50, OR a maximum of 5% of the tenant's share of overdue rent, whichever is less. Only one late charge can be applied per unpaid rent period, no matter how long the rent remains overdue. These changes in Connecticut law have made late charges more complicated than ever to calculate. Send me a DM If you want a sample lease provision that complies with the new Connecticut late charge law. If you’re unsure how to apply these changes or need help with tenants who are paying rent after the due date, we’re here to help you navigate the details and ensure your rental agreements are fully compliant.

Why are rents so high....? The DOJ is investigating RealPage and several multifamily operators for alleged large-scale price fixing, according to Inman. The multifamily operators in the investigation’s crosshairs were not named; several landlords have been accused in lawsuits, however, including Essex Property Trust, Equity Residential, Camden Property Trust and Greystar Real Estate Partners. It has been ongoing behind the scenes for two years, starting as a civil investigation led by the department’s antitrust team. #rentalproperty #multifamily #apartments

📢 Exciting news for homeowners! The Leasehold and Freehold Reform Act has become law today, bringing significant changes to property rights and protections: Easier and cheaper for leaseholders to buy their freehold and extend leases to 990 years for houses and flats. Greater transparency over service charges and the ability to challenge unreasonable costs at Tribunal. Ban on the sale of new leasehold houses, ensuring most new houses are freehold. Enhanced rights for homeowners on private and mixed tenure estates. Increased access to Right to Manage and collective enfranchisement for buildings with up to 50% commercial space. No more excessive buildings insurance commissions and quicker, easier leasehold property transactions. However, the Act does not cap ground rents or abolish marriage value, leaving some issues unaddressed. The Act strengthens consumer rights, making homeownership more secure and transparent. Learn more from the Department for Levelling Up, Housing and Communities. #RealEstate #Homeownership #PropertyReform

🚨 Attention Landlords and Tenants! 🚨 Heads up, because there's a new rule coming your way, effective July 1st! 🗓️ Starting next month, a new law, AB 12, will be in effect, and it's bringing some changes to the table. Here's the deal: Previously, landlords could charge two months' rent for an unfurnished apartment or three months for a furnished one. But under the new law, things are shifting. From July 1st onward, landlords will only be permitted to charge one month's rent for the security deposit. Yep, you heard that right! Now, we know there are exceptions to every rule, but this is the general guideline you'll want to keep in mind. Got questions? Concerns? Don't worry! Reach out to your real estate attorney or property manager for more information and clarification. Stay informed, stay ahead! #tenants #landlord #agentsofcompass #lydiagablerealtygroup

Invitation Homes Settles Rent-Gouging Allegations for $3.7 Million! And, we start 2024 w/ an important legal update for California Landlords: Invitation Homes, the largest single-family home landlord in the nation, has reached a settlement with the California Department of Justice, led by Attorney General Rob Bonta. Background: Invitation Homes has agreed to pay $3.7 million in civil penalties and restitution following allegations of violating California's tenant laws. The Company, which owns 12,000 properties in California, was accused of increasing rents for 1,900 tenants above the allowable limits prescribed by the state between October 2019 and December 2022. Note that certain rent increases were subject to local ordinances (e.g., RSO) with their distinct implications and penalties. Implications: This settlement underscores the critical importance of landlords adhering to California's tenant protection laws. The state's laws, implemented in response to housing affordability challenges, impose strict limits on annual rent increases to safeguard tenants from abrupt and substantial hikes. Financial Ramifications: Invitation Homes is set to pay $2.04 million in penalties, in addition to allocating $1.68 million for refunds or credits to affected tenants, including 5% interest on the excess rent collected. This financial commitment serves as a reminder of the potential consequences landlords may face if found in violation of the state and local tenant protection laws. Operational Adjustments: As part of the settlement, Invitation Homes has committed to overhauling its policies for rent increases in California. The Company will conduct quarterly audits and provide an annual compliance report to the Attorney General’s office for the next 5 years. Industry Awareness: For CA landlords, this development emphasizes the necessity of staying informed about and compliant with state laws. Understanding the various state (and local) nuances of rent control legislation, such as the one signed into law in 2019, is paramount to avoiding legal repercussions and maintaining positive landlord-tenant relationships. Ongoing Discussions on Rent Control: The settlement coincides with broader conversations on rent control in California. With an upcoming initiative on the 2024 November statewide ballot aiming to expand local governments' authority in implementing stricter rent hike limits, the landscape for landlords is evolving and FAST. I encourage landlords to consider the implications of this settlement and ensure proactive measures are taken to align with existing and potential future rental regulations. Feel free to reach out for more detailed insights or a discussion on ensuring legal compliance in the evolving California rental market; please note that this information is not intended as legal advice, and for personalized guidance, consult with an attorney. #CALandlordUpdates #InvitationHomes #RealEstateLawUpdates