2024 California Landlord Law Updates—What Every Landlord Needs to Know
🌟 Happy New Year and welcome to 2024!
🎉 Scott here from Harbor Property Management, bringing you the essential beginning-of-year review of California’s new landlord laws. These updates are crucial for our property management business and invaluable to our clients and real estate investors. 📜
In this video, we’ll cover several key legislative changes that could impact your property management strategies and real estate investments in 2024. While some of these laws might seem challenging, it’s important to stay informed and prepared.
🔑 Highlights:
- AB 12 – Security Deposit Limitations: Governor Gavin Newsom’s new bill limits security deposits to no more than one month’s rent, aiming to make housing more affordable. However, it doesn’t apply to single-family homeowners, condo owners, or owners with less than five apartments.
- SSB 267 – ‘Ability to Pay Rent’ Law: This bill, sponsored by Susan Eggman, Democrat from Stockton, introduces significant changes to credit report usage and tenant financial qualifications, especially for Section 8 housing.
- AB 602 – Vacant Property Protection: This new regulation provides a streamlined process for handling trespassers on vacant properties, ensuring better security for landlords.
- Los Angeles Rent Increases: For properties in Los Angeles, we’re implementing a 4% rent increase, with additional allowances for utilities.
🏡 At Harbor Property Management, we are continuously updating our rental criteria and tenant screening processes to adapt to these changes, ensuring that your properties are protected and well-managed.
❓ Have any questions or need personalized advice on these new laws? Don’t hesitate to reach out to us. I’m here to help you navigate these changes and make the most of your real estate investments in 2024.
🙏 A huge thank you to all my amazing clients for your trust and partnership. Looking forward to a successful year ahead!