Purchase real estate blog

What are some of the changes that can be recently seen in the apartment industry?

• The rental housing industry has witnessed strong and sustained development over the past twenty years. Even with the current revaluation cycle, multifamily properties have kept their value. All over the state we’ve observed troubling increases in government oversight of housing, expansion of rent control jurisdictions and eviction controls. Such cities fast become stagnant, eliminating market incentives and motivations for investment and improvement by owners. A drive through various areas of Los Angeles shows dilapidated housing, graffiti, crime and desperate infrastructure, and is a sad reminder why we don’t want this to happen here in Orange County.

Orange County has been insulated from a lot of such trends. Why?

• Orange County sees how important a strong rental housing industry is. The ongoing growth and vitality of OC depends on people’s ability to house their most precious asset, their employees. An already available pool of talent enables our business community to continue to develop and to prosper. The Apartment Association of Orange County has been very effective in cooperating with local cities in actively solving the problems typically associated with rental housing. The private sector is obviously the most qualified, and has the highest incentive, to improve and enhance the housing stock. By providing education to owners and managers by means of courses offered by the AAOC, most of the problems facing other parts of California either don’t existent or are very rare here in Orange County.

What advice can be given to landlords and tenants?

• They should communicate openly and frankly, and show each other respect. Rental housing and tenant relations isn’t a zero sum game, both owners and resident can profit by working together. Bear in mind that a tenant without a landlord is homeless, and a landlord without a tenant is out of business.