The housing market in Los Angeles is at an all-time high. The median price for a home in Los Angeles is $580,000 while median the rent price for a one-bedroom apartment is $1,350 a month. The main reason for these prices is the lack of available living space in Los Angeles. The population of Los Angeles has continued to grow alongside its housing market, resulting in scarce Los Angeles housing. While housing developers look to create more homes, another threat to Los Angeles residents looms in the shadows.
The surge of Airbnb and similar companies has changed the face of travel forever. The convenience of finding a cheap bed with the click of a button has become a niche of the new generation. There is something to be said about the “blind date” feeling of meeting a homeowner and spending the night. However, housing developments and hotel companies have been left out of the money grab. While Airbnb has a stronghold on the “short and sweet” stay, some visitors to Los Angeles have a peculiar need, temporary housing.
The Dreamers Need a Place to Sleep
Los Angeles is known for being a city where artists, actors, and songwriters are “born.” Young adults around the country have forgone higher education and jumped on a bus to L.A. in pursuit of their dreams. This group of travelers have special accommodation necessities. Many of these “dreamers” need to plant themselves in Los Angeles for a few months to give their shot at fame a chance. So they need places to stay that are in the range of “temporary housing.” Airbnb and similar companies are not created for temporary housing situations, so the need is being fulfilled by L.A. apartment complexes.
Apartment complexes in Los Angeles have begun to request permission to be “transient occupancy residential structures.” The goal of these structures is to turn portions of apartment complexes into temporary housing for Los Angeles visitors who have long-term needs in the city. While temporary visitors may not offer apartment owners “guaranteed rent” for a year, the demand for housing is so high that the risk of holding temporary guests is practically negated. Apartment businesses know this, and they are looking to get rid of long-term residents to open rooms for temporary guests.
The cause of this situation lies in the fact that landlords can charge higher rent for temporary visitors. When an apartment complex can make 1.5 times more a year on temporary visitors than on residents, they are going to kick residents out to maximize their profits. Residents who have lived in apartments for multiple years are being told to find other homes to make room for the more profitable temporary visitors. Profit margins are pushing Los Angeles renters out while putting temporary renters in. There is legislation being written that will regulate “transient occupancy residential structures,” but in the meantime Los Angeles renters may be forced to move out of their homes.
Need Help Moving? Turn to the Professionals!
If you are one of the renters who has been notified that your apartment lease has not been renewed, you should know there are plenty of amazing local communities abundant with housing opportunities. If you want to move to one of these beautiful suburbs or if you found another home in the Los Angeles area, we can help! Our family owned moving company has been helping Los Angeles communities move for over 20 years. Our knowledge of the city of L.A. gives us an edge over competitors who have started only a few years ago. If you are thinking of moving to another state (or another country), we can help you with that too! Our moving team will help you get your things to wherever you need to go while insuring your valuables. Let us help you settle into your new home.
Call (818) 960-1988 to set up a free in-home estimate. We will walk you through our moving process with your items for free!