Los Angeles, Ca

How to get a rent reduction from your Southern California landlord

Published

9 months ago

April 26, 2024

How to get a rent reduction from your Southern California landlord

Experts say that as rents have declined in some cities in Southern California, a region where most residents pay more than one-third of their income for leased housing, now could be a good time to ask your landlord for a rent reduction.

“Landlords, just out of the gate, are not going to offer to lower your rent, full stop. That very rarely happens,” rental expert Jonas Bordo told KTLA’s Kacey Montoya.

The author of “Everything You Need to Know About Renting But Didn’t Know to Ask,” Bordo says many renters believe the price is set in stone and are unaware that their monthly payments are flexible.

“The first thing to know is that your landlord doesn’t set the rent. It’s set by the market,” he explained. “It’s the landlord’s job to try to figure out what market rent is, but they generally don’t know. Usually, the renter has a much better sense of what the real normal rent should be for that rental.”

According to the author, getting your rent lowered is possible, but 90% of tenants never ask.

“It’s kind of like buying a car, the way you go in expecting it to be a negotiation. Think, ‘What does the landlord want in this situation?’” Bordo said. “This is a situation where you can and should negotiate.”

One thing tenants can do is find comparable units in your neighborhood 60 days before your lease is up and if the prices are lower, present that to your landlord, Bordo suggests. In some cases, he says, landlords will match the price or not increase the rent to avoid the costs that come with a tenant moving out, which can add up to two or three months’ rent.

Another suggestion he had was to sign a longer lease, if it makes sense for the tenant, because longer leases are more valuable to landlords.

“Sometimes you can lock in your existing rent rate, no increases for a couple of years, which is valuable to you,” Bordo said.

There might even be more opportunity to pay less rent in newer developments with hundreds of vacancies to fill, he added, because every day new developments have empty apartments, the more expensive it is for them.

A home for rent is seen in this undated file photo. (KTLA)

For anyone renting from homeowners, handling regular maintenance, such as maintaining the lawn or repairing small issues with the property adds a lot of value for landlords, especially those who don’t live near the home they’re leasing.

“I’ve kept my rent down by doing my own repairs or arranging the repairs myself,” said Susan Postnikoff, whose rent has only increased by $300 in the seven years she’s lived in her Hawthorne home.

Postnikoff told Montoya that she would gladly cover the cost of a $300 repair rather than have her rent increase by that amount each month.

“First of all, if you don’t ask, you are never going to get it. You have to ask,” Postnikoff added. “If you’re a great tenant, there’s no reason they wouldn’t want to keep you.”

Christopher Salviati from Apartmentlist.com believes the timing is now right for renters as there has been a cooldown in the market over the past year.

“We’ve looked metro-wide, rents are down 1.5% year over year,” he said. “So, it’s a pretty modest decline but there’s more softness in the market than there has been in a couple of years. Renters have more footing in the market than they have had in some time.”

Los Angeles, Ca

Wealthy L.A. investor blasted for seeking paid firefighters: ‘Will pay any amount’

Published

5 hours ago

January 9, 2025

Press Room

Wealthy L.A. investor blasted for seeking paid firefighters: ‘Will pay any amount’

A 40-year-old Los Angeles millionaire, well known for his success in real estate, has deleted his X account, after facing intense criticism for pleading on the social media platform for private firefighters to save his Pacific Palisades home on Tuesday.

Keith Wasserman, whose X bio used to read “entrepreneur, investor, contrarian, compounding,” is a partner and co-founder at Gelt Venture Partners, described on his Linkedin page as “Multifamily Real Estate Investments with High Net Worth Individuals and Families.”

“Does anyone have access to private firefighters to protect our home in Pacific Palisades?” the 40-year-old posted on X Jan. 7 as the fire raged. “Need to act fast here. All neighbors houses burning. Will pay any amount. Thank you.”

The Palisades Fire, which was first reported at around 10:30 a.m. Tuesday, quickly spread through residential and commercial districts, prompting immediate evacuations for tens of thousands of people and has since destroyed thousands of structures across more than 19,000 acres.

The wildfire is believed to be the most destructive natural disaster in L.A. history, with the damage estimated to be somewhere in the $50 billion range.

The Palisades Fire burns as seen from Baldwin Hills Scenic Overlook in Los Angeles on January 8, 2025. (Getty Images)
A firefighter battles the Palisades Fire as it burns a structure in the Pacific Palisades neighborhood of Los Angeles, Tuesday, Jan. 7, 2025. (AP Photo/Ethan Swope)
Sky5 view of devastation from the Palisades Fire in Los Angeles, California on Jan. 9, 2025. (KTLA)
A structure is burned by the Palisades Fire in the Pacific Palisades neighborhood of Los Angeles, Thursday, Jan. 9, 2025. (AP Photo/Jae C. Hong)
The devastation from the Palisades Fire is seen from the air in the Pacific Palisades neighborhood of Los Angeles, Thursday, Jan. 9, 2025. (AP Photo/Mark J. Terrill)

Wasserman, who, according to the Daily Beast, had previously posted about his disdain for paying property taxes, writing “real estate ballers don’t pay any,“ was immediately “dragged” by other X users.

“Congratulations on no longer having to pay property taxes,” one user wrote, tagging Wasserman whose home reportedly burned down in the fire.

“You really can’t make this stuff up,” another X user said. “The rich guy Keith Wasserman bragged about not paying taxes & now wants private firefighters to protect his home while neighbors’ home burn.”

Not all the comments were entirely negative, however. Some users came to the real-estate investor’s defense.

“It’s deeply disheartening to witness the backlash against Keith Wasserman,” a user from San Diego wrote. “Keith was fighting to save his home and the cherished memories of his family. Almost anyone in his position, faced with flames at their doorstep, would have acted similarly.”

“If you’re sitting in the comfort of your home judging Keith Wasserman for trying to save his home – maybe realize that you are lucky and be thankful. We all need to be more gentle,” yet another X user posted.

It’s not entirely uncommon for those with the financials means, like Kim Kardashian and Kanye West in 2018, to get for-hire firefighters, though they were also heavily criticized at the time as well.

It’s unclear if Wasserman has any intentions of returning to X, but his account no longer existed by Jan. 9.

Los Angeles, Ca

Here's how to help those impacted by the wildfires across Southern California

Published

13 hours ago

January 9, 2025

Press Room

Here's how to help those impacted by the wildfires across Southern California

As devasting wildfires continue to burn Southern California, residents and organizations are stepping up to provide aid to those affected.

Here’s how you can support wildfire victims on their path to recovery.

KTLA 5 parent company, Nexstar Media Group, has partnered with the American Red Cross to launch a donation page for Southern California wildfire victims. Donations can be placed here.
Baby2Baby is accepting donations to support children impacted by the wildfires.
GoFundMe has compiled a list of verified fundraisers for people impacted by the ongoing wildfires.
SPCALA’s Disaster Animal Response Team is seeking donations to support emergency services, such as temporary animal shelters and front-line veterinary care.
The Los Angeles Fire Department Foundation is accepting donations to support firefighters on the front lines. The foundation is seeking monetary donations, wildland brush tools, hydration backpacks, and emergency fire shelters.
The California Fire Foundation is looking for donations to support surviving families of fallen firefighters, firefighters, and the communities they serve.
The Salvation Army is accepting monetary donations and items to support those affected by the wildfires.
World Central Kitchen, spearheaded by Chef José Andrés, has a relief team in Southern California to assist first responders and families. The organization is accepting donations to support the ongoing relief effort.
The Los Angeles Regional Food Bank is accepting donations and looking for volunteers.
Direct Relief is also accepting donations to support those impacted by the wildfires.
Community Organized Relief Effort, or CORE, is accepting donations to support wildfire victims.

Los Angeles, Ca

Eaton Fire victim dies holding a hose, defending home

Published

21 hours ago

January 9, 2025

Press Room

Eaton Fire victim dies holding a hose, defending home

One of the five confirmed fatalities from the destructive Eaton Fire was identified on Wednesday morning when his family found his body on the side of the road by their home – with a garden hose still in his hand.

According to his loved ones, 66-year-old Victor Shaw died trying to defend the home that had been in his family for nearly 55 years.

As of Wednesday night, Victor’s body was still on his family’s property in the 3000 block of Monterose Avenue as conditions were not yet safe enough for the coroner’s office to retrieve him.

Victor lived in that home with his younger sister, Shari Shaw, who said that she tried to get him to evacuate with her on Tuesday night as the fire moved toward them.

Those close to Victor said he had some health problems that prevented him from moving around very well.

As she was running out the door, Shari said Victor told her he wanted to stay behind and try to fight the fire.

“When I went back in and yelled out his name, he didn’t reply back, and I had to get out because the embers were so big and flying like a firestorm – I had to save myself,” Shari told KTLA’s Rick Chambers. “And I looked behind me, and the house was starting to go up in flames, and I had to leave.”

A family friend, Al Tanner, told KTLA that the next morning, they found Victor’s charred body on the side of the road with the hose.

“It looks like he was trying to save the home that his parents had for almost 55 years,” said Tanner.

“I fell to the ground, and I didn’t know – I didn’t want to look at him,” said Shari. “They just told me that he was lying on the ground and that he looked serene, as if he was at peace.”

As of early morning Thursday, the cause of the 10,600-acre Eaton Fire remained under investigation.

The Eaton Fire was one of four large, active wildfires in the Los Angeles area. The largest, the 17,234-acre Palisades Fire, destroyed an estimated 1,000 structures. A separate 855-acre fire, the Hurst Fire, burned in the L.A. neighborhood of Sylmar. A fast-moving fire in the Antelope Valley called the Lidia Fire has burned at least 348 acres and forced evacuations. Crews have made progress on the 43-acre Sunset Fire which forced rapid evacuations in the Hollywood Hills.