APRIL 2025

NEW TENANT RENT REPORTING LAW - A.B. 2747 TAKES EFFECT APRIL 1, 2025

Starting April 1, 2025, California's Assembly Bill 2747 (A.B. 2747) will require landlords with 16+ unit properties (or certain corporate-owned properties) to offer tenants the option to report their on-time rent payments to credit bureaus—at the tenant’s expense. This law aims to help renters build their credit history while ensuring landlords follow new compliance guidelines.

Key Takeaways for Property Owners:

Mandatory Notice: Landlords must notify tenants about the rent reporting option annually.
Tenant Costs: Reporting services must be tenant-paid and capped at $10/month.
Negative Reporting: If a tenant opts in, landlords can report both on-time and late payments.
Service Providers: Self-service rent payment platforms that report to credit bureaus are allowed if within cost limits.
Upfront Fees: If a reporting service charges an upfront fee, landlords can recover costs by spreading them across monthly $10 payments.

💡 Stay compliant and informed! If you have questions about implementation, consult a legal expert to ensure you meet A.B. 2747 requirements.

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LOS ANGELES HOMES RANK AMONG THE NATION'S MOST EXPENSIVE

Los Angeles remains a hotspot for ultra-luxury real estate, with Beverly Hills and Bel Air continuing to dominate the nation's most expensive listings. A recent report from Redfin highlights multimillion-dollar properties shaping the high-end market, including a Beverly Hills estate priced at $195 million. Despite competition from Florida and New York, L.A.'s prestige and limited luxury inventory keep demand strong.

Key Insights:

Record Listings: A $195M Beverly Hills estate and a $177M Bel Air mansion rank among the priciest homes on the market.
Steady Demand: Limited turnover in ultra-luxury homes keeps prices stable and attractive to elite buyers.
Surging Prices: Beverly Hills home prices jumped 15.8%, while Bel Air saw a 23.5% increase year-over-year.
California Costs: The state remains the most expensive for homebuyers due to high taxes, low inventory, and rising monthly payments.
Nationwide Rankings: L.A. competes with Florida and New York in the luxury market, but still holds some of the highest-value properties.

LOS ANGELES RENTAL MARKET: WHEN'S THE BEST TIME TO LEASE?

Timing plays a crucial role in maximizing rental income and minimizing vacancies. Los Angeles has seasonal rental trends that can help property owners make smarter leasing decisions. While demand is high year-round, understanding when renters are most active can lead to better occupancy rates and higher returns.

✅ Peak Season (May–August): Highest demand due to job relocations, graduations, and summer moves—properties rent faster.
✅ Slower Season (Fall & Winter): Fewer renters searching, leading to longer vacancies if pricing isn’t adjusted.
✅ Strategic Lease Planning: Align lease expirations with peak seasons to avoid unnecessary downtime.
✅ Marketing & Tenant Screening: Professional photos and virtual tours increase visibility; thorough screening ensures reliable tenants.
✅ Lease Incentives in Off-Seasons: Offering move-in specials or flexible terms can attract tenants during slower months.

For more insights, click here.

5 SIMPLE WAYS TO KEEP YOUR RENTAL PROPERTY CLEAN & SAFE

Maintaining a clean and safe rental property isn’t just about aesthetics—it directly impacts tenant satisfaction, retention, and your bottom line. A well-kept property prevents costly repairs, minimizes legal risks, and keeps tenants happy. Here’s how you can stay ahead:

✅ Routine Inspections: Regularly check for plumbing leaks, electrical issues, and HVAC efficiency to catch problems early.
✅ Prioritize Safety Features: Ensure smoke detectors, secure locks, and proper lighting are in place to prevent hazards.
✅ Stay on Top of Cleaning: Common areas, hallways, and shared spaces should be cleaned frequently to enhance tenant experience.
✅ Handle Maintenance Requests Fast: Promptly addressing issues shows tenants you care, reducing turnover rates.
✅ Boost Curb Appeal: Keep landscaping tidy and remove debris to maintain a welcoming exterior.

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ABOUT US

POWER PROPERTY MANAGEMENT is California’s premier, full service management company dedicated to providing the highest quality service available in property management, leasing and value add capital improvement projects. We personalize our approach based on our clients’ needs and deliver results to maximize your cash flow. As experienced leasing professionals our team is committed to protecting your assets while acquiring optimal rents. We work tirelessly to maximize awareness of your asset through aggressive marketing efforts in order to minimize the vacancy period and attract the right residents.

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