ACTION Apartment Association

Rents Dip in Santa Monica After Slowly Inching Up

08/31/2022 8:49 AM | Margaret Fulton (Administrator)

After slowly rising over the past five months, rents in Santa Monica dipped in August by less than 1 percent, according to Apartment List's monthly rent report released Tuesday.

The 0.5 percent decrease came as rent growth nationwide began slowing for the season, with the median rent increasing 0.5 percent, after a 1.1 percent increase in July.

Paolo Velasco Hired As Santa Monica’s Equity and Inclusion Manager

08/31/2022 8:48 AM | Margaret Fulton (Administrator)

Per the press release from the City of Santa Monica’s Communication Officer, City Manager David White has selected Paolo Velasco to lead the City’s diversity, equity, and inclusion (DEI) initiatives as its Equity and Inclusion Manager. In this role, Velasco will strengthen a culture of equity and inclusion that builds on the significant progress the City has made over the last two years, through efforts by Equity and Inclusion Officers (EIOs) in every City department. He starts on September 19 with an annual salary of $155,580.

Rent Control Board race all but sewn up

08/29/2022 11:59 AM | Margaret Fulton (Administrator)

With three seats up for grabs in this November’s Santa Monica Rent Control Board election and three candidates qualifying for the ballot, the competition to determine who will administer the 43-year-old rent control program is all but decided.

SMa.r.t. Are you Surprised?

08/29/2022 11:49 AM | Margaret Fulton (Administrator)

Illusions have “protected” us

We have the illusion that we are protected by distance from grim climate-induced catastrophes elsewhere. “That’s over there, it doesn’t affect me” is a common sentiment. But, as the news cycle proves repeatedly, distance is no protection.

Santa Monica Real Estate Report – August 29th, 2022

08/29/2022 10:26 AM | Margaret Fulton (Administrator)

Property, Developments, and Listings on the Westside

Rent Control Adjustment Relief

08/29/2022 10:23 AM | Margaret Fulton (Administrator)

City of Santa Monica has developed a rent relief program - the Rent Control Adjustment Relief (RCAR) program.

More California cities enact rent control

08/28/2022 10:06 AM | Margaret Fulton (Administrator)

On Aug. 22, the Bell Gardens City Council voted unanimously to advance a rent stabilization ordinance that would limit annual rent increases to 50% of the local consumer price index, capping the hike at 4% even if the inflation rate is higher.

Last week, the Antioch City Council passed a similar rent control ordinance that caps annual rent increases in the Bay Area city at 60% of the CPI or 3% — whichever is less. On Aug. 1, Pomona's City Council set a rent cap at 4% or the change in CPI.

California lawmakers reach deal on housing production bills

08/27/2022 10:57 AM | Margaret Fulton (Administrator)

Facing a housing shortage in the nation’s most populous state, California’s legislative leaders on Thursday backed a pair of bills that would open up much of the state’s commercial land for residential development, bypassing some local zoning laws to replace shuttered shops with affordable apartments.

Council Approves Emergency Eviction Moratorium After Heated Debate

08/25/2022 8:37 AM | Margaret Fulton (Administrator)

Under an emergency ordinance approved by the City Council Tuesday, rent control tenants who receive a rent increase of more than 3 percent can defer their rent for up to five months.

While the ordinance only applies to tenants suffering from "financial stress" due to COVID, they can "self-certify" by stating they can't pay the rent, a contention they would then have to prove in court if evicted.

City Council Approves Temporary Eviction Moratorium

08/24/2022 12:31 PM | Margaret Fulton (Administrator)

At last night’s meeting, the Santa Monica City Council approved an emergency ordinance allowing a temporary eviction moratorium to take effect immediately for rents due September 1, 2022 for residential tenants in rent-controlled units. The moratorium is a measure to safeguard Santa Monica residents who may be unable to afford potential rent increases of up to 6% due to an increase in the maximum allowable rent (MAR) for rent-controlled housing.