What Cities are Best for Landlords And Worst for Renters?
“It was the best of times. It was the worst of times.” Perhaps Charles Dickens was speaking of the current state of landlord-tenant happiness.
Because of the housing shortage, landlords in larger cities such as Los Angeles, Miami and Boston, are clicking their heels in glee as rents increase by double digits.
According to a report in Forbes, almost ½ of the cities that are worst for tenants are located in California, with Los Angeles leading the way.
“In L.A. buildable land is scare, what’ s available is expensive and getting permission to build on it is challenging. Meanwhile, many buildings are also being retrofit to better withstand earthquakes, sapping many construction dollars and workers from new building projects. All of this makes the cost of building high and pushes developers to focus on luxury buildings where they can charge a higher price per square foot.”
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Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at firstname.lastname@example.org or 917-209-4452.
Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.