On November 1st the City of Los Angeles implemented a new set of rules and regulations on Airbnb-type rentals, leaving many property owners no longer able to use their spaces for short-term rentals.
Even if you can still rent as an Airbnb, hosts are seeing their profits drastically reduced with the limited number of days allowed for renting, registration fees, and new taxes.
The new rules made it so homeowners can only Airbnb their property if they meet the following criteria:
- The property is your primary residence, meaning you actively live there at least 6 months a year. No more vacation home Airbnbing unless you’re taking 6-month long vacations at the property.
- You must register your property with the city planning department for a fee of $89
- If your property falls under the City’s Rent Stabilization Ordinance, (i.e. is Rent Controlled) it is no longer allowed to be an Airbnb space. This applies to all rental units in Los Angeles that were built before 1978.
- The property must be zoned for residential use. Make sure to check with your zoning because often times residential units can be within a commercial zoned space and would not qualify for Airbnb.
- If your property has any pending citations, order, ticket, or similar notice of violation from any City enforcement agency it will not be eligible for renting.
- If your property is a rental unit, you must have written approval by your landlord to host guests.
- All Airbnb properties can only be rented for a maximum of 120 days a year, unless you have been approved for an “extended home-sharing option."
Convert to A Long-Term Rental?
Luckily as a property owner there are other options available to you if you find yourself no longer able to utilize your investment as a short-term rental. Converting to a long-term rental produces lower vacancy rates, a more consistent stream of income and reduces cleaning/maintenance fees incurred with Airbnb.
Figure 8 PM is a property management company that can assist you with this process. Providing services such as leasing, handling maintenance and repair request, tenant relations, and more. We make owning a rental property a breeze, giving you peace of mind and more free time.
- (213) 947-3667
This Sponsored Post is an ad on behalf of Figure 8 PM