WeHo Rent Adjustment At 1.25% Increase
Posted by Colleen Park on Aug 6, 2012 - 7:01:31 PM
WEST HOLLYWOOD—The annual rent
adjustment for West Hollywood tenants will be a 1.25% increase in the 12-month period starting
September 1.
The Rent Stabilization Commission announced
the adjustment June 26, based on a formula involving 75% of the local Consumer
Price Index (CPI) and rounding to the nearest quarter percentage. The CPI for
the Los Angeles-Riverside-Orange counties increased from 233.367 to 237.032, or
by 1.57% between May 2011 and May 2012.
Rent Information Coordinator Chris
Uszler said the process of determining these numbers could be difficult to
understand but had his own thoughts on the for 2012 increase.
“At the start of 2011 was when the gas
prices were going up, and that’s what I think got caught in the calculation,”
Uszler said in an interview with Canyon News.
While it is an annual occurrence, West
Hollywood landlords are required to give their tenants a 30-days written notice
before applying the rent increase, in accordance with State law. Their tenants
must also have lived in the unit for at least 12 months or had their last rent
increase more than 12 months prior.
Last year’s adjustment was nearly
double the number for this year, at a 2.25% increase for 2011-2012. One of the
lowest adjustments since the Rent
Stabilization Ordinance was enacted
in 1985, was just three years ago at 0.00% for 2009-2010.
|
