One of the toughest areas for commercial real estate firms to operate is in Los Angeles, California, but AvalonBay Communities relies on a mix of tactics to navigate these choppy waters.
The metro comes with tougher rules and regulations than elsewhere in the country. For example, the Los Angeles County Board of Supervisors recently proposed to cap rent hikes at four percent for small property owners and five percent for luxury landlords.
Eric Ostgarden, vice president of property operations for the REIT, will speak at our multifamily event in LA in mid-October. His focus is on overseeing the metro area and he reports that it is starting to recover from the pandemic freeze on rent. In April 2023, tenants needed to resume normal rent payments to avoid the risk of eviction.
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