ACTION Apartment Association

Santa Monica Rent Control Releases Annual Report

04/27/2023 11:41 AM | Margaret Fulton (Administrator)

Insights from the report reveal a shifting and more costly local rental housing market. Rents for new tenancies saw a downward trend during the pandemic and are now showing increases. For 1- and 2-bedroom units, which make-up 82 percent of the controlled housing stock, median rents for new tenancies rose 8.7 percent and 13 percent respectively, as compared to a year earlier. The median starting rent for a 1-bedroom unit increased $200 to $2,500, and the median starting rent for a 2-bedroom unit rose nearly $400 to $3,400. Record high starting rents were set for all unit sizes in 2022 except 3-bedroom and larger units, which were only higher in 2020.

Council Poised to Set Aside 3 More Properties for Affordable Housing

04/27/2023 11:00 AM | Margaret Fulton (Administrator)

The three properties at 1444 7th Street, 1654 19th Street and the Expo lot parcels are among 24 City owned properties earmarked for 100 percent affordable housing development in the City's Housing Element.

The property on 7th Street -- that was the site of the 11,362-square-foot Fire Station station built in 1955 -- allow for a building height up to 84 feet, with an additional 10 feet if the housing development is 100 percent affordable.

Prices Climb, Turnover Persists for Rent-Controlled Units, Report Finds

04/27/2023 10:57 AM | Margaret Fulton (Administrator)

"The forces that suppressed the market in recent years seem to have ended," the report said. "One factor may have been the unusually high number of units rented in 2021 (3,693 units), resulting in fewer units available for rent in 2022.

"The number of new tenancies established and registered with the Agency in 2022 (2,139 units) was the lowest in recent years. Market demand and a relatively lower number of units offered for rent may have fueled the rise in initial rents."

California lawmakers want to know why billions in spending isn’t reducing homelessness

04/18/2023 9:03 AM | Margaret Fulton (Administrator)

The state has stepped up its involvement and investment in the crisis under Gov. Gavin Newsom’s leadership, allocating $20.6 billion toward housing and homelessness since 2018-19, according to the Legislative Analyst’s Office. But despite the influx of cash, during that time, the number of unhoused people in the state has increased by nearly a third — to more than 170,000 as of last year.

That discrepancy between what’s being spent in Sacramento and what voters see — tent cities in their neighborhoods — has many legislators clamoring for an accounting. They have instructed the state auditor to embark on a sweeping project that will analyze multiple state homelessness programs — as well as focus on homelessness spending in two cities — in an attempt to improve California’s response.

WS Communities Unveils ‘The Santa Monica Six’

04/17/2023 8:42 AM | Margaret Fulton (Administrator)

Development firm WS Communities (WSC) made waves in California last year when it utilized the little-known legal provision called “builder’s remedy” to file over a dozen project applications in Santa Monica as reported by The Real Deal.com. Now, WSC has collated a portfolio of six of those projects, collectively called “The Santa Monica Six.” These projects total 2,930 units spread out over 1.45 million square feet, and cover five and a half acres, making it a significant collection of development properties for the state of California.

Santa Monica has an 8% vacancy rate

04/15/2023 3:43 PM | Margaret Fulton (Administrator)

According to Apartmentlist.com, Santa Monica has the third highest vacancy rate among California areas it tracks.

State utility bills may see a change with a fixed-rate based on income

04/15/2023 10:42 AM | Margaret Fulton (Administrator)

PG&E, Southern California Edison and San Diego Gas & Electric filed a joint proposal with the state Public Utilities Commission seeking to add a fixed monthly charge for services, based on household income levels.

Santa Monica Business and Property Owners Taking Steps to Secede from Downtown Santa Monica Inc

04/12/2023 8:58 AM | Margaret Fulton (Administrator)

Tenants and landlords of the area have long complained that DTSM charges high fees but produces poor results

Citing out-of-touch leadership and mismanagement of funds, 54 business and property owners on the Third Street Promenade have hired an attorney to create their own business district, apart from Downtown Santa Monica Inc, with no city government participation.

Over Half of Short-Term Rentals Advertised in LA Don’t Comply

04/11/2023 9:24 AM | Margaret Fulton (Administrator)

Better Neighbors LA report highlights the inadequacies of enforcement measures for short-term rentals in Los Angeles, calling for increased regulation

Spotlighting the 16 Builder’s Remedy projects

04/10/2023 9:45 AM | Margaret Fulton (Administrator)

SMDP is continuing its coverage of the Builder’s Remedy projects with an ongoing series focusing on each project. Here, you’ll find the rundown on the only 100% affordable project among the applicants along with some background information on the city’s overall housing stock.