While the rental market slowly recovers from COVID-19 in a struggling economy, property owners and managers across the country are contending with growing collections of unpaid rent and a looming eviction crisis. But in Los Angeles County, California, an innovative program offers property owners and managers financial security and support.
Powered by the nonprofit PATH and backed by the Los Angeles Homeless Services Authority (LAHSA), LeaseUp connects property owners who have vacant units with rent-ready tenants and steady, monthly rental collections.
Serving over 700 property owners and managers in Southern California, LeaseUp sets out to offer benefits and stability to property owners and managers in LA County and housing for our neighbors in need.
Much of the success of the program can be credited to its property owner-focused approach. LeaseUp provides a dedicated concierge service that helps property owners find the right renter for their units and navigate any issues with tenants once the tenant has moved in. LeaseUp also waives listing fees and provides unit holding fees for up to two months, property damage protection of up to $10,000, and vacancy loss fees.
The majority of LeaseUp tenants use government subsidies like Section 8 to cover a significant portion of rent. While government-backed housing subsidies offer a solution to the monthly rent check quandary, signing onto this kind of agreement with tenants can raise a variety of concerns among property owners and managers.
Thankfully, LeaseUp addresses these concerns head-on.
Dedicated support
Upon entering the program, every property owner or manager is assigned their own dedicated housing specialist. LeaseUp offers 24/7 concierge support, which includes handling inquiries and scheduling viewings, assistance with applicant paperwork, and mediation if any issues arise with tenants.
Rental rate
LeaseUp ensures managers and owners bring in a fair rent based on the unit location and amenities. Just like the payment terms, the exact percentage depends on the specific program the tenant participates in.
Even by collecting a little less money in rent every month, smart property owners and managers understand they can make it up with consistent payments. After all, they are guaranteed a holding fee of up to two months’ rent until the unit is filled.
Once it’s occupied, LeaseUp tenants tend to stay longer than your average renter. And if a match doesn’t work out, LeaseUp provides a vacancy loss fund.
Property damage
One of the great benefits of working with LeaseUp is protection for property managers and owners. LeaseUp can cover property damage and unpaid rent up to $10,000 after the security deposit has been applied.
Evictions assistance
The need for eviction has been extremely rare with LeaseUp, but in the event that it’s required, owners and managers get the support they need. While the LeaseUp team does not have the authority to initiate the process, LeaseUp is committed to ensuring a positive experience for property owners, managers, and tenants alike.
So, how do property owners and managers take advantage of the LeaseUp program? They simply sign up at LeaseUpLA.org to see if they qualify.