California's rental market is undergoing a significant transformation with the implementation of 10 new rental laws changes in 2024. These changes will have a profound impact on both landlords and tenants in the state, addressing various concerns. It is crucial for property owners and managers to stay informed about these updates to navigate the evolving real estate market effectively. In this blog post, we will delve into these new rules to provide a comprehensive understanding of their implications.
SB 567: Just Cause Eviction: A recent amendment to California's Tenant Protection Act of 2019 has introduced stricter conditions for landlords invoking the no-fault just cause eviction policy. Landlords must now give tenants specific advance notices and adhere to a 90-day timeline if they or their family plan on moving in. Non-compliance with these new stipulations can result in financial penalties for property owners.
AB 12: Security Deposits: Starting July 1, 2024, a significant shift in security deposit requirements will impact California landlords and tenants. Property owners will now be limited to collecting a maximum of one month's rent as a security deposit. However, "small property" owners with two rental properties or fewer, totaling four units or less, can still request up to two months' rent for a security deposit.
SB 712: Micromobility Devices: California tenants now have the right to store and charge electric scooters and bikes within their apartments, provided the devices meet specific safety standards. Landlords can require tenants to carry insurance for their devices if they do not meet these standards, and indoor charging can be prohibited if necessary. Additionally, landlords offering secure, long-term storage for micromobility devices must comply with certain regulations.
Conclusion: It is crucial for landlords, managers, and property owners in California to stay informed about the new rental laws coming into effect in 2024. These legislative changes aim to address various issues in the rental market and will have a significant impact on both landlords and tenants. By understanding these new rules, stakeholders can navigate the complexities of California's evolving real estate market effectively this year. Dive into the opportunity now and stay ahead of the game! 📺🌟 🔑 Equip yourself to navigate the rental market with expertise! If you have any questions, let's connect!! ✨ Reach out to me today for further details..