L.A rents fell 3% in May because coronavirus slowed the economy

Published

4 years ago

June 5, 2020

L.A rents fell 3% in May because coronavirus slowed the economy

The average asking for rent for apartments in Los Angeles County fell last month from the previous year, according to RealPage, a major real estate data provider.

The 3.3% decline to an average of $ 2,254 for all sized units followed a 0.8% decline in April and reflects how the economic downturn associated with the corona virus is sweeping through the rental housing market.

Some landlords and property managers say they make concessions such as free rent for a month or drop the price required to get a unit filled when concerns about the economy grow.

According to RealPage data, the last rental that was refused was in 2010 after the Great Recession.

“We have a big drop in overall demand,” said Greg Willett, chief economist at the company, citing coronavirus.

Rental data have limitations because, unlike house prices, prices that tenants pay are not public records. Rental data from Zillow, for example, show that the rate of increase slowed in April, but rents have not dropped from the previous year, while May data is not yet available.

In addition, RealPage numbers include professionally managed apartments and thus ignore many landlords who charge lower rental fees.

RealPage data shows the decline is focused on the upper middle market, with so-called class B properties experiencing a 4.5% decline, while the top end, or class A, is down 3.5%.

The average rent in a class C apartment, usually an older, older property is basically flat, up 0.1%.

What happens with future leases depends on the overall direction of the economy.

More businesses have begun to reopen in the last few weeks. That could put more pressure on rent, but many economists expect recovery to be slow, especially if the reopening triggers a second wave of COVID-19 cases.

RealPage expects rents to fall further in L.A. County, with an annual decline of 5.6% in the first quarter of 2021.

The shift in the market came after a sharp increase over the years pushing some tenants out of their neighborhoods while shrinking other people’s budgets.

The increase in annual rental rates began to slow even before the coronavirus outbreak, which analysts attributed to the fact that many tenants were at their maximum.

As president of the property management firm Eberly Co., Chuck Eberly manages about 2,700 units in the Los Angeles area across the market spectrum from the upper class to the working class.

Eberly said he had to offer several weeks of free rent and in some cases immediately cancel the lease, mostly for his more expensive properties. Although he called the lease refusing “minor adjustments,” he hoped to be forced to make more road cuts.

“I see a lot of products now and not many viewers,” he said.

Goodwin Townsend

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Portuguese historical films will premiere on 29 December.

Published

1 year ago

December 20, 2022

Herb Adkins

Portuguese historical films will premiere on 29 December.

Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.

A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.

“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.

Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.

“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.

“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.

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Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS ‘There will be room’

Published

1 year ago

December 20, 2022

Herb Adkins

CRISTANO RONALDO CAN MAKE UP A GIANT IN CARIOCA AND PORTUGUESE TECHNICIAN SAYS 'There will be room'

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Herb Adkins

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Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Published

1 year ago

December 19, 2022

Herb Adkins

Maestro de Braga is the first Portuguese in the National Symphony Orchestra of Cuba.

Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.

According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”

In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.

The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.

In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.

From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.

Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.

“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.

“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.

Herb Adkins

Proud web evangelist. Travel ninja. Creator. Freelance food nerd. Passionate bacon fanatic.