Los Angeles is a major tourist destination for the State of California. People choose to visit Los Angeles for its vibrant culture, often choosing to stay in vacation rental homes for a uniquely authentic LA experience. In addition to providing lodging options for travelers, vacation rentals generate extra income for homeowners and families, improve neighborhoods, support local jobs, and spread tourism dollars across the city.
California is a patchwork of regulations when it comes to short-term rentals, but real estate professionals on the front lines are already seeing impacts in the market.
The Los Angeles City Council voted to approve a softer version of the Rent Stabilization Ordinance that went into effect in July.
Marina is becoming the next city to legalize and regulate short-term rentals. Marina City Council voted 4-1 on Oct. 11 to approve an ordinance permitting short-term rentals in the city, with some changes to an earlier version of the ordinance first approved in September.
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Vacation rentals in Los Angeles supported over 14,000 jobs in 2016, including those like cleaning services, landscapers, contractors, and the local retail stores and restaurants that benefit from vacation rentals.
93% of vacation rental owners and managers are residents of Los Angeles. 89% of vacation rental owners in Los Angeles own 1-3 properties. By renting these properties to travelers, these local residents earn extra income to cover their mortgage, pay for their child's education, and save for retirement.
In 2016, vacation rentals in Los Angeles generated $1.5 billion in economic activity.
In 2016, visitors who stayed in vacation rentals spent $583.7 million on local transportation, food, beverage, and entertainment.
“I was in my late fifties when I lost my job in the economic crash of 2008. Being able to vacation rent my property saved me financially from inevitable bankruptcy and foreclosure.”
“The funds generated from the venture has allowed me to continue to make improvements to a property that was previously an eyesore on the street and a magnet for trash to be abandoned on the property. My neighbors love what I have done for the beautification of the street.”
“We employ a crew of house cleaners, gardeners, and various handymen who benefit from our rental, supporting the local economy.”