Rental markets across the United States have been upended by the COVID-19 pandemic. The struggling economy has shown signs of slow recovery, but renters remain unemployed with months of unpaid back rent.
However, an innovative program in Los Angeles County provides stability and support to property owners by matching those who have vacant units with tenants who need housing. Powered by PATH and backed by Los Angeles Homeless Services Authority (LAHSA), LeaseUp has worked with more than 600 property owners and managers across South California since 2018.
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. See how LeaseUp addresses these questions head on.
Consistent Rental Collections
Property owners and managers can count on LeaseUp for monthly checks at a fair market rate. Unlike open-market tenants, LeaseUp’s tenants have secured income through their government-backed housing programs.
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.
Protection Against 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 (covered by the agency responsible for rent) has been applied.
LeaseUp tenants have been carefully vetted by experienced service providers, and all tenants must be enrolled in a program that provides relevant supportive services. Prior to move-in, tenants meet with supportive services to discuss their specific needs. From there, tenants are connected to resources, such as job training, healthcare, mental health counseling or addiction treatment, and education.
Interested in applying? LeaseUp is open to property owners and managers throughout Southern California. The program works with properties of all sizes, including empty rooms and ADUs. In other words, it’s a great way to transform your extra space into a mortgage payment.
Sign up at Leaseupla.org today to see if you’re eligible to participate.
*Please note that leaseupla.com is a commercial real estate company and is in no way affiliated with LeaseUp powered by PATH.