Landlords in Los Angeles are increasingly choosing to partner with the extended-stay home-share companies because they provide a way to fill vacancies in units. But not everyone is happy about it.
Housing advocates argue that such rentals are exacerbating the region’s affordability problem by reducing the already strapped stock of rentals, according to the Los Angeles Times.
Extended-stay apartments, also known as corporate rentals, are often more expensive than typical apartment rentals because of the lease flexibility and amenities offered.
Rates for a one-bedroom unit on Blueground’s platform, one of the growing extended-stay companies, might range from $2,990 to $5,890 per month, depending on the location.
Opponents of extended-stay rentals argue that the high turnover rate of corporate tenants create an opportunity for landlords to raise prices on rent-controlled units. Startups like Blueground say they are not partnering with landlords who push tenants out.