Chris Jacobs, Keller Williams Beverly Hills: The internet, social media and smartphone apps like Airbnb have influenced millennials to think smarter and be savvier about ways they can make money from their property purchase, as well as use the additional income to pay their property taxes for the year or just put money in the bank. There is a lot of money to be made and millennials know it.
A large portion of my business is in West Hollywood, and many buyers seeking income properties are unhappy when they find out that the city and a large majority of buildings have rules and restrictions against rentals.
Most buildings in West Hollywood enforce a one-year policy that states the new owner must live in (or own) the unit one full calendar year before they are able to rent it out. Some even limit the number of condos one person can own, whether it’s in their name or an LLC. Millennial buyers specifically seeking out property to rent right away are definitely turned off by these rules enforced by the buildings and city and are forced to venture out a bit.