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Los AngelesApartment rents in metros across the country are hitting peak levels. While the extreme increases have been good news for may investors, they have also lead to a rise in eviction rates, leaving some landlords with significant losses in rental revenue. A new service from the AAOA aims to help landlords hedge against rent loss. LeaseGuarantee will reimburse landlords up to $10,000 for unpaid rents and eviction costs. It also promises to speed leasing activity by covering a portion of move-in costs for tenants. To find out more about the increase in eviction rates, how tenants have been impacted and how this new service can help, we sat down with Jeff Cronrod of AAOA for an exclusive interview.

GlobeSt.com: Why are tenant eviction rates rising?

Jeff Cronrod: The housing shortage in some communities has driven rents past a point of affordability for many. More tenants are stretching beyond an appropriate rent to income ratio in order to get into a rental.  Rent control has also played a role in driving rents higher as landlords push rent on vacant units higher to offset long-term residents benefiting from below market rents.  Additionally, we have seen some landlords taking traditionally long term rental units off the market in order to offer them on sites like Airbnb at higher daily rates than they could normally get.  Along with other local and regional economic issues, these causes create a perfect storm to accelerate the eviction rate.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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