Cost Of Eviction In California: What Every Landlord Needs To Know
It’s no secret that evicting a tenant can be a huge cost to landlords. What’s shocking is how much it actually costs. If you own rental property, you’re going to want to see what the real cost of eviction in California is.
When lost rent, vacancy, cost of eviction, cost of unit turn over, time, leasing costs, the risk of leaving a property vacant, are taken into consideration the costs can get staggering.
The most obvious cost of an eviction is the eviction costs themselves. The average eviction costs $750 to $1250 to retain an eviction specialist. This however, is not the full, true cost.
According to The Law Firm of Dennis P. Block and Associates, the average eviction takes 4 to 6 weeks in California. With the California median listed rent at 1,880 according to Zillow.com as of 2015, that’s approximately 1,880 to 2,820 dollars lost, on average in the state of California. For example purposes, an additional 1,880 should be added to “Lost Rent” as it will take some time to fill up your property.
Taking into account the cost of cleaning the unit and prepping it for the next tenant, paying the leasing agent, paying for marketing and concessions, it’s apparent an eviction is very expensive.
Estimated Total Cost of Eviction In California
|Retain Eviction Attorney||
|Lost Rent (Based on Average Rent in CA, 2015)||
|Leasing Commission (1/2 Month’s Rent)||
|Carpet Cleaning Cost||
|Marketing Costs (Rental websites, print ads, signs etc.)||
It’s important to understand this is likely a best-case scenario. It may take substantially longer for the tenant to vacate and for a landlord to fill the vacancy. This figure also does not take into consideration potential break in’s while the unit is vacant. If the tenant damaged the property this can cause more rent to be lost and more repair costs. Some parts of California the process may cost more, and in some parts it may be less, but this would be a good baseline to start.
The cost of eviction in California can easily wipe out tons of profit for the landlord. The moral of the story is proper due diligence up front is vital, even if you have a property manager, as the cost of an eviction can get hefty to say the least!
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