New regulations for short-term rental units in Los Angeles:
If you would like to become the host of a short-term rental property there are going to be some new laws in Los Angeles that you are going to have to follow. If you are going to host your residence you must live there 6 out of 12 months in the year. This will qualify you has the primary resident, which is the new requirement moving forward. Hosts are not permitted to rent out another residence that they do not occupy 6 months out of the year. The property that they do qualify to host will only be allowed to be rented 120 days out of the year.
Los Angeles City Host Requirements:
1. Register with the city
2. If you are renting the property, you must have permission from the landlord to do so.
3. Keep records at all times.
4. All safety requirements must be met. (smoke detectors, fire extinguishers, and information on emergency exits.
Los Angeles Tax Requirements:
* Transient Occupancy Tax Registration Certificate is required for all hosts participating in short-term rentals.
* The host would collect the occupancy tax from the guest and then remit that tax to the city.
* MyLodge Tax is a great website to help with an questions regarding remitting tax.
If hosts would like to rent out their property for longer than 120 days then they would have to apply for an exemption through the city of Los Angeles.
If you have any questions always call Belwood Properties.