Follow-up: Ultimately resolution was reached between owners and tenants, as discussed in this City of Thousand Oaks TV video:
In a "Rent Adjustment Application" dated May 27, 2010, the owner of the Thunderbird Oaks Mobile Home Park asked the City of Thousand Oaks Rent Adjustment Commission to increase monthly rents charged to 161 tenants by $323.52 per month.
Tenants in this 55 and older mobile home park currently pay monthly rent ranging from $321 to $525 to rent the spaces where their mobile homes reside. This proposed increase would thus raise the rent of these mostly fixed income tenants by 62% to 100%.
Tenants were notified last week that a required hearing to address the proposed rent increase will take place on Tuesday, October 5th RECENTLY CHANGED TO MONDAY, OCTOBER 18TH (NOTE: After owner submitted another revised application, the hearing was rescheduled to Monday, January 10, 2011) at 6 p.m. at the City of Thousand Oaks City Council Chambers (Scherr Forum located on the 2nd floor), Civic Arts Plaza, City Hall, 2100 Thousand Oaks Boulevard.
The Rent Adjustment Commission will render a decision by October 20th. In the notice, tenants are "encouraged to seek legal representation of their interests at the hearing."
Needless to say, tenants are up in arms. Imagine living off of Social Security with a fixed income, opening the mail and discovering your landlord wants to nearly double your rent.
I was shocked to hear about this but even more shocked when I reviewed the application. I thought perhaps the landlord was in dire straights to necessitate such a large increase. But discovered that's not the case.
In the application, the landlord is seeking "Just and Reasonable Return." It indicates 2009 Net Operating Income (NOI) was $443,550, or about $2,570 per tenant. The landlord says it "should" be making $1,006,667 NOI, more than double its current profit. To do so, they propose increasing the monthly rent for each tenant by $322.52 per month.
In addition to the monthly rent, tenants also pay their share of utilities, including electric, gas, sewer, trash, etc. If approved, this increase will significantly impact several hundred seniors living in Thousand Oaks in the middle of some very financially challenging times.
Thunderbird Oaks is located in Thousand Oaks near The Lakes shopping center bordered by Conejo School Road and the 101 Freeway.