Stop the MAXIMUM RENT INCREASE at Versailles Apartments, Woodland Hills, CA
Hi, I am Agatha Altarovici, a single mom of 2 children and I have been living at Versailles Apartments, Woodland Hills, CA since February 2020. I moved in right before COVID started and I am up on my 2 year anniversary here.
Personally, despite the hardship of COVID, I have been able to pay my rent and honor my lease for the past 2 years. Last year was financially hard and a month ago, I expressed to the leasing manager that I was going through a really hard time with my business and as a single mom of 2 small kids, I needed some help for the upcoming rents. I was introduced to the California Rental Relief program and did my application.
My application is still pending.
A couple weeks later I received from the corporate Equity Residential Renewal Team my Lease renewal. For a 2 bedroom apartment, i had an increase of $225, which was the max amount allowed under the law. 8.6% increase!!
I explained that i have been a stellar tenant and pleaded my case as a single parent, asking if there was any flexibility so that I could stay and commit to this lease.
While I was received with kindness by the community manager, I was explained that they had just switched the lease renewal to corporate and it was now dictated by people out of state who didn't even know the community or the people : They just care about numbers and market value.
When I called that corporate office, after hearing me, they came back to me and said there was no room for any negotiation because "we will increase according to the market value" and said without a beat to "just let us know when you plan to vacate with a 30day notice."
I cried so much knowing how much profit these companies make and how they now just don't care about individual tenants as people.
Let me illustrate my situation with numbers:
I am a single mom with 2 small kids in TK and 1st grade.
I pay 2,625$ for a 2-bedroom apartment. At an 8.6% annual rent increase, If I want to stay in this apartment and neighborhood, I will be paying $4,306 a month by the time my daughter (currently in TK) reaches 5th GRADE !!
I then realized MANY FAMILIES who want to stay here for the good local school are in the same boat!
The only excuse I got was "this is the LA housing market" BUT THIS IS UNSUSTAINABLE AND I AM TRYING TO TAKE ACTION.
In the meantime, nothing within the community has justified a 8.6% increase.
Our community keeps on experiencing major issues:
- trash issues
- alarms system malfunctions
- floods
- theft
- termites
etc...
This change in renewal modalities is brand new and while i am the first to experience this, i believe that all tenants here will have to go through this and they will force a 8.6% increase on your rent.
If you'd like an estimate of how much they will increase your rent go here: TENANT PROTECTION CALCULATOR
This is how they calculate it.
AGAIN: They will go for the maximum allowed!!
In the meantime, while this is happening, at a corporate level, EQUITY RESIDENTIAL has made a record beating Q4, 2021! as per this article:
Equity Residential Q4 PROFIT INCREASES, beats estimates
"Equity Residential (EQR) revealed earnings for its fourth quarter that increased from last year and beat the Street estimates. (...) The company's revenue for the quarter rose 5.2% to $645.13 million from $613.44 million last year."
While this is legally allowed, I believe that this is not fair or decent given that not a lot of people here were lucky enough to get a 8.6% increase raise in their income in the past year with the pandemic.
I say ENOUGH!
PLEASE SIGN THE PETITION TO PROTEST AGAINST THIS.
I am asking EQUITY RESIDENTIAL to acknowledge people's personal situations and cap the rent increase to be more humane and reasonable for us and our families.
Equity Residential trademarked mission statement is as follows “creating communities where people thrive.™”
I am asking you residents at Versailles Apartments : How has Versailles Apartments helped you thrive ? Do you feel you are living in a community that is in alignment with the value of the company?
Do you feel they have acted in a way that justifies such a rent increase ?
EQUITY RESIDENTIAL SHAREHOLDERS, YOU WANT TO HELP US THRIVE? THEN GIVE US SINGLE PARENTS, STUDENTS, HARDWORKING AND STRUGGLING FAMILIES THE BREAK WE NEED WHEN WE KNOCK ON YOUR DOOR AND ASK FOR IT, INSTEAD OF STRANGLING US WITH AN 8.6% RENT INCREASE.
Fostering a community that thrive also means doing the best you can to have people stay and care about that community: that's what community is. Not a turnover of people to get the best possible check in your pocket.
IF YOU AGREE, PLEASE SIGN THIS PETITION.
I truly understand that we have limited possibilities against the "power people" but that doesn't mean we have none. We can make change happen with petitions and other actions.
I am grateful for the support of my neighbors, my community and beyond. I hope that together we can make small changes that can have a big impact on our families.
Thank you
Agatha Altarovici
