“Short-term rent in L.A. is affordable while homeowner visits Korea!”
As more Korean-Americans are visiting their motherland for summer vacation, an increasing number of them are renting out their homes to tourists while they remain out of the country.
The phenomenon first started from a few online forums but has since spread widely. The short-term apartment rentals in L.A. have, in turn, become popular among tourists from South Korea.
“I’m visiting Seoul for a month as my child is on summer vacation,” said L.A. Koreatown resident, only identified by her last name Jeong. “A family from Korea proposed that I provide a one-month rent at my place in L.A., so we were able to strike a sublet deal. From what I know, many families are doing this to compensate for their rent while they’re out of the country.”
Jeong added: “The sublet deal provides us with a considerable help when compensating for our rent for the month. The tourists are also attracted by the idea since it’s more affordable than staying at a hotel.”
Most sublet deals are struck between 80 to 100 percent of the respective homes’ rent costs.
“Most of the people searching for sublet in L.A. are those who’ve already gotten themselves familiar with the city after visiting here several times in the past,” said another homeowner, only identified by his last name Kang. “They realize that sublets are more reasonable from a financial standpoint.”
However, working professionals within real estate explained that sublets could pose a danger on the original tenants.
“Renting out a home that you don’t directly own is a clear violation of the law,” said New Star Realty’s honorary chairwoman Soon-ja Lee. “If the apartment management finds out about such a deal, the punishment could result in eviction of the original tenant.”
By Woosoo Lee