Tenants in Los Angeles have a lot of protections and they also have a lot of demands.
This is something you might find challenging and frustrating. But really, you should look at it as a positive. It means you have the opportunity to showcase your property and your commitment to customer service.
Let’s look for ways to thrive in this competitive and evolving market.
Staying at least a few steps ahead of your tenant’s needs will ensure you always have an occupied property.
Tenants are different today than they were ten years ago. A lot of them are working remotely. Many of them have lived in a number of different rental properties. They’re more willing to move now than they once were, so you have to work a little harder to keep them.
They also have high expectations.
Can you meet them?
Let’s make sure of it. Today, Bell Properties is talking about how you can understand what your tenant really needs and then provide the exact living experience that speaks to them. When you’re meeting the needs of your tenants, you’ll find that rent is consistently paid on time. Those residents are helping you take care of your property. And, you won’t have to worry about vacancy and turnover because your renters will be eager to renew their lease agreement.
Remote Work and the Needs of At-Home Tenants in Los Angeles
The remote work trend was already taking hold, and then the pandemic hit and it became completely normalized. While some Los Angeles businesses have called their employees back into the office full time, many of them are adopting flexible work policies or allowing their team members to work entirely from home.
This shift has fundamentally changed what tenants are looking for in a rental property.
It has also changed how your rental property is used. With tenants home more, the appliances are getting more used. There’s more traffic on the floors. The lights are on for longer.
Spaces that can double as a comfortable home office are now in high demand. Landlords can appeal to this market by offering properties with dedicated or adaptable workspaces, high-speed internet access, and quiet, well-lit areas.
Positioning your rental property to attract and retain these remote workers will allow you to have a profitable rental experience while providing a pleasant one for your tenants.
Understand this important demographic and be mindful of what work-from-home tenants are looking for as they search for their next home.
Lean Into Green: Sustainability and Eco-Friendly Living
You’ll need to be prepared to go a bit green if you want to appeal to tenants and meet their evolving needs.
This is another significant shift in tenant preferences. There’s a growing importance to the sustainability of their homes. Los Angeles residents are increasingly looking for eco-friendly living options that minimize their carbon footprint.
Properties that incorporate green initiatives stand out from the competition. You should consider upgrades and updates that lead to better sustainability as investments in the future appeal and value of your properties.
What, specifically, are tenants wanting when they move in? Here are a few examples:
Energy-efficiency.
Energy-efficient renovations are not just good for the planet; they're attractive to tenants who are increasingly conscious of their carbon footprint and their utility bills. Consider upgrading windows, insulation, and HVAC systems to more efficient models. These renovations can be a selling point for your property, appealing to environmentally-minded renters and those looking to save on energy costs.
Better insulation.
Are you losing heat and cool air through doors and windows that have large gaps, cracks, or spaces? Look for ways to fill those holes and your tenants will feel like you’re meeting their needs. They don’t want to lose money on electric bills.
Water conservation.
California is routinely dealing with drought conditions, and in Los Angeles, it’s a good idea to be mindful of the water we use. Water efficiency mechanisms represent an important, yet often overlooked, facet of sustainable commercial property management. Low-flow toilets, drought-resistant landscaping, and rainwater harvesting systems can greatly decrease water usage and help you make substantial savings on utility bills.
Smart Home Tech Meets Convenience Needs
Tenants are looking for convenience, and they want smart home technology to deliver that convenience.
Smart home tech can help you attract tenants, raise your rental values, and provide a better experience to your tenants.
When you choose the right smart home tech to invest in, you’ll find that you’re more competitive on the rental market. Some of the most popular smart home tech updates will include:
Security features such as alarm systems and video doorbells. When tenants have a video doorbell installed, they can see who is at the door before they open it. They can also see when packages are delivered.
Smart thermostats, which are also popular and meet your goal of providing a greener and more energy efficient rental. Tenants can leverage the intuitive and predictive nature of a smart thermostat to keep their home comfortable without wasting money on high electric bills.
Lights that can turn on or off via an app or a pre-set control panel are also a wise investment. When tenants can simply tap their phones to turn on their interior lights as they approach their home, they’ll feel safer and they won’t have to leave those lights on all day.
This might have been a bit too much for a rental property several years ago, but it’s becoming more essential now. Look for ways to incorporate these features into your property when you’re committed to meeting the needs of your residents.
The Need for Flexibility and Convenience
In addition to convenience, tenants also need flexibility.
This is becoming more and more of a lifestyle preference. You might find yourself having to be a bit more flexible when you want to attract and retain the best tenants.
What kind of flexibility is most in demand?
Flexible leasing terms. You might find that you have residents who are more interested in a nine-month lease or an 18-month lease than the standard one-year lease agreement.
Online rent payments. If you’re not already accepting online or electronic rents, you’re behind the curve. As property managers, we have the software systems in place to accept and document online rental payments. You should be able to accept rent through apps rather than paper checks.
These are now expected features. When you’re looking for other tenant needs that can be easily met, consider amenities such as in-unit laundry, secure parking, and outdoor space. All of these things will enhance the appeal of a rental property and deliver what your tenants want and need. Landlords who offer these conveniences will likely see a higher demand and lower turnover rates.
Community and Wellness
Wellness is another lifestyle issue. Tenants are focused on work/life balances. They want to achieve as much happiness in their lives as production.
There’s also a lot of loneliness in our culture as it’s currently formed. The concept of community has taken on new importance, with tenants valuing a sense of belonging and wellness within their living spaces.
You can meet this need by providing a sense of community or an opportunity for your tenants to interact with each other and their neighbors. Properties that offer community gardens, fitness centers, outdoor spaces, and social events promote a healthier, more interconnected lifestyle. These amenities not only attract tenants but also offer a positive living environment, making them more likely to renew their leases.
On a related note, safety and security is a major tenant need. You’re required to provide a rental home that’s safe and habitable. But, you don’t want to simply meet the minimum legal standards. Take a few steps further, because in today’s world, safety and security are top priorities for tenants. Effective property management includes ensuring that lighting in and around the property is adequate, security systems are up to date, and access control measures are in place. Landlords who demonstrate a commitment to tenant safety can significantly increase the attractiveness of their property.
Understanding the evolving needs of Los Angeles tenants allows landlords to make strategic decisions that will enhance the desirability and competitiveness of their rental properties. By investing in features and amenities that align with these preferences, landlords can not only attract but retain tenants in a market that's constantly changing.
This should be your goal. When you understand the needs of your current and potential tenants, you can make some decisions about how to move forward when it comes to marketing, making improvements, and approaching lease renewal negotiations.
This is difficult for independent landlords to handle on their own, and you can benefit from the expertise and resources of a local Los Angeles property management company.
Let’s talk about how we can help you and support your tenants. Contact us at Bell Properties. We’d be happy to answer any questions and to serve as your Los Angeles property management resource.
