The rental market is fiercely competitive. In Los Angeles, 41 percent of residents rent versus own. According to the National Multifamily Housing Council this percentage is expected to grow with the development of multi-billion dollar projects in and around downtown Los Angeles.
This trend is not unique to Los Angeles, the amount of renters in markets across the United States is only expected to rise and with supply on the increase how do developers and landlords attract today’s best tenants?
At First Light Property Management we believe the answer lies in one word, lifestyle. More than ever residents want a value beyond granite counter tops and renovated hardwood floors. The millennial generation has grown to expect flexibility and creativity in the workplace and that transfers over to where they choose to live. Residents want to a part of something bigger.
A lifestyle management approach to renting follows a few key rules:
-Ensure tenants have access to community perks
-Provide opportunity for socializing with other tenants
-Adding shared upgrades is just as important as apartment upgrades
Working with local restaurants, car services (Uber, Lyft) and delivery services can be a great way to offer residents unique discounts to local retailers and services that they use on a daily or weekly basis. This simple perk not only helps build relationships with other businesses in the community, but also builds a sense of value for residents. The value encourages residents to identify with their home as not just a home, but a home within a larger community.
Social events are not for everyone but more and more residents are responding to tenant events at properties with positive feedback. Hosting wine and cheese tastings periodically, or partnering with a local yoga studio to offer yoga in the common area is a great way to bring tenants together. Residents love the perks and the sense community they share with other tenants.
We all understand the value of upgrading an apartment unit, but consider upgrades that impact the entire building. Adding shared or rented bikes, unique and fun vending machines, games, books, and areas where residents can enjoy the building beyond their own residence is a great way to increase the value to the overall building and continue to support a community lifestyle.
As the market continues to expand and competition for tenants grows, it is important to consider what sets your property apart from others.
Trevor Henson is CEO of First Light Property Management and First Light Development. He manages thousands of luxury rentals within the California market and beyond. Henson founded First Light Property Management in 2009. For more information visit www.Firstlightpropertymanagement.com