1. 10 Most Essential Apartment Amenities for Los Angeles Renters Based on multiple surveys, and rental trends, this is a list of the 10 amenities LA Renters Demand

2. Los Angeles has the second highest percentage of renters in the nation, Second only to New York City

3. Renters reported 6 amenities they do not currently have, but would pay more to have if offered to them. Amenities play a significant role in renters’ decision to move into a specific apartment/rental unit Swimming Pool Fitness Center Designated Pet Areas Onsight Storage Areas Doorman/Security Community Garden

4. A recent national study reports that many tenants would pay a higher price for select community amenities

5. The #1 most desired amenity was an in-unit washer/dryer, followed by high-speed internet, central air, and included heating and hot water. Top 10 Amenities Desired by tenants In-Unit Laundry High Speed Internet Central Air Heat/Hot Water Patio, or Balcony Dishwasher Cable TV Remodeled Kitchen Walk-in Closet Exterior Storage

6. A major trend which has emerged across all age groups of renters, is the increased desire of tenants to have the ability to conduct rental-related business online.

7. Tenants’ preferred contact method reflects a desire for increased use of online services Studies show that 53% of renters still prefer email as the primary contact between management and tenant. Text or SMS messaging is a close second, and continues to grow in popularity.

8. Satisfaction with property managers has direct correlation to tenant retention

9. Key Points Summary Tenants report that there are various amenities for which they would pay a higher monthly rate Community and/or shared areas such as gardens or lounges, have emerged as highly desired amenities The most desired in-unit amenities are washer/dryer, central AC & heating, and high speed internet The gap between the amenities tenants have, and want present substantial opportunities for property managers Renters (especially millenials) demand access to online rental services more than ever

10. How to utilize this information to create a management strategy to gain new tenants, and retain existing ones. There is a sizeable gap between the amenities and services tenants reported wanting, and what they have. By investing in filling those gaps by providing amenities which other rental properties fail to provide, your property will stand out, and have a higher chance of being rented, or can be rented at a higher price than surrounding units. Examples Consider Including High Speed internet as a paid utility 25% of Renters Say they would pay more for designated pet areas, but only 13% of renters say they already have them. Invest in a dog run, or on site grooming included with monthly rent. Consider investing in an outdoor community area. 21% of renters report wanting a community garden, while only 12% reported having one. If it makes sense to bundle services in with your properties and raise the rent, consider doing so. This is something tenants expect to pay extra for, and could be a draw for your listing.

11. Closing Remarks In the highly competitive Real Estate market, it is clear that the only effective property management strategies are those with a central focus on standing out from other PM companies by offering amenities which fill tentant’s growing demand for community features and technology. Establishing a good relationship with tenants, and intuitively, and pro actively problem solving is the best way to retain tenants/ avoid repeated vacancies in rental units. Trends in tenant demands which are just beginning to emerge include: -Pet Friendly Spaces -Smart Appliances / Undated Kitchens -Electric Car Charging Stations -Full access to complete rental related business online (i.e., pay rent, service requests, apply online, sign lease online etc) Resources: National Multi Family Housing Council - http://www.nmhc.org/residents/http://www.nmhc.org/residents/ California Association of Realtors - http://www.car.org/marketdata/surveys/ahs/http://www.car.org/marketdata/surveys/ahs/ Buildium - https://www.buildium.com/resource/2016-renters-survey/ Co-Star Group - http://www.costargroup.com/costar-news www.ingeniousassetgroup.com