Renting continues to be the trend among American households across various age groups, and this is truer in Los Angeles than in any other city in the United States. The biggest reason for this is the extremely high cost of housing in the city, with median home prices now at over $1.2 million.
However, renting costs in L.A. have also been rising, adding significant burden to residents’ finances. As a result, more renters are looking into budget-friendly options that will give them the comforts they seek without burning a large hole in their pockets.
What do budget-conscious renters look for in an apartment? Here are some of the features identified by various experts:
Technology features
As we move into the digital age, renters look for smart-home technologies that will result in cost savings first and convenience second. In a Multifamily Executive – J. Turner survey in 2016, the features that topped the list of the most desired smart-home features are:
- Free Wi-Fi connectivity
- Smart HVAC controls
- Energy Star kitchen appliances.
Following these are features that promote convenience, such as:
- Keyless electronic entry door
- Built-in USB charging ports
- Motion-detection cameras in units
- Motion sensor lighting
Respondents of the same survey also expressed preference for community features that support music and video streaming, including:
- Bluetooth connected speakers in common areas
- High definition theater room for mobile devices
- High definition screen in common areas
Electronic car charging stations have been touted as one of the technological features renters will love. But while sales of these vehicles have been rising, they will likely not make a significant impact on renters in the near future. In the MFE – J. Turner survey, only 15% of the respondents said they plan to buy an electronic vehicle in the next five years.
In-unit laundry
The days of the shared laundry room seem to be coming to an end as more and more renters are choosing the convenience of in-unit washers and dryers. Even smaller apartments are increasingly adding this feature, saving on space with stacked washers and dryers. Millennials, in particular, are willing to sacrifice some space for this convenience.
Fitness options
Most renters welcome a fitness center in apartments, and are willing to pay a little extra for such amenities as yoga and exercise classes, fitness trainings, spas, walking trails and exercise machines. In highly walkable or bikeable neighborhoods, bike racks or bike storage can also draw renters in.
Family-friendly and pet-friendly amenities
With more families renting, kid-friendly amenities are also sought after. Playgrounds, game rooms, basketball courts, biking trails, and similar features are great attractions for families with children.
Pet-friendly amenities are also in demand, although many tenants would be happy just to find an apartment that allows pets. Many pet owners are willing to pay extra for amenities like a pet “park” or grooming services.
Convenient and reliable services
Renters value reliable building services, including convenient leasing processes and competent interior maintenance. Online rent payment services and maintenance requests resonate well with tenants, particularly millennials. Other convenient services, such as valet trash, where each resident’s trash is regularly collected from their doorstep, are fast gaining popularity.
