Top 5 Things Los Angeles Tenants Look For in a Rental Property
Investors know exactly what to look for in a rental property. You’re looking for potential cash flow, strong appreciation, and exceptional cap rates.
As you may expect, residents have a different set of standards because they aren’t looking at that property as an investment – they’re looking at it as a home.
Tenants have specific needs and requirements when they’re looking for their next rental property. If you want to attract the best tenants for the most amount of money, you’ll need to get inside their heads. Here are the top 5 things we know Los Angeles tenants are looking for when they’re shopping for a new home.
1. Value and Competitive Pricing
Rental price is always going to be a factor. Tenants understand that rental values in Los Angeles, West Hollywood, and even the San Fernando Valley are high, so they’re going to want to get a lot of value for their money. They’ll look for homes that have all the appliances included. They’ll be more likely to rent homes where water and trash services are included in the rent price
2. Location Matters to LA Tenants
Los Angeles County provides a diverse rental market, and different tenants will look for different things.
However, a few common location benefits will be important to just about every prospective resident. Tenants are looking for a rental property that’s close to work, grocery stores, restaurants, entertainment, parks, and commuter routes. Quality of life is important to tenants, especially today, and good residents are often willing to pay more or overlook less desirable aspects of the rental unit if the property is in a great neighborhood. School districts are also important to residents with children.
3. Tenants Want to Feel Safe
Safety is always going to be on the minds of prospective tenants. Security systems, upgraded doors and windows with extra locks, and smart home technology can really help tenants feel secure in their homes.
Educate your renters on how to stay safe. Remind them to lock their cars and not leave valuables outside the home where people can see them. Trim back any bushes or trees that may block windows and check your home’s exterior lighting.
4. Move-In Ready Property Condition
Properties that aren’t move-in ready and require painting, carpeting, or cleaning will be a problem. Your tenants are looking for homes that are clean, functional, and ready to inhabit. Before showing the property, make sure that all the necessary repairs have been made. The first impression that a tenant gets from the property will be what drives their decision to fill out an application or not.
Additionally, if the property condition is poor when tenants move in, they will believe you don’t care about the property yourself. This sets the expectation that they can treat the property without care. You don’t want to give the wrong impression. A rental home that’s in move-in ready condition sets the expectation that the tenant will maintain high standards of cleanliness and maintenance.
5. Professional Property Management
Good tenants in Los Angeles are likely to prefer living in a professionally managed rental property. They know this guarantees responsiveness and attention to detail. Tenants will want to know who to call when there’s an emergency maintenance issue or a problem with rent. They’ll need to know their landlord or property manager is responsive, available, and accessible. Good tenants will look for things like clear expectations, a transparent and detailed lease agreement, and conveniences such as online rental payments.
We can help you attract and retain great Los Angeles tenants. For more information about how we can help, please contact us at MGMT Group, Inc.