Last modified on May 10th, 2022
By Stacy Holden
The rental housing market in Los Angeles has shifted drastically over the last few years, and so have its residents’ preferences and needs from property management. To better understand just how much everything has changed, we surveyed L.A. renters.
The full results of the survey are available in our 2022 Los Angeles Resident Motivations report, and we’ve included need-to-know insights for area property managers and owners in one helpful infographic here.
Read on for more context into the infographics’ insights, or download it now to see it in greater detail.
Key insight #1: Angelenos love their city, but not its rental market
We asked Los Angeles renters, “What’s the best part about living in the L.A. metro community?” Their answers revealed a lot of love for their chosen city:
- “Proximity to world-class dining, drinking, and makers.”
- “Weather, access to outdoor activities, restaurants, cultural activities.”
- “The culture and diversity.”
Next we asked, “If there was one thing you’d change about renting in the L.A. metro community, what would it be?” Because the topic of rising prices has been an ongoing focus for Los Angeles rental market trends, we weren’t completely surprised that it came up in responses. What did surprise us was that almost 50% of respondents said it was the number one thing they would change about renting in Los Angeles:
- “Rent is getting ridiculous for what you’re getting.”
- “There are too many unaffordable empty apartments while affordable apartments are in short supply but high demand.”
- “More affordable and low-income housing instead of lofts and luxury apartments.”
Clearly, price is a major factor. However, reading between the lines, residents’ satisfaction levels also come down to value. More specifically, renters want to feel like they’re getting what they’re paying for.
Key insight #2: Los Angeles renters are keeping an eye on options
Although Los Angeles renters love their city, they also appear far more likely to express dissatisfaction by picking up and moving. When asked what they plan to do when their current lease expires, less than one-third of residents are looking to renew their current lease:
|Renew lease on current rental||17.45%|
|Renew month-to-month lease||24.84%|
|Move to a different rental||12.42%|
|Purchase a home||9.80%|
When we probed deeper into what moving might look like for residents, it became clear that it’s not when but where that’s on their minds. The vast majority of respondents said they didn’t know exactly when they wanted to move, but almost one-third of respondents said they would like their next home to be in a city other than Los Angeles.
Key insight #3: Meeting and exceeding resident expectations is key
A lot has shifted since the pandemic began, and renters’ preferences are no exception. To see just how much their property management needs have changed, we asked renters what they valued more now than compared to before the pandemic:
|Faster response times||33%|
|Flexible leasing terms||31%|
|Digital tools to help manage rentals||29%|
|Smart home technology||25%|
Being able to meet and exceed expectations also goes back to showing residents the value of where they rent. Our survey results and feedback clearly indicate that renters appreciate when property management gets it right. However, when property management doesn’t, it’s a massive source of frustration for renters.
To dig into even more insights from our survey, download the complete Los Angeles Resident Motivations report. Or if you want to talk about deeper solutions and ideas on how to attract and retain your residents, let’s chat.