Because of the wave of foreclosures that swept through the country in 2008, along with high rates of sustained unemployment, more people are renting than ever before. Once upon a time homeownership was a right of passage, as young professionals began starting families and locking down careers. But that’s all changed. Now, apartment living is becoming the “new normal,” as studies show a total of 36%, or 110 million Americans, lived in rentals last year.
What does all this mean for property owners?
Well, it’s good and bad news.
The Good: There will constantly be a stream of new renters entering the marketplace every year, which should give you some sense of security.
The Bad: With so many renters, multifamily housing is a booming industry, and your competition will be stiff. Unless your place stands out from the rest, you could have a lot of potential renters walk right past the property.
A Look at the Numbers
Is it really any surprise that Los Angeles has the highest percentage of renters in the US? As of 2012, 52% of people living in Los Angeles were renting their place of residence. Compare that to the national average of 35%, and you can see how LA is a special place for multifamily property owners.
According to that study done by the Joint Center for Housing Studies at Harvard University, the demographics for the past decade break down like this:
- Households with people in their 30s and 40s accounted for 3 million new renters.
- The number of renters with children (couples and single-parent families) rose by 2.2 million.
- Families with children make up 31% of renters.
Having this information at your fingertips should encourage you to invest in adding family-friendly amenities in your North Hollywood property. If you don’t, you risk losing that growing group of renters who have children.
Some Popular Family-Friendly Amenities
When it comes to amenities, there are so many different options worth considering, but it might be wise to start with some of the most tried-and-true. A lot will depend on what type of space you have, but the following tend to be the popular ones I see on a day-to-day basis.
- Swimming pools
- Hot tubs
- Outdoor BBQ areas with picnic tables
- Tennis courts
- Jogging trails
- Community game rooms
- Dog run/dog park
But if you really want to think outside the box, here are some of the more upscale and exotic family-friendly amenities you may not have considered.
- Fully stocked fishing ponds
- Community chaplain
- On-site child care
- Nature Preserve
- Community playroom
- Children’s art studio
- Community garden
- Teen lounge with pool and ping pong tables
Ultimately, the list is endless. And frankly speaking, it should be. Since real estate in Los Angeles is at such a premium, multi-family complexes have slowly transitioned from spartan, utilitarian properties to fun and entertaining communities with something for everyone. The goal is to think outside of the box and offer your renters a variety of amenities that will encourage them to stay there for years.
Let REIG Make Your North Hollywood Property Irresistibly Enticing
We understand the nuances a project like this can have, so we’re fully prepared to turn your North Hollywood property into a family-friendly retreat. And with over 120 combined years of experience, our team of professionals is equipped to provide consulting and renovation services within your multifamily community. From budgets and cost estimates to innovative design development, REIG Construction is ready to help you make any upgrades or structural repair—while causing the least disruption to your existing tenants. So make sure you call us today and find out firsthand how we became one of Southern California’s most trusted names in the real estate industry.