A branding perspective from Après Creative; L.A. multifamily market
Oh, you lucky Los Angeles property owners. Do you know how easy you have it? Palm trees really make every photo look better – and the yoga and surf bodies of the locals don’t hurt, either. Any website or brochure for a, L.A. multifamily property has the potential to look like an ad for a permanent vacation in paradise.
Aside from the natural resources and beauty L.A. has to offer, here are a few factors bolstering the multifamily market in one of the United States’ hottest cities:
With a high barrier to entry to home ownership in the L.A. area, there are a lot of potential renters across demographic categories. Young people are flocking to the city for jobs and the economy is strong, which creates a perfect opportunity for property managers and multifamily developers.
CoStar analyst Steve Basham said of the L.A. market:
“The rising unaffordability of home ownership, the increasing economy, growing jobs and a young population makes Los Angeles one of the most attractive rental investment markets in the country...and probably the world.”
Basham noted that some of the highest rent growth in the city is happening outside the city center in key submarkets, such as Woodland Hills and Northridge.
Ok, so L.A.’s vacancy rate isn’t at zero, but it’s pretty darn close. It has inched up a bit since the first of the year because of new inventory, but still sits at a comfortable 3.5 percent. Some neighborhoods enjoy rates as low as 1.2 percent.
High demand and low vacancy rates have also translated into healthy rent growth: an average of $1,647 per unit represents a 5.2 percent year-over-year increase.
Marketing multifamily in L.A.
So, as we said, you have it pretty easy in L.A. High demand, low supply and a sought-after climate and lifestyle. Your building’s location in the L.A. metro area is its biggest selling point, but there are still some other ways you can stand out:
Beyond climate and recreation, L.A. renters want to find their tribe: Actors and screenwriters tend to band together; foodies and lovers of life’s little luxuries cluster in some neighborhoods; other communities appeal more to laid-back, beach-loving types.
Figure out where your property sits on the lifestyle map and market accordingly: Beverly Hills and Venice Beach are far different animals.
Think in ones
According to the National Multifamily Housing Council, 49 percent of rentals nationwide are occupied by households of one. Singles are an incredibly important demographic. Even more so in a place like L.A., where rental units represent 42 percent of all households (second only to New York, where 50 percent of residents rent).
Amenities that appeal to singles, from safety features to meet-your-neighbor events, should shine through in your brand and marketing efforts.
Style and image
From designer pups in designer bags to $300 white t-shirts, L.A. residents have a reputation for maintaining their image. Style doesn’t have to be all high-end luxury, however: What L.A. renters want is something with a little swag that reflects their good taste.
Highlight your property’s unique quirks and best perks. Find your style niche and your demographic will find you.
To learn more about how Après Creative can help you develop a unique, 21st century brand, contact us today. We specialize in multifamily marketing in Los Angeles, Denver and other key markets across the country.