THE LAST ANGELINOS' STANDING.
On Feb 2020 the world was forever changed with a pandemic that rocked our planet.
Panic spread throughout America, particularly in our lovely gluten free bubble of Los Angeles. The species of the “Los Angelino” is very susceptible to anything that is fed through the media (since this is Hollywood baby!) and we are a tender breed to say the least. One of the biggest trends I’ve noticed is the disbursement of transplants moving back home because cost of living vs. loss of wages. Which for the real estate market, is an actual 6% decrease in rental income. But as Darwin Theory states; The Survival of the Fittest, we are left with a more robust hustling breed of Angelino like no other for our future.
What can the real estate market do to capture the market in 2021 and entice people away from single family ownership?
The magic of convienance is key. With more live/workfromhome potential, Developers really need to appeal to the renter with unique design and amenities. Make us feel like we are living our best luxury vacation lives like we do when we are in Miami. Also, with the onset of the pandemic, interior gyms are at a pause, where as exterior health and wellness spaces (walking paths, outdoor jungle gyms, etc.) give people the opportunity to enjoy their city, circulate some blood, and relieve some stress.
Today, many developers incorporate amenities and features pulled directly from the luxury hotel and hospitality space into their projects. "People have gotten used to staying in these ultra-luxe resorts," said Miami-based real estate developer Daniel Kodsi. "Now they want the same experience in their personal, day-to-day lives."
Here’s a couple new ways you can appeal to the millennial rental demographic in Los Angeles
(whether single professional or starter family)
Tween Rooms - Tween rooms are typically separate from the building’s shared lounge space, with video game consoles and some space to practice and play musical instruments. Ex: Jam room," a "party room on steroids," where people can play instruments or sing karaoke.
Music Room - The Kent, located on the Upper East Side of Manhattan, also has a music room, known as "The Sound Lounge," in which developer Extell added value by having Lenny Kravitz Design handpick the room’s materials, color and equipment—including guitars, a drum set, a piano and amplifiers.
At 111 Murray, one of the first things that came to mind was an on-site salon where women could have a blowout, she said. So, the building will have the first ever private Drybar. It will also have a "jewel box patisserie," stocked with yummy pastries from a local bakery for the same reason: convenience.
Shared car services- According to some studies up to 56% of Gen Y and Gen Z were open to sharing rides. Flexibility in transportation is super important to millennial renters. They may use their bikes and public transportation more, but they want to know they have options. On the rare occasion they need to travel to an area that can’t be reached by those means, a shared car is very valuable. Check out Zipcar to see how you can bring shared car services to your multifamily property.
"People want that personal touch," Mr. Kodsi said. "They want to feel like they’re living in a five-star resort."
Stay tuned for the 1 of a kind amenity Fill the City is creating with a Development firm here in Los Angeles.
Feel free to drop a line if you have any questions
xx Montana