As we head towards 2024, Los Angeles property management trends are evolving rapidly and according to the performance of both the sales market and the rental market. For real estate investors, it is imperative to keep up with the latest trends to make informed decisions and stay ahead of the competition. In this blog post, we will discuss some of the latest trends to watch in Los Angeles property management in 2024.
Smart Technology and Automation and Los Angeles Property Management
Over the last decade, the use of smart technology and automation has become increasingly popular in property management. By 2024, it is expected that the use of technology will expand even further, with property managers not only using technology to improve efficiency and reduce costs but also offering technology in the homes that are being rented out.
Property managers are recommending that owners offer smart locks, energy-efficient appliances, video doorbells, smart thermostats, and security features in order to attract more residents and increase rental values. There’s more of a demand for technology, especially as remote work continues to dominate the economy. With tenants working from home more, they need access to good technology and they expect to be able to connect
Los Angeles property managers are using automated systems for rent collection and maintenance requests. We are providing online portals for owners and tenants, and these automated trends will continue and grow into 2024.
There’s a lot of talk about artificial technology (A.I.) and how it can help property managers work. A.I. will be more normalized in 2024, providing support in communications and correspondence.
While A.I. and technology are growing and becoming more indispensable to the way property managers provide services, there will always be a need for personal contact. Property management is a relationship business, and it will remain so throughout 2024 and beyond.
Increased Focus on Los Angeles Tenant Experience
In 2024, tenant experience will continue to be a top priority for property managers in Los Angeles, especially as we work hard to retain tenants and help owners avoid expensive vacancy and turnover costs.
Modern tenants expect more from their rental experience, from personalized communication to convenient payment options. They want pet-friendly properties, perks and amenities, and good reasons to stay in place when the lease term expires. Property managers will need to adapt to these demands by offering more amenities and services. Whether it’s in-unit laundry, extra storage, or updated smart home technology, attracting and retaining residents will be more important than ever.
Property owners will need to be prepared for a tenant pool that’s more educated and willing to voice their needs and desires. Rents have climbed higher over the last few years, and residents want to feel like they are getting value. Prepare to make updates and upgrades and to invest the resources that are required in order to help your rental property stand apart from the others on the market.
We’ll conduct tenant surveys, strengthen resident relationships, and provide an experience that’s more transparent and geared towards what renters want and need in 2024.
Making Los Angeles Rental Properties More Sustainable
Everyone is going green, or at least trying to become greener and more environmentally aware.
This is especially true of your Los Angeles tenant pool.
Sustainability is becoming increasingly important in the property management industry, and this trend is set to continue in 2024. Landlords and property managers are looking for ways to make their properties more energy-efficient and environmentally friendly, which benefits both the environment and the bottom line. This includes the use of green roofs, solar panels, and water-saving fixtures.
Tenants are looking for these types of amenities. Some of the improvements you may want to consider as you look for ways to meet the evolving property management landscaping of the coming year are:
- Appliances with Energy Star ratings.
- LED bulbs instead of fluorescent bulbs.
- Low-flow toilets and showers.
- Smart thermostats to regulate indoor temperature and air quality.
As the new year rolls around, you’ll find that tenants prefer hard surface flooring to carpet because it’s cleaner and has fewer allergens. You’ll find multifamily properties have to be better about offering recycling options for organic waste.
Property managers are preparing their owners to make necessary and sustainable changes to address a changing climate and the shifting demands of environmentally conscious residents.
Data Analytics and Los Angeles Rental Insights
Data analytics will play a crucial role in property management in 2024. Landlords and property managers are increasingly relying on data to make informed decisions about their properties, from rent setting to maintenance schedules.
By using data analytics tools, property managers can identify trends and make data-driven decisions, which can lead to better profitability and more meaningful tenant relationships.
The amount of data available to property managers is almost overwhelming. We’re working on adapting to tools and technology that can make sense of the data for us and provide a better experience overall.
As you can see, there are several property management trends to watch in Los Angeles in 2024. From the continued use of smart technology to a greater focus on tenant experience and sustainable living, landlords and property managers will need to adapt to meet the changing demands of the market.
By staying up to date with these trends, you can position yourself for success in the future, whether you’re renting out just one home or an entire portfolio.
We are here to help, of course. While no one has a crystal ball, and it’s difficult to know exactly what will happen, these are some of the trends we expect to see throughout the rest of 2023 and into 2024 as professional property managers in Los Angeles.
The rental market is not always predictable, but we have high rents, a growing economy, and a lot to look forward to as you continue to grow your real estate investments in Los Angeles. Please contact us at Earnest Homes, and we’ll have a chat about what the coming year means for you and your properties specifically.
