It may seem like a distant memory at this point, but there was a time when outdoor space in apartments in LA was treated as a bonus. When a multifamily building offered units with balconies, courtyard adjacency, or access to a rooftop lounge area, those units often came at a premium. However, the expectations of renters have changed in recent years. For many, these outdoor spaces are now a minimum requirement. And savvy investors need to remain considerate of this value driver when preparing units for the city’s rental market.
The Growing Expectation for Outdoor Space in LA Apartments
In a region blessed with a mild Mediterranean climate year-round, it makes sense that features that capitalize on LA’s weather would remain popular amongst renters. Apartments in LA often incorporate these outdoor features as an extension of living space. A balcony or courtyard more or less increases a unit’s usable square footage without the need to alter its footprint.
While a lot of the expectation for outdoor spaces around LA can be traced back to the global COVID-19 pandemic, the trend was building well before 2020. Courtyards, balconies, and rooftop common areas tend to promote wellness and mental health while generally enlivening the work-from-home office space. The pandemic made this clearer, but it didn’t initiate it. The trend found reinforcement in faster lease times and lower vacancy for the apartments in LA that provided outdoor spaces versus those that didn’t.
Breaking Up Urban Infill Development
Los Angeles is also slowly but surely progressing with infill development projects, meaning that shared outdoor spaces are more welcome than ever for breaking up the tightening urban density. Mid-rise and high-density developments particularly benefit from the inclusion of refreshing outdoor spaces. It’s why we’re seeing a renewed appreciation of older bungalow courts and similar courtyard-oriented apartment buildings.
Promoting Healthier Living Across Apartments in LA
Possibly the strongest endorsement for apartments in LA incorporating outdoor spaces is the broader consideration of health. Studies have reinforced that an abundance of natural lighting, fresh air, and greenery improves quality of life. Shaded patios, Wi-Fi accessible courtyard lounges, and rooftop gardens allow for fitness, remote work, and social connection on-site. Working these spaces into multi-family buildings isn’t just about aesthetics. Rather, they reflect the evolution of how tenants are using their environment.
Investor Benefits from Incorporating Outdoor Space
If long-term asset performance is a part of your investment strategy, then incorporating outdoor space needs to at least be a strong consideration. Those apartments in LA that offer strong, accessible outdoor spaces tend to enjoy longer tenant retention, which obviously helps with turnover expenses. Usable exterior space also brings flexibility to upgrading older structures, since even minor updates to courtyards or rooftop lounges can add a significant degree of competitiveness to an asset.
No Longer a Luxury
If you’re stuck seeing outdoor space as a luxury among renters, it’s high time to rethink its role in the modern rental market. When it comes to apartments in LA, outdoor spaces are no longer exclusive to high-end properties. It’s a core tenet of livability, albeit one that influences leasing frequency, tenant satisfaction, and, of course, the actual value of your investment.
