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Zego Releases Fourth Annual Resident Experience Management Report: The Multifamily Industry’s Definitive Study

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For the first time, the 2024 report will offer proprietary, data-driven analysis and first-hand insights from 1,600+ renters and property managers

SAN DIEGO, Calif. (June 19, 2024) — Zego™, a Global Payments (NYSE: GPN) company and leading property management automation platform, is pleased to announce the release of the 2024 State of Resident Experience Management Report, the multifamily industry’s definitive study on resident experience.

This year’s report includes insights from multifamily renters for the first time. Analyzing current market dynamics and proprietary data from surveys of over 600 multifamily property managers and more than 1,000 multifamily renters, the report underscores the importance of understanding resident needs and expectations to minimize turnover and associated costs.

“The multifamily industry is ever-evolving, and as resident expectations change, property managers must adapt to meet their needs. Multifamily operators must be aware of the many factors that influence resident experience,” said Mark Peters, Zego’s President and General Manager. “This year, we surveyed renters along with multifamily operators to gauge the factors directly impacting renewal likelihood. By incorporating both perspectives and gathering insights from both sides, we were able to create a more accurate representation of priorities for property managers to address and the trends we expect to see for the remainder of 2024 and beyond.”

Originally defined in Zego’s 2021 report, “resident experience” involves the curation of personalized and frictionless touchpoints throughout a renter’s tenancy – from move-in to move-out or renewal. The 2024 report provides strategies for understanding renter needs and enhancing satisfaction, such as refining survey methodologies, initiating resident interactions and more. 

With support from American Express, Zego partnered with third-party research firm SA Marketing Insights to gather key findings spanning the top challenges for property managers, including resident experience management, resident retention, revenue growth, property maintenance and security, utilization of digital platforms and self-service tools, flexible payment terms and more. Highlights include:

  • Rankings & Commentary on Top Property Management Challenges – The report reveals that the most significant challenge for property managers is understanding and anticipating resident needs, a crucial aspect for enhancing resident satisfaction and retention.
  • Revelations on Resident Priorities & Preferences – While property managers believe residents prioritize a tech-enabled lifestyle, the report shows that renters place higher importance on the basics, including maintenance, security and community cleanliness. This gap highlights a key area for improving resident experience alignment.
  • Retention and Turnover Insights – Despite a 60% average retention rate, over 40% of renters plan to move, citing high rent as the primary reason. This discrepancy between property managers’ perceptions and renters’ realities is critical for retention strategies.
  • Flexible Payment Terms Awareness – While flexible rent payment options are widely offered, 65% of renters are unaware of these options. Better communication of these terms could improve resident satisfaction and reduce delinquency.
  • Strategies for Enhancing Resident Experience – The report provides actionable strategies for property managers, such as fine-tuning survey methods, increasing face-to-face interactions, creating resident advisory groups and implementing rewards programs to better understand and meet resident needs.

To access the full 2024 State of Resident Experience Management Report, visit: https://www.gozego.com/publications-media/state-of-resident-experience-management/ 

 

About Zego

Zego (a Global Payments company) is a property management automation company that simplifies cumbersome yet critical workflows for managers and associations. The mobile-first platform mitigates risk and accelerates NOI growth by helping clients to scale resources, build trust, and make data-backed decisions. From payments and utility management to resident communications, all workflow automations seamlessly integrate into back-end systems, ensuring users have real-time and accurate information at their fingertips. Learn more about what makes Zego one of the best workflow automation platforms for property management at gozego.com.