Just Released
2024 Resident Experience Management Report
Building on four years of insights from property managers, our latest report includes direct feedback from renters. Thanks to a survey sponsored by American Express, we've gathered perspectives from over 1,000 renters and 600 multifamily companies to provide a dual perspective on the current state of the multifamily resident experience. Plus, we provide strategies for apartment operators to better understand and retain their renters.
Start readingInsights into renter behavior and market dynamics
Our 2024 Resident Experience Management Report shares the critical discrepancies between renter expectations and property manager perceptions. Gain insights into actual renter needs and desires to develop strategies that resonate with current and prospective residents, enhancing overall resident experience management. Start reading the report now!
Why did we conduct this research?
In our inaugural report on Resident Experience Management, we highlighted the critical role of retention, revealing the high costs associated with resident turnover—approximately $4,000 per unit. Over the years, our continued focus on retention has led to a crucial discovery: a persistent challenge in understanding and effectively communicating with residents.
Here are some of the common misalignments we've discovered between renters and property managers:
- Renewal discrepancy: Renters often point to high rent as the primary reason for moving out, contrary to property managers who believe life changes such as job relocation or family expansion are the main drivers.
- Control over turnover: Many property managers underestimate the extent of their control over turnover. Our analysis reveals that most of the instances leading renters to move are controllable by property managers, such as rental rates and maintenance quality.
- Digital gap: More than half of renters clearly prefer digital interactions, yet they lack access to comprehensive digital self-service tools. This gap presents an opportunity for property managers to enhance digital offerings to meet renter expectations.
Aligning operational priorities with renter values can significantly enhance satisfaction and retention. In collaboration with SA Market Insights, we surveyed over 600 renters and 1,000 multifamily companies to uncover the underlying factors driving renter decisions and satisfaction levels. Start reading now!
Top 2024 findings:
What is resident experience management?
Resident experience management is the curation of personalized and frictionless touch points throughout a renter’s tenancy. It goes beyond the feel-good aspects of a community to encompass how renters interact with staff and conduct apartment-related tasks like paying rent, managing maintenance requests, and reserving amenities.
As renters’ expectations have evolved, so has the need for curated lifestyle offerings that go beyond the physical spaces of a community. In order to retain the modern renter who finds value rooted in experiences and seeks greater convenience, management companies have to provide a resident experience rich with connectivity and self-service apartment living.
Deliver an extraordinary resident experience
Read our 2024 Resident Experience Management Report to learn about the discrepancies between renter expectations and property manager perceptions. Understand and address these critical gaps to enhance resident satisfaction and retention in your community.
Resident experience meets higher retention with The Resident Experience Podcast
Tune in to The Resident Experience Podcast to hear from leading industry professionals as they share their innovative approaches to the multifamily industry. Each episode delivers expert insights and real-world strategies designed to enhance resident satisfaction and drive retention.