Zego Releases Second Annual State of Resident Experience Management Report
The multifamily industry’s premier resource on Resident Experience Management, the report offers a data-driven analysis based on proprietary research
SAN DIEGO, Calif. (June 15, 2022) — ZegoTM, a Global Payments (NYSE: GPN) company and leading multifamily resident experience management platform that boosts retention and profitability, today released the 2022 State of Resident Experience Management Report.
Backed by an analysis of current market dynamics and data from a proprietary survey of 600 property management companies, the report provides a detailed overview of what it takes to thrive in this new era of multifamily along with insights into the latest trends influencing resident experience management.
“The past year brought with it a wave of twists and turns that drove the multifamily industry into uncharted territory. Most significantly, record rent growth in 2021 presented residents with the question of whether or not their community’s experience was worth the price tag,” said Stephen Baker, Zego’s President and General Manager. “With the release of our second annual State of Resident Experience Management report, we’re addressing the questions at hand with fresh data, thoughtful analysis, and actionable insights. We’re certain this year’s findings will positively impact both resident satisfaction and retention, and the health of multifamily companies on a broader scale.”
Originally defined in Zego’s 2021 report, “resident experience” involves the curation of personalized and frictionless touchpoints throughout a renter’s tenancy – beginning with the move-in experience and ending with move-out or renewal, and encompassing everything in between. This year’s report explores several new components of resident experience as well as emerging trends in property management, demonstrating how resident experience makes or breaks the long-term success of communities.
In partnership with Strategy Analytics, a third-party research firm, surveys were completed by 600 multifamily companies who manage a minimum of 250 units. Key findings span staff and resident satisfaction and turnover, current business priorities, brand reputation and the role of online reviews, community features that impact new leases and retention, and residents’ increased focus on safety. Highlights include:
- Resident turnover costs remain high at $4,000, despite an overall hot market.
- “Modern living features” are more important than ever, as property managers report they are the #1 reason residents stay and move to a different community.
- Multifamily communities are experiencing higher staff turnover rates compared to 2021, a reality that directly impacts resident retention
- Companies are investing in the resident experience now more than ever – 94% of those surveyed have a dedicated Resident Experience Manager on payroll, and 25% have added the position in the past year.
To access the full 2022 State of Resident Experience Management Report, visit https://www.gozego.com/wp-content/uploads/2022/06/2022-state-of-resident-experience-management-report.pdf.
ZegoTM is a property technology company that frees management companies and community associations to go above and beyond for residents through resident experience management solutions. Zego enables operators in the residential real estate industry to modernize their resident experience, boosting satisfaction and operational efficiency. From payments and utilities to communications, everything seamlessly integrates into the property management back-end system.