Zego Releases Third Annual Resident Experience Management Report
Report analyzes how properties are managing experiences amidst negative rent growth for the first time in three years
SAN DIEGO, Calif. (October 14, 2023) — Zego™, a Global Payments (NYSE: GPN) company and leading property management automation platform for optimizing efficiency and profitability, today released the 2023 Resident Experience Management Report.
Backed by analysis of current market dynamics and proprietary data from a survey of over 600 property management companies, the business impact-focused report showcases the added value of positive resident experiences in multifamily communities. Now in its third year, the Resident Experience Management Report examines how market conditions are shaping renter expectations and tracking year-over-year trends that influence resident retention and acquisition.
“As property owners and operators navigate the ever-changing landscape of the multifamily industry in 2023 and beyond, it’s crucial to keep in mind the myriad of factors that influence resident experience, property health and revenue,” said Mark Peters, Zego’s President and General Manager. “With the release of our third annual Resident Experience Management report, we’re leveraging analysis of fresh data to dive into the state of the market and identify actionable insights that allow properties and their residents to thrive.”
In partnership with SA Marketing Insights, a third-party research firm, surveys consisted of multifamily companies that manage a minimum of 250 units. Key findings span market conditions, staff and resident retention, revenue, the demands of today’s renters, property maintenance and appearance, and more. Highlights include:
- For the third consecutive year, resident turnover costs remain high at almost $4,000 per resident.
- 75% of apartment operators say renter expectations have increased in the last year.
- Property management companies believe resident retention is improving despite increases in both new inventory and renter expectations.
- For renters, the most critical aspect of the resident experience is a tech-enabled lifestyle.
- 55% of property management companies experience staff turnover rates of over 20%, which continues to fuel resident turnover.
- The top challenges companies face are community appearance and maintenance in managing the resident experience.
The report also offers modern strategies to improve the resident experience. As defined in Zego’s 2021 report, “resident experience” involves curating personalized and frictionless touch points throughout a renter’s tenancy – beginning with the move-in experience and ending with move-out or renewal, and encompassing everything in between.
To access the full 2023 Resident Experience Management Report, visit https://www.gozego.com/wp-content/uploads/2023/09/2023-Resident-Experience-Management-Report-Zego-eBook.pdf.
Zego (a Global Payments company) is a property management automation company that simplifies cumbersome yet critical workflows for managers and associations. Our mobile-first platform mitigates risk and accelerates NOI growth by helping clients scale resources, build trust, and make data-backed decisions. From payments and utility management to resident communications, all workflows 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.