Just Released
2023 Resident Experience Management Report
Learn the newest trends in resident experience and how companies are using them to attract and retain more renters. Based on survey data from over 600 property management companies, this free report details what it takes for multifamily operators to thrive in this new era.
Start readingWhat is Resident Experience Management?
“Resident Experience Management is the manner in which all resident touchpoints can be improved in order to deliver remarkable community living experiences. 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, granting access to visitors, and reserving amenities.”
Why did we conduct this research?
In our inaugural report on Resident Experience Management our top finding revealed why resident experience is so important: turnover costs. We have found year after year that the average cost to replace a resident hovers around $4,000 even as the market changes.
This year, we’ve found key differences in the current rental market:
- Rent growth has turned negative year-over-year for the first time since early 2020.
- Even with record demand for multifamily units, 75% of apartment operators say that residents have higher expectations of value and service.
- Many communities are understaffed and existing employees are burnt out which significantly impacts resident retention.
All of these conditions indicate the potential to lose a larger percentage of renters than companies are used to. To understand how multifamily operators are deploying resident experience strategies in this unique market we partnered with a third-party research firm. We surveyed over 600 multifamily professionals managing a minimum of 250 units about the topic. Our 2023 Resident Experience Management report analyzes those trends and provides recommendations for offering a standout resident experience to power renter acquisition and retention. Start reading now!
Top 2023 findings:
Outstanding resident experience is a game-changer for multifamily companies
Did you know that 98% of apartment shoppers rely on reviews and ratings when searching for their next home? That’s why outstanding resident experiences set today’s leading multifamily communities apart from their competition. In this market, well-managed apartment living experiences lead to higher resident acquisition and retention – and our proprietary research shows it.
This free report analyzes survey results gathered in partnership with SA Market Insights, a third-party research firm. It provides recommendations to build a best-in-class resident experience.
Close to 600 multifamily companies were surveyed to understand today’s Resident Experience Management strategies. Surveys were conducted in February 2023 and were completed by professionals that manage a minimum of 250 multifamily units. Start reading the report now!
Action Items
Resident experience meets higher retention
Zego's property management automation software frees management companies and community associations to go above and beyond for residents. Zego Mobile Doorman, our comprehensive resident experience offering, connects property managers and residents though a customizable mobile app. Our industry-leading automation software helps free up time for your property staff, giving them the flexibility and control needed to master operations and focus on what really matters - resident satisfaction and retention.
Go the extra mile & deliver an extraordinary resident experience
Check out our free report to learn more about key benchmarks on resident experience management and the impact on multifamily communities.