What 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!