JUST RELEASED!
The 2022 State of Resident Experience Management Report
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?
This is our second annual report on Resident Experience Management. In our inaugural report, our top finding revealed why resident experience is so important – turnover costs. In 2021 we found the average cost to replace a resident was $3,850.
Since 2021, the rental market has changed:
- The cost to replace a resident has risen to $3,976.
- Even though rents have increased exponentially, it has resulted in higher expectations of value and service. But meeting those expectations is difficult.
- Many communities are understaffed and existing employees are burnt out.
- Renters are eager to move as the world emerges from the pandemic and apartment inventory increases.
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 600 multifamily professionals managing a minimum of 250 units about the topic. Our 2022 State of Resident Experience Management report analyzes those findings and provides recommendations for offering a standout resident experience to power renter acquisition and retention.
Top 2022 findings:
Why 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 Strategy Analytics, 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 March 2022 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 is a property technology company that 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 features help 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.