1、Resident Experience Management ReportContent sponsored byIntroduction and market overviewAbout this survey and demographics Resident experience management survey findings4 strategies for understanding renters needsTable of contents.03071134Two years of softening rent growth and a burgeoning supply o

2、f new apartment communities is shifting the balance of power from multifamily companies back to residents.With historic levels of new apartment communities hitting the market,renters can now be more selective when it comes to renewal.In some cases,its even beneficial to their pocketbooks to move int

3、o a different community.Reports show that income growth in 2023 and early 2024 was due to higher rents from residents renewing leases,whereas asking rents on new leases were down.In other words,today,renters can likely score a better deal on a comparable apartment elsewhere.The good news is that ren

4、ters who feel like their apartment community offers a pleasant living experience are less likely to be lured away.Retaining as many of your current renters as possible has a very favorable financial impact on your community.In prior research,Zego found that turnover costs amount to nearly$4,000 per

5、unit.This figure includes expenses like unit repairs,marketing,lost rents,and concessions.And,as previously stated,youre also likely to suffer a loss on the new lease.With these costs in mind,retaining renters is a significant money saving strategy and solid revenue stream.3Resident retention remain

6、s critical in todays market4To help you minimize turnover and the costs that accompany it,this report reveals the current trends leading residents to move into another community.We analyzed survey data from multifamily operators and,for the first time in this reports history,we also surveyed multifa