Last modified on May 2nd, 2022
By Stacy Holden
When it comes to finding research that shines a light on how rental markets have shifted and changed over the last few years, there is a seemingly endless supply of resources available. However, one area that rental market research doesn’t cover nearly as much is how much renter preferences and needs have shifted, too. That’s why we surveyed renters across the United States to help property managers and owners better understand what their residents want.
The full breakdown of survey results is available in our 2022 U.S. Resident Motivations report, but we’ve also created a helpful infographic for property managers and owners. In addition, we’ve provided more context and insights into some of the most critical stats below.
Key insight #1: Residents are satisfied, but not satisfied enough to recommend their property management company
We found that 70% of survey participants were satisfied with their property management company. However, only 24% say they’re likely to recommend their landlord. That’s because renters may feel their bare minimum expectations are being met, but property managers ultimately need to exceed them.
Thankfully, renters also told us exactly how property managers and owners can better serve their residents, and it’s far less complex than it might seem.
Key insight #2: Property management success comes down to empathy
We asked residents, “How has your property management company or landlord exceeded expectations in the last year?” Their answers were incredibly revealing. Ultimately, they want and expect to be treated like valued customers:
- “Landlord proved to be a very caring individual, concerned about my welfare.”
- “Worked with me during Covid.”
- “They treated me with compassion when I needed it.”
- “Quick to respond and address issues (usually within 24 hours; needed a new oven and rectified the issue quickly while in a pandemic.”
Feedback also revealed that residents were overjoyed when property managers and owners showed outward displays of empathy and focused on customer service. However, when residents felt property managers and owners were lacking in those areas, it was a major source of frustration.
Key insight #3: Residents value responsiveness more than before the pandemic
Perhaps the biggest shift for resident expectations is their need for responsiveness. When we asked residents what they valued more now than they did pre-pandemic, they said:
|Compared to before the pandemic, how important are each of the following factors to you now?||
|My property manager proactively communicating time-sensitive updates about my rental unit or community||
|My property manager enforcing community rules or handling disputes with neighbors||
|My property manager promptly resolving maintenance issues||
|My property manager’s response time to my questions or concerns||
Although resident needs have shifted over the last few years, meeting — and, more importantly, exceeding — them is within reach for property managers and owners when they focus on putting residents first.
To uncover even more ways you and your team can exceed renter expectations, let’s chat. Our team is ready to help you better care for your residents in 2022 and beyond.
Comments by Stacy Holden