Kingsley/NMHC Survey: Renters Leave because They’re Not Happy with Management

Multifamily operators need to wake up and quit listening to their own rhetoric when it comes to the ultimate resident experience if the 2020 NMHC/Kingsley Associates Apartment Resident Preferences Report has anything to say about it. The recent influx of amenities, services and smart technology designed to create better resident experiences aren’t enough. The No. 2 reason why residents are moving, behind getting lower rent, is because they feel property management is sub-standard, out-weighing improved features and a better floor plan/layout. Even location, location, location takes a backseat to stellar property management. “For all this focus on customer service, there are some major failures,” said Sarah Yaussi, NMHC’s vice president of business strategy, when asked what the most surprising result of the bi-annual survey. The data resonates given that the survey, the fourth conducted by NMHC and Kingsley Associates, is the largest to gauge renter preferences in the last eight years.  Hearing residents but not listening Nearly 375,000 residents from 5,300 communities in 270-plus markets surveyed offered insights on a host of items that confirmed some perceptions and contradicted others. Among the topics explored were demographics, amenity interest and necessity, lease decision factors, search behavior, online services – including communication and connectivity – and community services. In a general session wrapping up the first day of NMHC’s 2019 OpTech Conference & Exposition in Dallas, industry leaders led a discussion on the survey by saying apartment operators need to be more mindful of their customers. “We are a guest in our resident’s home,” said Lincoln Property Management Chief Operating Officer Margette Hepfner. “That’s something that we have to remember. We also have to remember to teach our team, not just our leasing teams, but the entire team.” While 47 percent...