Resident Satisfaction and Resident Retention
Move-Out Costs/Unit are Nearing $4,500 Each! Improving Resident Satisfaction and Resident Retention Has a Clear Bottom Line Impact!
Here are some thoughts for your consideration related to turnover and resident retention challenges:
- Even if market rents were up $25 a month, it will take a minimum of 180 months, (or fifteen years) to pay back the loss from a single resident moving out.
- Reports show that vacancies and concessions are up nationally and rental application activity is down (click here to receive a summary report based on approximately 385,000 units).
- Rising cap rates are reducing property valuations, and this reduction in value coupled with more stringent loan to value requirements by lenders is creating economic stress for assets.
- The increased costs associated with heavy turnover is putting downward pressure on NOI performance, further impacting asset values.
SatisFacts specializes in strategically reversing resident turnover via improved resident satisfaction, resulting in improved NOI and increasing asset value. To watch video testimonials that answer the questions of how SatisFacts has produced solutions and results, click here.