Resident Satisfaction and Resident Retention
Move-Out Costs/Unit are $4,100 Each! Improving Resident Satisfaction and Resident Retention Has a Clear Bottom Line Impact! And Clients Report Turnover Rates to Be 17 Points Below the NAA National Average!
Here are some thoughts for your consideration related to turnover and resident retention challenges:
- Even if market rents were up $50 a month, it will take a minimum of 82 months, (or almost seven 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).
- 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 - and our client satisfaction survey results, showing a 17 point lower turnover rate than the NAA average, validates our claim! To watch video testimonials that answer the questions of how SatisFacts has produced solutions and results, click here.
While our focus has always been on resident retention, we also can help with leasing thanks to our strategic alliances with TurnSocial.com, ApartmentGrade and PropertySolutions...so that you can proudly promote your resident satisfaction survey scores online.