The Amenities Residents Really Want Have Changed
- May 06, 2019
Today’s property managers are facing new realities when it comes to retaining residents: half of all new renters will turn over their lease within one year of moving in, according to the National Center for Housing Management. And with average turnover expenses costing $1,500 per unit, a typical 200-unit building can expect to lose $150,000 in annual gross operating income. So how do you reduce turnover in this new market? Amenities may be the answer.
Sixty percent of people say their living space reflects their identity, according to an NMHC/Kingsley Apartment Renter Preferences Report. Meaning that today’s renters place a high value on where they live, and therefore the right amenities can enhance the connection renters have with their home. Property managers can give themselves a true competitive advantage by understanding the amenities that residents really want.
Download this 35-page guide to learn which amenities residents really want.