Maintenance in Resident Satisfaction and Retention

The Crucial Role of Maintenance in Resident Satisfaction and Retention

In the multifamily housing space, maintenance is a fundamental aspect that significantly influences resident satisfaction and retention. According to Zego's 2024 Resident Experience Management Report, maintenance repairs are not just operational tasks but critical elements that shape the resident experience. The report sheds light on the key discrepancies between renter expectations and property manager perceptions, emphasizing the need for improved communication and alignment.

Insights into Resident Behavior

Zego's survey, conducted with over 600 renters and 1,000 multifamily companies, highlights a prevalent issue: many property managers underestimate their control over factors that lead to resident turnover. While property managers often believe that life changes like job relocation or family expansion are primary drivers, renters frequently cite high rent and poor maintenance as the main reasons for moving out. This misalignment indicates a crucial opportunity for property managers to re-evaluate their priorities and strategies.

The Financial Implications of Turnover

Resident turnover is costly, with expenses averaging $4,000 per unit. This includes costs associated with marketing vacant units, lost rental income, and preparing units for new residents. Effective maintenance management can mitigate these expenses by enhancing resident satisfaction, thus increasing lease renewal rates. Consistently addressing maintenance issues promptly and efficiently can prevent minor problems from escalating, further reducing costs and fostering a positive living environment.

The Digital Gap in Property Management

The report also uncovers a significant digital gap in the industry. While more than half of renters prefer digital interactions for convenience and efficiency, many property managers have yet to fully embrace digital self-service tools. This gap presents a substantial opportunity for improvement. Implementing comprehensive digital platforms for submitting and tracking maintenance requests can enhance the overall resident experience, making it easier for residents to communicate their needs and receive timely updates.

Enhancing Resident Experience Through Maintenance

To align with renter values and expectations, property managers should prioritize the following:

• Prompt Maintenance Responses: Quick and efficient handling of maintenance requests demonstrates a commitment to resident well-being and helps maintain the property's value.
• Transparent Communication: Regular updates on the status of maintenance requests and potential delays can build trust and improve resident-manager relationships.
• Digital Integration: Providing user-friendly digital tools for maintenance requests can streamline processes and cater to the growing demand for digital interactions.

The Broader Impact on Retention

Aligning maintenance priorities with resident expectations not only boosts satisfaction but also plays a pivotal role in retention. Happy residents are more likely to renew their leases, reducing turnover and associated costs. This alignment can be a competitive advantage, as properties that prioritize maintenance and digital engagement are more attractive to current and prospective residents.

Conclusion

The findings from Zego's report underscore the importance of maintenance in resident satisfaction and retention. By focusing on timely repairs, clear communication, and digital solutions, property managers can enhance the overall living experience for residents, ultimately leading to higher retention rates and a stronger bottom line. For property managers looking to refine their strategies, the 2024 Resident Experience Management Report offers valuable insights into aligning operational priorities with resident values.

For a comprehensive understanding of these insights and practical strategies to improve resident experience, read the full report here.