Multifamily Leaders Podcast Episode 38: Understanding Resident Expectations to Sustain a Thriving Market—a Preview with Chelsea Kneeland

The 2022 AIM conference will be held at the end of April, and Chelsea Kneeland is here to preview a study that will be presented by the J Turner Research team. As we are currently in a booming market, the study focuses on how to continue this trend and analyzes how resident perception will play a role. From renewal increases, added technology, increased services, and online reviews, an understanding of what residents expect will add to their positive experience and help companies to succeed even further in the years to come.

“If there’s a really big differential between what is expected and then what’s delivered, then we need to market things differently. Then we need to talk and coach teams on how to have those conversations a lot differently than we have in the past.”

Mindy Price chats with Chelsea Kneeland about J Turner’s recent study on resident perception that will be presented at the upcoming AIM conference. Because J Turner’s decisions are based on research, they set out to determine what would bring value to the conference participants and to the industry as a whole. The result is a study which assessed how to continue riding the wave of the current booming market to bring further satisfaction at all levels.

The study asks a variety of questions related to resident perception and expectations. Chelsea and her team asked if residents were aware if a rental increase might be heading their way and, if so, if they were aware how much it might be. They asked residents what would add the most value to their experience: added technology, amenities, staffing, or services? They also questioned renters on how they choose their homes and the factors on which they base their decision.

Chelsea hints that many of the responses they received were fascinating—even surprising. She acknowledges that price does not always equal value, and so having a clearer understanding about what residents expect can help communities train their teams appropriately and market themselves attractively. She encourages listeners to attend AIM and to grab a copy of the study report which she hopes will help those in the industry dig a little deeper into what will create enhanced satisfaction for residents and added benefits across the board.