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“We know resident satisfaction is just going to be huge for the next 2–5 years. If you are ahead of the game, you’re already going to be winning. If you have not really started to focus on this and understand what your residents want—hurry.”
Marcus Armstrong interviews Chelsea Kneeland for this episode of the Multifamily Leaders Podcast to discuss trends, takeaways, and future implications from the 2023 Multifamily Leaders Survey published by J Turner Research. One notable trend has been a decrease in the pace of rent growth, but this has been balanced by an increase in resident retention. This highlights the continuing need for leaders and teams to focus on resident satisfaction.
Similarly, leaders need to ensure their employees are satisfied, as well. Ongoing staffing concerns have contributed to an increased rate of burnout among onsite teams, and this can lead to both perceived and real instability within your communities. Leaders should prioritize connection among their teams by listening to their employees, asking them what they are going through, and identifying discrepancies between what looks good on paper and what is taking a toll in real life.
Lastly, Marcus and Chelsea look to the future to predict trends and disruptors that may be on the horizon. Chelsea highlights the increasing prevalence of AI as a tool that multifamily can use to better serve their customers, but she urges leaders to identify what makes their communities uniquely great and work to stand out from the homogeny. Connection and personal touch will always matter in the business of providing people with their home