SatisFacts publishes National Online Renter Study, providing deep insights into the minds of multifamily residents

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Jan 03, 2024, 08:00 ET

Survey of thousands of residents across the United States reveals current trends in renter behaviors, preferences, and perceptions

LOS ANGELES, Jan. 3, 2024 /PRNewswire/ -- SatisFacts Research, a leading data provider focused on multifamily retention and reputation management, today published its Biennial Online Renter Study, providing valuable insights into resident sentiment in multifamily communities across the United States.

Now in its twelfth year, the study has surveyed more than 760,000 residents nationwide to determine behaviors and preferences regarding multifamily living – resulting in useful, reliable data to assist multifamily leaders in allocating time and resources for investment, development and operational decisions.

The study analyzes resident sentiment around major topics affecting their research, tour, leasing, and renewal experiences. It also explores current resident perceptions of online resources, social media, corporate communities, and expectations vs. reality.

New in this year's study were questions around the impact of ESG practices, fee transparency and a deeper dive into online reviews and responses.

Among notable findings from the study:

Not Just Top of Funnel: 63.7% of surveyed residents said online reviews for their current apartment community were a contributing factor in their leasing decision. Reviews are also highly trusted compared to other sources.
The Importance of Fee Transparency: 82% of residents believe property management companies should be more transparent about mandatory fees in addition to rent, and 20% reported they were not informed about all charges and fees associated with their current lease prior to signing.
Shifting Focus: Residents indicated that communities needed a minimum rating of 3.82 out of 5 stars to be considered in their search, demonstrating an understanding that perfection is challenging to achieve, and authenticity is valued in online reviews.
They See You: To gauge communities' commitment to customer service, residents are actively filtering to read negative reviews and evaluating how communities respond.

"As a pioneer in multifamily, we continue to pave the way for apartment owners, managers, developers and industry suppliers to fully understand the needs and preferences of renters through leading-edge data and analysis," said James Watters, Director of Operations at SatisFacts. "The SatisFacts education team has a track record of predicting future trends through data driven insights. Turning feedback into actionable takeaways – and in turn, helping the multifamily industry stay in step with renters – is what sets SatisFacts apart."

Access the Biennial Online Renter Study Report here.

About SatisFacts
SatisFacts is the leading provider of resident surveys and multifamily housing industry research, focusing on resident retention and reputation management. With over 20 years of experience serving more than 3 million units nationwide, SatisFacts' surveys provide actionable feedback to help increase resident satisfaction and property management companies' overall bottom lines. To learn more about the services we provide, please visit www.satisfacts.com.

SOURCE SatisFacts Research