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Our first SatisSurvey is complete, peering into the resident renewal processes currently in place across the industry. Should these be considered “best practices” or are they only common because “that’s how we’ve always done it?” Here are some highlights of the survey:

As of June 2010, only 7.8% of apartment communities in our survey were using a revenue management system. As this is our first survey of this kind, we are unsure of whether this represents significant growth for this type of system, or if the concept is flat in adoption. The most common person to establish renewal rates was the property manager, at 48%.

Only 39.4% of responding communities gave their current residents beneficial pricing relative to new leases. Free carpet shampoo, or other renewal incentives, however, were quite popular, with 83.3% of communities utilized this type of retention tool.

Online leasing remains low at only 9.1% of communities utilizing that feature.

As of June 2010, 62.4% of communities felt their resident turnover was on track to be lower than 2009.

If you would like access to all the results of the survey, the full survey results are available for $19.99. Purchase the Survey Results
(Survey results are provided as an immediate direct download in PDF format requiring Adobe Acrobat. Access is limited to one person per purchase.)

Comments (2)

written by t norvell, July 27, 2010

Doug & Satisfacts Team,
I so value and appreciate your surveys. Thanks for doing this for us. I would be curious as to the context of the results, as in the size of the survey population. Thanks!

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written by Doug Miller, July 27, 2010

In the inagural MFI/SatisSurvey, 103 multifamily professionals completed the survey (both on-site and corporate; the report includes the breakdown by position).

FYI, one of the other surprising points from the study was what respondents said when asked what methods they used to contact residents regarding their lease renewal. Shockingly, the most frequently selected method was..."Post a notice on a renewing resident's door." Oh my! We are trying to get someone to renew a $10,000-$24,000 contract and we're sticking a notice on the door vs. a personal "re-sales" call?

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