NEW YORK, Venn, the world’s leading resident experience company focused on transforming commercial real estate, is releasing findings from a new national survey of more than 1,500 apartment renters. The study explores which resident experience amenities make the biggest difference to renters and to owner-operators’ businesses. Why now? We’re living in a period of tremendous experience-led innovation; an era in which people value the experience a product delivers as much as the product itself. The vast majority of consumer industries have been disrupted by this shift. Real estate is next. In its study, Venn defines the impact of shifting resident experience expectations and behaviors and reveals the most important asset that multi-family landlords are overlooking in this new experience-driven era: the neighborhood. The report is now available to download here.
Highlights from Venn’s report include:
- Vibrant neighborhoods attract and keep renters. Renters who live in buildings with top-notch amenities and who are highly satisfied with their neighborhoods are more than twice as likely to renew their leases (78%) than are renters with top-notch amenities and low neighborhood satisfaction (34%). In fact, 67% of renters said they’d be more likely to choose an apartment building that offered services to help them connect to their neighborhood over a building that didn’t.
- Connected renters renew more. Renters with five or more close relationships in their neighborhoods are one and a half times more likely to renew their leases. When asked about the top factors influencing their likelihood to renew, 57% of renters mentioned at least one neighborhood factor; fewer than two out of five renters said that their buildings’ tech or physical amenities were top factors in their renewal decisions.
- Landlords are missing out on new revenue streams. More than 75% of renters would pay their landlord additional monthly fees for local services like a utilities package, grocery subscriptions, and personal wellness programs. Such “neighborhood membership” offerings would improve the resident experience, while also helping to strengthen the local economy and generate new revenue streams for property owners.
“The Experience Era is here and property owners need to embrace it. Landlord investment in experiences like new building technologies and common spaces are worthwhile steps, but as our report shows, the amenity that makes the biggest impact is the neighborhood. We’re thrilled to finally deliver this breakthrough research to the hands of property owners, so they can learn how to drive better demand, retention, and new revenues. And, of course, Venn is happy to help make it all happen.” said Or Bokobza, Co-Founder and CEO, Venn.
Over the course of a renter’s journey from the apartment search to move-in to lease renewal, Venn’s research shows that neighborhood matters every step of the way. In cities where Venn already operates, including Brooklyn, Kansas City, and Los Angeles, partnering landlords report a 25% increase in apartment demand, a 30% increase in tenant satisfaction, and a 17% increase in resident retention–driven by Venn’s powerful combination of local resident experience technology and human expertise.
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