The top multifamily property management companies are retaining 65% of residents, a solid notch above the industry average of 58% and nearly 20% higher than the bottom quartile.
A new report from Zego shows that 94% of management companies have a resident retention goal, a number that recognizes the financial necessity of retaining residents (particularly during a pandemic). And most of those surveyed are shooting for at least 50% retention or higher—a goal Zego says is "healthy and realistic,"—while also accounting for so-called "non-controllable instances" that preclude renewal like job location change.
But survey data shows that most of these well-intentioned companies fall far short of their retention goals, especially those who manage less than 1,000 units.
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