Understanding what residents value is critical for minimizing resident turnover and protecting your bottom line. Unfortunately, multifamily property operators are struggling to understand what residents expect from key elements of their living experience.
Findings from Zego's 2025 Resident Experience Management Report show several gaps between what property managers think matters most and what actually drives renter decisions. This report shares the results of two in-depth surveys of both renters and multifamily operators about key elements of the resident experience. These disconnects directly impact retention rates and, ultimately, a community’s profitability.
According to the survey data, the average retention goal for multifamily companies is 63%. And nearly 30% are aiming to retain 70% or more of their renter base. To achieve these goals, it’s incredibly important to understand what renters value and the things that drive them away from your community.
The Real Reasons Residents Don't Renew
One area where apartment operators and renters are out of sync is the reasons behind non-renewals. The survey asked apartment operators to cite the top reasons renters don’t renew. Their answers were compared to renters, who were also asked to state the reasons for not renewing their lease. According to renters, the top three reasons they are not going to renew their leases are:
- Rent is too expensive
- Poor maintenance response
- Security issues
These reasons show that many properties are losing good residents for preventable reasons. Not only that, apartment operators have different assumptions about what drives non-renewals in their communities. Apartment operators point to life changes (job changes, growing family, etc.), and buying a home as the main reasons renters are choosing not to renew.
They do seem to understand that price sensitivity is a main concern for renters. However, they underestimate how important maintenance, safety concerns, and property upkeep are to renters. These things rank at the top of the list for renters, and at the very bottom for apartment operators.
While apartment operators may think that renters are moving for reasons out of their control, the data shows that renters care most about the basics. They want fair pricing, timely maintenance, and safe communities. These aren't luxury requests—they're fundamental expectations that directly impact daily living. And, they are squarely in the control of apartment operators.
What Renters Prioritize in their Living Experience
Zego’s survey found another divide between renters and property managers over the most important aspects of apartment living. When asked to identify what is most important about their apartment living experience, renters chose practical, day-to-day concerns over things like amenities.
According to renters, here are the top three most important aspects of an apartment living experience:
- Maintenance and repairs
- Community security
- Community appearance / cleanliness
Property managers were also asked to indicate what they think is most important to their renters. The results point to a misunderstanding of resident priorities. While they correctly placed security and maintenance in the top three, apartment operators ranked a technology-enabled lifestyle as being the most important to renters. Renters disagree and rank this as a much lower priority. Property managers also said residents prioritize amenities and community features, which actually rank at the bottom of renters' lists.
The Cost of Getting It Wrong
Resident turnover is expensive. In fact, previous research about turnover finds that a single non-renewal costs multifamily companies about $4,000. Between unit turnover costs, marketing expenses, and lost rent during vacancy periods, each non-renewal significantly impacts your property's financial performance. When residents leave due to unmet needs—needs that could have been addressed—it represents a preventable loss. In today's competitive rental market, understanding and meeting resident needs isn't optional, it's a business imperative.
To read more insights into the priorities of renters and multifamily property operators and where they differ, be sure to read Zego’s full report.
Download the 2025 Resident Experience Management Report
Eric Ives is the President and General Manager at Zego