7 Trends that Influenced Resident Retention & Acquisition in 2022

As we kickstart 2023, it’s likely that you’re brainstorming ways to keep two components of your business strong: resident retention and resident acquisition.   A good starting point is to look at the trends that influenced retention and acquisition in 2022.  That’s because there were several dynamics that influenced these areas that are still going to affect your business in the New Year.  One thing that’s clear is that well-managed living experiences lead to higher rates of resident retention and acquisition. And, there’s research to prove it.  In 2022, over 600 multifamily professionals talked resident experience management and shared the tactics they use for retention and acquisition. Based on those findings, here’s a rundown of the trends we saw in 2022 that are shaping the market heading into 2023. #1: Turnover costs were about $4,000 per resident One of the biggest findings in 2022 was how expensive it is to lose one resident. Turnover costs were (and still are) the top reason to focus on improving resident retention. Prices soared on almost everything in 2022. And turnover costs were not spared. Here’s the average turnover cost in 2022 compared with 2021.  You read that right. Each time you lose a resident, the costs of turning their unit are about $4,000! That really adds up if your communities don’t have great retention rates. And given that costs still seem to be rising, it wouldn’t be surprising if this number increased even more in 2023. #2: 94% of companies reported dedicated personnel to manage the…