Apartment management: analyzing the needs of high-end apartment residents

Page 3 of 4 The high rate of turnover experienced at garden apartments is also a reflection of the residents' life and career cycles; younger residents typically exhibit shorter stays than older residents. Again, the primary reasons for moving from garden apartments include the purchase of a new home and the pursuit of a new job. For most residents, garden apartments do not represent a preferable alternative to owning a home. This sentiment is reflected in the high proportion of respondents who plan to purchase a home in the future. In looking for a new apartment, prospective renters are often faced with a number of choices and decisions. Each and every garden apartment complex, for example, offers a distinct "package" of features, amenities, and services. The apartment shopper must evaluate how each property's package compares to the competition and also assess which property package best fits his or her needs and preferences. The following section draws from the survey responses to assess how apartment shoppers rank the relative importance of different features, amenities, and services typically available at high-end garden apartments. * Overall perspective. Residents were asked to identify the single most important factor in their decision to rent their present apartment. Not surprisingly, location was by far the most important factor (Figure 8). * Locational factors. From a locational perspective, proximity to work was by far the strongest factor in residents' decisions to rent a unit at their present apartment community. Other important locational criteria included being in a specific neighborhood, being close to family and/or friends, and being close to work for spouse or roommate. Appearance/attractiveness features. Most residents cited the unit floor plan/layout to be the most important feature. The second most important feature was room sizes (Figure 9). The responses point to residents' sensitivity to the spatial characteristics of individual units. It is also interesting to note that kitchens are not nearly as important a factor as is usually found in home-buyer surveys. * Apartment management/marketing services. Over 46 percent of all respondents ranked the appearance and attitude of on-site staff as the most important factor in their decision to rent their present apartment. As Figure 10 reveals, this factor was considered far more important than the apartment's leasing promotion, the management company's reputation, and the apartment's brochure/advertising. * Important unit features. Residents were asked to identify which unit features they consider to be important when selecting a new apartment. Interestingly, the two most important items were the presence of washer/dryer connections and the provision of a washer/ dryer in the unit. These items were considered to be far more important than a secondor third-floor unit (versus a first-floor unit), an alarm system, a fire-safety system, a private garage, a view, a carport, a fireplace, ceiling fans, an outside storage closet, or a microwave oven. Residents' responses to this question suggest that older apartment properties with communal laundry facilities are at a significant competitive disadvantage, at least from the perspective of the more affluent renter * Community features and services, Respondents identified security (defined as on-site patrols) to be one of the most important community services to look for when selecting a new apartment complex (Figure 11). Combining residents' responses regarding the importance of security (on-site patrol) and controlled access clearly reflects the high premium that garden apartment dwellers place on a secure living environment. * Summary. Although location will always rank as one of the most important factors in selecting a new home, garden apartment residents are sensitive to the availability and quality of various features, amenities, and services, such as security and external appearance. Conclusions While the results of our firm's resident survey have primarily confirmed long-held beliefs regarding residents of high-end garden apartments and their opinions about apartment living, the results have also yielded some new and interesting information that is directly applicable to the areas of property management and acquisitions. From a property management perspective, one of the most interesting (though not surprising) results of the survey is the high significance residents place on staff appearance and attitude. These conclusions clearly suggest that property management should devote considerable attention and resources to screening potential hires as well as developing first-rate training and incentive programs. Moreover, these training and incentive programs should place as much emphasis upon resident retention efforts as upon efforts to attract new residents. A resident manager or leasing agent with a "bad attitude" may, in some residents' minds, be reason enough to move elsewhere. << Prev - Next >> < Prev   Next >