In the multifamily housing industry, maintenance plays a crucial role in shaping residents’ renewal decisions. According to recent a recent report from Widewail (widewidewail.com), maintenance influences both positive and negative renewal reviews significantly, underscoring its importance in the overall resident experience. Here, we delve into the key findings from the analysis, highlighting the pivotal role maintenance plays in retention.

Maintenance: A Double-Edged Sword

Maintenance emerges as the #2 positive and the #1 negative topic mentioned in renewal reviews. It boasts 81.6% more mentions in positive reviews and 19.8% more mentions in negative reviews compared to benchmarks. This dual influence highlights the critical nature of maintenance in determining resident satisfaction.

• Positive Mentions: Maintenance is mentioned in 24.9% of positive renewal reviews, which is 81.6% above the benchmark.
• Negative Mentions: In negative renewal reviews, maintenance is mentioned in 41.3% of the cases, 19.8% over the benchmark.

Why Maintenance Matters

Onsite teams are identified as the primary drivers of positive outcomes in renewal reviews. However, their mentions drop by 6% against the benchmark. On the other hand, positive mentions of maintenance nearly doubled in the context of retention versus the benchmark, with maintenance staff mentions increasing by 37%.

Maintenance impacts several stages of the resident lifecycle:

• Move-in: Quality maintenance influences the initial perception of the property.
• Residency: Ongoing maintenance ensures resident comfort and satisfaction.
• Renewal: Effective maintenance can be a deciding factor for residents when considering renewal.

Despite its significant impact, maintenance still holds an average rating of 2.89 stars, indicating room for improvement. Optimizing maintenance practices can yield positive effects throughout the resident lifecycle, from move-in to renewal.

Competitive Landscape

The competitive analysis reveals the following about the top 50 mentions of maintenance in NMHC reviews:

• Positive Reviews: The average mention rate is 13.66%, with the top 5 properties achieving a rate between 19-27%.
• Negative Reviews: The average mention rate is 34.38%, with the top 5 properties achieving a rate between 16.6-25%.

These statistics underscore the importance of effective maintenance management in achieving higher resident satisfaction and better renewal rates.

Conclusion

Maintenance is a critical factor in influencing renewal reviews in the multifamily housing sector. By focusing on enhancing maintenance services and effectively managing onsite teams, property managers can significantly improve resident satisfaction and retention rates. The data-driven insights provided here can help properties benchmark their performance and identify areas for improvement to enhance their overall resident experience.

Additionally, incorporating MarginPoint’s inventory management solutions can streamline maintenance operations, reduce costs, and ensure that maintenance teams have the right tools and supplies to finish jobs the first time. By eliminating inventory shortages and overstock issues, property managers can further boost profitability and responsiveness, leading to quicker resolutions of maintenance requests and higher resident satisfaction. Leveraging these comprehensive solutions empowers property managers to maintain a well-organized, cost-effective, and highly responsive maintenance operation, ultimately contributing to improved renewal rates and a more positive resident experience.

Feel free to reach out if you have any specific questions or need further insights into optimizing your inventory management practices for better retention rates, reducing shrink, cutting ordering costs and having the right parts to get jobs completed the first time

About MarginPoint
MarginPoint is a leading provider of cloud-based Multi-Site Facilities and Inventory Management solutions to Multi and Single-Family Property Managers, Government, Universities, Commercial Real Estate, and Construction firms. Many of the nation’s leading Property Managers currently rely on MarginPoint solutions every day to manage their inventory replenishment, optimize business processes, and drive revenue. The company’s cloud-based delivery model enables you to rapidly deploy the solution and connect to all your distributors and suppliers without significant upfront investment. Learn more at Marginpoint.com