Zillow and The National Association of Realtors estimate first-time home buyers will regain market share by 2025. Fannie Mae's forecast says that the 30-year fixed rate will be 6.79% in 2024 and 5.72% in 2025.

In the latest Biennial Online Renter Study published by SatisFacts Research, sense of community remains the #1 driver for the perception of value at 3.93 (on a scale of 1 to 5; with 5 being the most important). However when renters were asked if they agree that their current community "feels like home," they answered with a 3.34. The gap between expectation (3.93) and reality (3.34) highlights an area for improvement within the multifamily industry.

We all understand the value of retention, both from a cost-benefit and reputation viewpoint. With home purchase estimates on the horizon and a new era of Gen Z renter expectations, 2024 is the year to refocus and dial in on resident sentiment.

As you strategize how to better understand and measure resident sentiment in your communities, it will be important to learn your residents' priorities and address their concerns with proactive strategies that demonstrate value beyond just the cost, starting with a Sense of Community.

We are often asked "What is sense of community?" While there are multiple contributing factors, including knowing (and liking) the onsite team, having a "neighborly/friendly" atmosphere, and even hosting resident events, it's also about incorporating unique or memorable features and enhancements that give a community a sense of self/character that is inviting - or better yet - relatable to the renters living there to elicit that "feeling" of home.


Ideas To Better Understand and Build Sense of Community

1. If you don't follow Barbara Savona with Sprout Marketing, now's your chance! Barbara recently shared a post on LinkedIn about small things that stick out in the minds of prospects and residents. While I don't want to take away from her post by sharing all of her examples, one that stood out to me in creating a community that your residents feel uniquely at home in focused on creating a comfortable "hang-out" space for residents to chat with each other or invite friends over to enhance that "feeling" of being home.
Barbara's suggestion: "Design seating areas with unusual chairs or benches, adding character to lounging spaces. I loved when one Houston community had these funky, clear globe swings for people to sit in."

2. Trevor Park also shared an awesome list regarding a term called "Ambient Co-presence." One of his ideas resonated with me from a resident sentiment standpoint, and I'm taking the liberty of switching it up a bit to give it a resident focus (but you should definitely check out all of his very thoughtful ideas in his LinkedIn post). We know residents want to be heard; we hear it from all of our survey clients. Trevor used the term "Collaborative Decision-Making" in his post. From a resident perspective, this term could be applied by providing tools for renters to vote on their favorite features or aspects of their property and surrounding community and maybe even collaborate on ways to enhance them, fostering a sense of collective decision-making and driving pre-renewal sentiment.