MULTIFAMILY INDUSTRY Leaders Survey

Transcription

1 MULTIFAMILY INDUSTRY Leaders Survey JULY 2016 Attitudes and Outlook about the Multifamily Industry from Industry Leaders Contents About the survey...2 About J Turner Research...2 I feel optimistic about rent growth in the next 12 months...3 Generally speaking, what has been the rent trend for your portfolio in 2016?...3 Rent Concessions...4 Average rent increase for What percent of your portfolio uses a Revenue Management System?...4 What are the top three most challenging issues facing you today?...5 What is your portfolio s overall occupancy rate?...6 Besides Rent and Location, Please check the top 3 in importance to your prospective residents....7 Please rate the level of difficulty faced in terms of Staffing at the following level:...7

2 About the survey Since 2009, J Turner Research has been conducting the Leaders Survey an annual study of senior level executives in the multifamily industry. The purpose of the survey is to gauge their attitudes and expectations about issues central to the industry. This Leaders Survey trend report represents the responses and trends for the last seven years. Questions range from leaders expectations and predictions for their own portfolio, concessions, occupancy and the most challenging issues they face. It also covers the top two challenges leaders face availability of finance and optimism regarding the US economy. About J Turner Research Insight. Empowerment. Advantage J Turner Research offers customer insights that empower multifamily companies to advance their business. We enable our clients to enhance customer satisfaction, increase closing ratios, improve online reputation, and optimize resources. We do this by surveying more than 170,000 residents and prospects each month. Our Online Reputation Assessment (ORA ) Score serves as the industry benchmark for measuring a property s online reputation. This score is based on monthly online reputation monitoring of more than 61,000 properties nationwide, across all review sites. All customer insights are delivered through our state-of-the-art Dashboard that equips clients to make timely and effective management decisions. As industry influencers, we have produced more than a dozen national research studies and white papers that unravel emerging trends, shifting demographics, industry best practices, and new market opportunities. Headquartered in Houston, we have been serving the multifamily industry since Contact us at sales@jturnerresearch.com For more information, visit J TURNER RESEARCH 2

3 Number of Responses 196 I feel optimistic about rent growth in the next 12 months Generally speaking, what has been the rent trend for your portfolio in 2016? 9% 15% 76% Increased Rents Stayed the Same Rent Concessions J TURNER RESEARCH 3

4 Rent Concessions Percent of portfolio offering rent concessions 100% 82% 80% 67% 64% 60% 52% 47% 52% 49% 20% 9% 0% Average rent increase for % What percent of your portfolio uses a Revenue Management System? 52% 55% 50% J TURNER RESEARCH 4

5 What are the top three most challenging issues facing you today? % 58% 44% 37% Dealing with Online Ratings and Reviews 35% Rehab and Capital Improvements 35% Raising Rents 37% Dealing with Online Ratings and Reviews 32% Rehab and Capital Improvements 33% Raising Rents 32% Dealing with Online Ratings and Reviews 32% Finding Assets for Expansion In your opinion, what is the availability of financing today? (5 is Always Available) J TURNER RESEARCH 5

6 What is your portfolio s overall occupancy rate? 100% 80% 4% 1% 1% 0% 1% 0% 2% 1% 2% 13% 13% 3% 1% 3% 2% 25% 33% 44% 42% 35% 38% 60% 47% 57% 20% 0% 54% 67% 54% 55% 59% 60% 29% 17% % 90-94% 85-89% Less than 85% Please rate the following: Generally speaking, I feel optimistic about the national economy in the next 12 months (5 is Strongly Agree) The current state of the economy has had an impact on my plans to develop new apartment assets The current state of the economy has had an impact on my plans to purchase new apartment assets I will be a net seller this year. J TURNER RESEARCH 6

7 Besides Rent and Location, Please check the top 3 in importance to your prospective residents % 47% 49% 48% 50% 46% 51% 48% 43% 44% 42% Please rate the level of difficulty faced in terms of Staffing at the following level: Upper Management Onsite Personnel Mid-Management Maintenance Personnel (5 is Difficult) J TURNER RESEARCH 7