The Build to Rent (BTR) sector is seeing rapid expansion and the number of developers and management companies in the market is also increasing.
In what is essentially a service industry, their approach to running developments is crucial in determining whether residents will be happy with their experience. Yardi supported HomeViews Build To Rent report 2022, sharing insights on the resident perspective.
The report covers 64% of the completed stock in 2021 and explores in detail how the BTR sector continues to provide outstanding service to residents, as well as the reasons behind higher scores for customer experience.
Key findings from the report show that residents in BTR developments continue to rate their overall experience more highly than those in BTS. Within BTR, “Value” was the category where tenant reviews improved the most in 2021 and “Management” scores have declined for tenants in both BTR and BTS, but particularly the latter.
However, average “Facility” ratings for BTR have bounced back since 2020 and “Location” was the highest-scoring review category for both BTR and BTS tenants. Furthermore, BTR tenants continued to rate their locations higher than BTS tenants living in similar areas in London.
Yardi developments were rated higher by residents on every HomeViews review category than developments not using the software. Those using Yardi software were scored higher for fast response times from management, issues resolved quickly and great communication.
Residents rated developments higher when they received better customer service with 47% of the reviews mentioning ‘helpful’ or ‘helpfulness’. Residents valued how quickly issues were resolved and how easy it was to report and resolve them in the first place.
In the Top 10 Developments, residents frequently mention fast response times from management, issues resolved quickly and great communication as their reasons behind a positive review. The data gathered from this report shows a strong statistical correlation between property management and customer service scores as residents want to have a frictionless experience. Having efficient processes and communication was the biggest differentiator when looking at the top performing BTR developments.
This demonstrates how important it is to have 24/7 availability and how technology is essential in enhancing the resident experience. A resident app, such as Yardi RentCafe, can help provide a seamless experience to your residents and allows for easier property management.
“Technology is the backbone of any modern, forward-looking build to rent development. The key to unlocking customer experience and delivering a first-class service lies within the level of integration and alignment of technology with evolving market needs,” said Justin Harley, regional director for Yardi. “We are delighted to see BTR developments using Yardi’s software solution build meaningful engagement and highly sustained quality of service across the board. By reimagining the customer journey, the BTR market can keep innovating and delivering an exceptional resident experience.”