THE AMENITY PARADOX Grace Hill recently analyzed multifamily data to better understand the relationship between amenities, satisfaction and property performance. One of the clearest findings was what we call the “Amenity Paradox”: the features residents rate highly do not always have the greatest influence on retention or value. A pool can receive excellent satisfaction scores. A fitness center can be popular. A clubhouse can photograph beautifully for a listing. But high satisfaction does not automatically mean that amenity is the reason someone renews a lease. In many cases, expected amenities have become table stakes. Their presence matters, but they may
not differentiate one property from another. What may matter more are the less glamorous parts of the resident experience: convenience, consistency and the small frustrations residents encounter repeatedly. For independent landlords and smaller owners, that finding is encouraging. Improving retention does not always require building the next big amenity. Sometimes it requires listening differently.
IMPROVING RETENTION DOES NOT ALWAYS REQUIRE BUILDING THE NEXT BIG AMENITY.
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