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J.D. Power and Associates Reports:
Camden Property Trust, Irvine Company Apartment Communities, Legacy Partners and ZOM Residential Services Rank Highest in Resident Satisfaction with Apartment Management Companies
Sense of Community is a Key Driver of Satisfaction Among Apartment Residents
WESTLAKE VILLAGE, Calif.: 27 September 2007 —In their respective markets, Camden Property Trust, Irvine Company Apartment Communities, Legacy Partners and ZOM Residential Services rank highest in resident satisfaction with apartment management companies, according to the J.D. Power and Associates 2007 Apartment Resident Satisfaction StudySM released today.
The inaugural study is based on evaluations from tenants in four markets: Denver, Colo., Las Vegas, Nev., Orlando, Fla., and San Jose/Silicon Valley, Calif. Apartment resident satisfaction is measured across six factors: amenities (including the availability, condition and maintenance of offerings); condition of unit at move-in; rent/value; safety/security; sense of community; and service staff. The study is designed to provide unbiased, independent and comprehensive information to assist consumers in making informed decisions about selecting an apartment community.
The study finds that sense of community is the most important factor in determining resident satisfaction with apartment management companies, and that residents who associate a strong sense of community with their apartment complex are considerably more satisfied than those who do not. Tenants who report that the overall sense of community at their apartment complex is “outstanding” provide satisfaction scores of 907 on a 1,000-point scale, on average, compared with an average of 548 among tenants who say that the sense of community is “average”—a difference of 359 points.
“Successful apartment management companies are differentiating themselves by generating a sense of community and belonging among their residents,” said Michael Drago, senior account manager for the real estate and construction industries practice at J.D. Power and Associates. “Satisfying residents isn’t necessarily about providing resort-like amenities, but rather about offering a lifestyle and a sense of home that resonates with tenants and creates feelings of pride, connection and identity.”
Denver Market
Legacy Partners—headquartered in Foster City, Calif.—ranks highest in resident satisfaction in the Denver market with a score of 635, performing particularly well in amenities, safety/security, and condition of unit at move-in. Also ranking above the market average is Carmel Partners, earning a score of 617.
Las Vegas Market
Camden Property Trust—headquartered in Houston, Texas—ranks highest in the Las Vegas market, achieving a score of 596 and performing particularly well in five of the six factors: amenities; safety/security; condition of unit at move-in; service staff; and sense of community. Also ranking above the market average is ConAM Management Corporation, which performs well in rent/value and earns a score of 523.
Orlando Market
In the Orlando market, ZOM Residential Services—headquartered in Orlando—ranks highest in resident satisfaction with a score of 592, performing particularly well in five of the six factors: amenities; safety/security; rent/value; service staff; and sense of community. Following ZOM Residential Services are UDR Inc. (formerly United Dominion Realty Trust), and Concord Management Limited, earning scores of 581 and 566, respectively. UDR Inc. performs particularly well in condition of unit at move-in.
San Jose/Silicon Valley Market
Irvine Company Apartment Communities—headquartered in Irvine, Calif.—ranks highest in the San Jose/Silicon Valley market, achieving a score of 620 and performing particularly well in amenities; safety/security; and condition of unit at move-in. Avalon Bay Communities and Prometheus Real Estate Group, Inc. follow, earning scores of 615 and 607, respectively. Avalon Bay Communities performs particularly well in service staff and sense of community, while Prometheus performs well in rent/value.
The study results include the following key findings:- The three most important amenities that renters look for when selecting an apartment community are a swimming pool, on-site laundry facilities, and a fitness center or gym facilities.
- Approximately 30 percent of renters say that they are “extremely likely” to move in the next six months. The reasons most frequently given for moving are the cost of rent, the noise of the neighbors/neighborhood, and safety/security concerns.
- In the Denver and San Jose/Silicon Valley markets, the most commonly reported problems with an apartment unit are kitchen plumbing and community trash/waste pickup, while in the Orlando and Las Vegas markets, the most commonly reported problems are pest control issues and heating and air conditioning problems.
The 2007 Apartment Resident Satisfaction Study is based on responses from 2,505 apartment tenants. The study was fielded from April to August 2007.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is an ISO 9001-registered global marketing information services firm operating in key business sectors including market research, forecasting, performance improvement, training and customer satisfaction. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor’s, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2006 were $6.3 billion. Additional information is available at http://www.mcgraw-hill.com/.
No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power and Associates. www.jdpower.com/corporate
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2007 Apartment Resident Satisfaction Study The 2007 Apartment Resident Satisfaction Study is based on evaluations from tenants in four markets: Denver, Colo., Las Vegas, Nev., Orlando, Fla., and San Jose/Silicon Valley, Calif. Apartment resident satisfaction is measured across six factors: amenities (including the availability, condition and maintenance of offerings); condition of unit at move-in; rent/value; safety/security; sense of community; and service staff. The study is designed to provide unbiased, independent and comprehensive information to assist consumers in making informed decisions about selecting an apartment community.  Enlarge Video Player
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