Multifamily Industry Trends Q1 2016 To request permission to use Kingsley data, please contact:

Shelby Lee, Marketing Manager 770.908.1220 ext 227 | [email protected]

Overall resident satisfaction Overall Resident Satisfaction 80%

% Satisfied

78%

76%

75.8%

76.2% 75.7%

75.6%

76.4%

76.6%

76.7%

76.7%

76.6%

76.7%

76.7%

75.4%

74%

72%

70%

2

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Overall resident satisfaction by market Overall Resident Satisfaction by Market Q1 2016

Q1 2015

100% 83%

80%

82%

76%

75% 75%

% Satisfied

80%

78% 76%

73%

76%

78%

60%

40%

20%

0% Change

Atlanta

Boston

Chicago

Dallas

Denver

Los Angeles

Miami

New York

San Francisco

Seattle

Washington, DC

+0.6%

+1.6%

+3.1%

-1.6%

-3.1%

+0.9%

+0.4%

-0.6%

-1.5%

-2.5%

+1.5%

3

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Value for amount paid Value for Amount Paid 80%

% Satisfied

70%

60%

57.8%

58.4%

58.4%

58.1%

56.9%

56.0%

55.1%

54.5%

53.9%

53.5%

53.9%

54.4%

50%

40%

30%

4

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Value for amount paid by market Value for Amount Paid by Market Q1 2016

Q1 2015

100%

80%

% Satisfied

62% 59%

60%

55% 57%

53%

57%

50%

47%

40%

54%

53% 53%

20%

0% Change

Atlanta

Boston

Chicago

Dallas

Denver

Los Angeles

Miami

New York

San Francisco

Seattle

Washington, DC

+3.0%

+1.2%

-0.1%

-2.3%

+0.1%

+0.5%

-1.3%

+2.5%

-0.6%

-0.8%

+0.4%

5

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renter renewal intent Renter Renewal Intent 70% 65%

% Likely

60% 55%

54.4%

54.7%

54.9%

54.8%

53.8%

53.5%

53.4%

53.2%

52.3%

51.9%

51.6%

51.5%

50% 45% 40%

6

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renter renewal intent by market Renter Renewal Intent by Market Q1 2016

Q1 2015

100%

% Likely

80%

60% 58% 54%

50%

52%

40%

51%

48%

54%

55% 50%

49%

52%

20%

0% Change

Atlanta

Boston

Chicago

Dallas

Denver

Los Angeles

Miami

New York

San Francisco

Seattle

Washington, DC

-3.2%

-0.6%

-4.7%

-3.3%

-3.2%

-0.6%

-2.3%

-1.9%

-1.8%

-0.6%

-0.4%

7

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renewal decision factors Top Renewal Decision Factors Q1 2015

Q1 2016

100%

21%

17%

23%

21%

26%

32%

33%

32%

33%

32%

26%

20%

30%

37%

53% 35%

40%

51%

56%

60% 55%

% of Respondents

80%

0% Rental rate

Location

Community management

Security

Community appearance

8

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Apartment features / finishes

Floor plan

Community amenities

Lease terms

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renewal decision factors Top Renewal Decision Factors – Residents LIKELY to Renew Q1 2015

Q1 2016

100%

22%

19%

20%

30%

26%

35%

34%

39%

40%

40%

37%

43%

43%

46%

44%

40%

50%

72% 48%

60%

70%

% of Respondents

80%

0% Location

Rental rate

Community management

Community appearance

Security

9

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Apartment features / finishes

Floor plan

Community amenities

Too much trouble to move

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renewal decision factors Top Renewal Decision Factors – Residents UNSURE of Renewal Q1 2015

Q1 2016

100%

19%

19%

20%

17%

22%

21%

24%

20%

24%

23%

26%

25%

23%

20%

27%

34%

40%

41%

66%

60%

66%

% of Respondents

80%

0% Rental rate

Location

Security

Apartment features / finishes

Community management

10

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Lease terms

Community appearance

Too much trouble to move

Floor plan

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Renewal decision factors Top Renewal Decision Factors – Residents UNLIKELY to Renew Q1 2015

Q1 2016

100%

60%

60%

60%

14%

13%

15%

13%

17%

14%

19%

18%

21%

18%

25%

26%

25%

22%

25%

21%

20%

31%

40% 30%

% of Respondents

80%

0% Rental rate

Community management

Security

Location

Apartment features / finishes

Other

11

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Community appearance

Lease terms

Community amenities

Floor plan

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Interest in apartment features Top 10 Apartment Features

% Interested (4s and 5s)

High Speed Internet Access

94%

Walk-in Closet

$35

89%

Soundproof Walls

$49

88%

Microwave

87%

Patio or Balcony

87%

Washer / Dryer in Unit

87%

Refrigerator with Water / Ice Dispenser

Garbage Disposal

Expected Monthly Cost

$62 $21 $52 $64

85%

$31

83%

Ceiling Fan

81%

Smart Thermostats

81%

$17 $31 $35 Source: 2015 NMHC/Kingsley Apartment Resident Preferences Survey 12

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Interest in community amenities Top 10 Community Amenities

% Interested (4s and 5s)

Parking

94%

Pool

83%

Fitness Center

82%

Recycling

80%

Secured Community Access

80%

Non-smoking Buildings

76%

Green Certifications

75%

Green Initiatives

73%

Additional Storage Space outside of Unit

72%

Package Delivery Room

72%

Expected Monthly Cost $32 $46 $41 $26 $38 $37 $33 $31 $34 $20

Source: 2015 NMHC/Kingsley Apartment Resident Preferences Survey 13

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Interest in green and healthy community amenities Top 10 Green/Healthy Amenities

% Interested (4s and 5s)

Fitness Center

82%

Recycling

80%

Non-smoking Buildings

76%

Green Certifications

75%

Green Initiatives

73%

Fitness Classes

Expected Monthly Cost $41 $26 $37 $33 $31

59%

Community Vegetable Garden

$44

39%

Bike Storage

$35

33%

Car-charging Station

19%

Bike Sharing

18%

$21 $35

$24 Source: 2015 NMHC/Kingsley Apartment Resident Preferences Survey 14

Business intelligence for the real estate industry.

CONFIDENTIAL | Ⓒ Kingsley Associates

Multifamily Industry Trends Q1 2016 For permission to use Kingsley data, contact Shelby Lee: 770.908.1220 ext 227 |[email protected]

Kingsley Solutions Business intelligence for the real estate industry The most successful firms in real estate rely on Kingsley Associates for cutting-edge business intelligence solutions. With a depth and breadth of insight unmatched in the industry, we bring thought leadership and exceptional client service to every engagement. Let us partner with you to unlock the value in your organization and its relationships. RESEARCH • Resident/tenant satisfaction assessments • Employee/associate engagement programs • Broker perception surveys • Client and investor surveys • Portfolio performance scorecards • Time and motion studies

BENCHMARKING • Compensation research • Fund structuring and fee benchmarking • Organizational structuring CONSULTING • Succession planning • Competitive positioning assessments • Strategic planning facilitation

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