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Enterprise and Mercy Housing released the results of a study of the impact of family resident services on property financial performance. The research conducted by Enterprise, in cooperation with Mercy Housing, found that family resident services helps reduce operational costs resulting from resident turnover, evictions and nonpayment of rent. Researchers looked at 36 properties comprising close to 1,800 units of
family housing.
The Enterprise-Mercy Housing report (PDF, 81K) shows that affordable family properties with resident services had fewer vacancy losses and lower per unit legal fees and bad debt costs compared with similar properties without resident services. This resulted in average savings of $225 per unit per year for properties with resident services in 2005 and $356 per unit per year for those with resident services in 2006.
- In 2005, properties with resident services out-performed those without resident services by 24 percent.
- In 2006, resident services properties did better by 42 percent.
- In 2005, resident services properties out-performed non-resident services properties by 40 percent.
- In 2006, they did better by 76 percent.
- In 2005, properties that offered resident services out-performed those that didn't by 44 percent.
- In 2006, they did better by 17 percent
The money saved through improved property performance shows that resident services help pay for themselves. For example, in a 100-unit property, the total annual savings would be $35,600 which would pay more than half of the salary and benefits of a resident services coordinator to connect residents to quality education and employment services and to bring after-school programs on site for children and youth to help ensure their success in school.
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