Value of CARES

Since 2003, Witten Advisors has surveyed 1,388 residents and 210 staff members on 55 communities that have had the CARES Program in place for at least one year. These communities average 350 units, are located in Texas, Colorado, Arizona, and Georgia and include a variety of types, ages, and classes of properties.

The results indicate that the CARES Program adds approximately $138,000 in annual financial benefit to the average community through 1) reduced resident turnover 2) reduced staff turnover 3) increased leasing and 4) value added for residents through an increased sense of community. The CARES Program annual cost varies by community and approximates $20,000. See Attached file for calculation methodology and assumptions.

CARES Impact On...

Resident Retention

The study quantified the value of several factors that contribute a financial impact. Residents assigned an average value of $11 per month to the CARES Program. According to the survey, 83% of residents believe that the “sense of community” in their current apartment was stronger than previous apartments and 52% of residents indicated that CARES was important or very important to their renewal decision.

Sense of Community
(Compared to other Apartment Communities)

Sense of Community

Staff Retention

CARES had a positive impact on staff retention by providing practical and personal support for on-site staff and by improving resident service. Of the staff surveyed, 84% indicated that CARES had increased their job satisfaction, which is in turn expected to reduce staff turnover.

CARES Impact on Job Satisfaction

Sense of Community

Leasing

CARES assists in the leasing effort by providing a differentiating amenity in the minds of prospective residents as 18% of residents indicated that CARES was important or very important to their initial lease decision. Given that 68% reported being “unaware” of CARES at the leasing decision, the value of this impact could be easily increased through more thorough training of the leasing staff to sell the CARES Program as a community amenity.

CARES Impact on New Leases

Sense of Community

Summary

The average operating income enhancement from CARES demonstrated in the survey totals $138,000 annually and represents an increase in asset value for the average community of $1.8 million (assuming a 7.5% cap rate).

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Where is CARES?

The CARES Program is available in select cities around the United States. To bring CARES to your community, click here.

Regional Contacts

Corporate Office

610 S. Industrial Blvd.
Suite 170
Euless, TX 76040
817-685-2963
877-785-2963 (toll free)
817-685-2908 (fax)
info@apartmentlife.org