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Disrupting the World’s Largest Asset Class with Adam Neumann
a16z Podcast
Creating a Better Experience in Multifamily Buildings
If we can actually create a better experience in the building, then the building performs better and makes a higher NOI. And those users are going to start using our financial services. Average churn in multifamily in this country is 50%. It means a user stays in average for two years. If the user now enjoys their experience more and feels like they have a portion of the value and chooses to stay a little longer, that average churn goes down from 50% to 40 per cent. The NOI of the building will go up by approximately 5%, which increases the returns of the building for those LPs, for the investors by 500 basis points - an unheard of number.
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