Lessen, a provider of tech-enabled property services, has released its first Repair & Maintenance (R&M) Benchmark Report, which offers a comprehensive analysis of R&M operations within the single-family rental (SFR) industry.
The report consolidates data from over 680,000 work orders and $470 million in expenditure for the period leading up to and including 2024. It aims to establish a standardized dataset for measuring the performance and cost of R&M operations, which represent 5% to 15% of rental income and are a significant controllable expense impacting resident satisfaction and renewal rates. Prior to this report, SFR operators lacked a clear industry benchmark for their maintenance programs.
Jay McKee, Founder and CEO at Lessen, stated, “Repair and maintenance are the lifeblood of the rental housing experience, but historically it’s been the least understood area of operations. Our goal with this report is to provide the same type of clarity and benchmarking for R&M that Yardi and RealPage have long provided for rent growth and occupancy in the multifamily industry. Over time, we believe this report will become the standard reference point across the residential rental industry.”
Key findings from the report indicate significant variations in operational costs and timelines. Work order costs showed wide disparities, with general maintenance, HVAC, and plumbing services driving the highest per-order expenses, ranging from a median of $327 to $707. The time required to complete tasks also varied, with general maintenance projects taking the longest (median 14.8 days to close), while HVAC and plumbing issues were resolved more quickly due to emergency prioritization. Regional differences were also noted, with Sunbelt markets recording lower median maintenance costs compared to Western and Midwestern markets such as Denver, Chicago, and Kansas City. The annual cost per home ranged from $1,000 to $3,100, highlighting the potential impact of strategic vendor management and preventative maintenance on Net Operating Income (NOI).
The report further suggests that operators often underestimate indirect costs, including overhead, call center operations, and technology investments. Lessen’s operational model, which incorporates structured data, AI-powered work order management, and a national vendor network, is presented as a method to help operators achieve savings of up to 30%.
Sean Miller, Chief Revenue Officer at Lessen, commented, “Operators finally have a data-driven way to benchmark their costs and performance against the broader market. This transparency will not only help them optimize operations, but also improve the resident experience in measurable ways.”
The full report is accessible at www.lessen.com/lp/sfr-benchmarking-lessen-white-paper.
Lessen, LLC is a venture-backed, privately held company with offices in Scottsdale, Arizona, and Chicago, Illinois. It operates as a tech-enabled, end-to-end property service provider that aims to transform the delivery and management of commercial and residential real estate services at scale. Lessen’s technology platform provides data-driven insights for investors, owners, managers, and service providers within the real estate ecosystem. The company utilizes a network of over 30,000 vetted vendors, known as Lessen Affiliates, serving clients across more than 1 million properties and completing over 3.5 million work orders annually. Further information about Lessen’s solutions is available at lessen.com.
