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Annual Report 2023
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Tenant satisfaction

Our goal is to be the best residential landlord in the Netherlands. Therefore we gather tenant feedback and have made it our goal to make sure our tenants feel at home with Vesteda. A pleasant home, a smooth customer journey and clear and transparent communications all contribute to this. We believe that satisfied tenants are less likely to move and contribute to the well-being of other tenants, which in turn enhances social cohesion. Measuring tenant satisfaction is a valuable indicator for us, as it lets us know whether we are on the right track and how we can improve our homes and services.

We measure tenant satisfaction once a year through a benchmark survey conducted by Customeyes. The score for overall tenant satisfaction is comparable to the Net Promoter Score, which is a method used to measure client loyalty. In 2023, in total 13 residential investors in the Netherlands participated in this survey. The Customeyes data consists of a representative sample drawn from all Vesteda’s tenants. The survey provides us with detailed information on how our tenants experience our homes, the living environment and our service level. We share the results of this survey with our tenants and employees and evaluate the results to identify potential improvements.

Tenant satisfaction (Customeyes benchmark)

Vesteda is proud that we outperformed the benchmark in the annual Customeyes survey, with a score of 7.2 (benchmark 6.7). This score was an all-time high for Vesteda. We believe that the sixth consecutive outperformance of the benchmark reflects the importance of our in-house property management and the value of gathering direct feedback from our tenants. We have identified our strengths, which are crucial to maintaining our performance in these areas. Furthermore, we have identified areas in which we can enhance our performance. One area of improvement is service costs, and we have already started making a number of improvements on this front. In 2023, we continued the project to improve the process for repair requests.

Affordability

Annual rent increase

In 2023, the annual rent increase, determined by the government, was capped at a maximum of 3.1% for regulated contracts and a maximum of 4.1% for liberalised contracts. The maximum rent increase was thus well below the inflation rate of the previous year (10% in 2022).

Renovations and energy use

Given today’s energy prices, the affordability of a home is impacted by its sustainability and the energy usage of the tenant. We therefore invest in large-scale renovations, including solar panels, in order to reduce energy consumption. In response to increased service costs, at the end of 2022 Vesteda decided to raise the monthly prepayments for service charges. However, as prices began to stabilise in 2023, we adjusted this advance payment to reflect current market rates, ensuring that our homes remained affordably priced.

Tenant communication

We sent several newsletters to our tenants containing information about energy usage and ways to reduce it. Our goal is to inspire our tenants to adopt a more sustainable lifestyle, while also reducing their total cost of living. Furthermore, all tenants were informed about essential insurance requirements. In consultation with multiple insurance providers, we distributed information on household insurance, along with an option to take out this insurance, to all our tenants.

Home sharing and other initiatives 

Home sharing policy: We maintained our existing home sharing policy in certain residences throughout 2023. After an initial covenant with social organisation De Regenboog Groep in Amsterdam, in 2023 Vesteda worked with the homelessness initiative Onder de Pannen to create a nationwide network, giving tenants the opportunity to sublet a room to economically homeless people.

Warm Thuis (warm home): Stichting De Herberg and Vesteda signed an initial lease agreement as part of the Warm Thuis initiative. The aim of this initiative is to give up to three (potentially) homeless young people between the ages of 18 and 27 the chance to live as independently as possible. We have so far let one home. As soon as a suitable residence becomes available, we will add a second home.

Key workers: Vesteda believes it is important for people with social professions, such as nurses, teachers, police officers and firefighters to remain in their own city. Key workers were given priority in completed new-build complexes in The Hague and Helmond. Three other complexes are currently under construction where key workers will be given priority: The Ox in Amsterdam and De Kuil and Zuiderhof in Rotterdam.

Engaged stakeholders and a socially engaged organisation

We believe it is important to engage in sustainable relationships with our tenants, our participants and our other stakeholders. Transparent communication builds mutual trust. This is why we communicate openly about our activities and our plans. In 2023, we supported various initiatives with and for our stakeholders:

  • JINC: Help young adults to prepare for and start their working life by giving job application training;

  • BeterBuren: Partnership with the BeterBuren (better neighbours) organisation, a neutral party and mediator for neighbours involved in disputes;

  • Actieplan Woonveiligheid: action plan to improve the safety of residential homes.

In addition, we want to contribute to society and to the neighbourhoods where our properties are located:

  • Nationaal Comité 4 en 5 mei: committed to being a social partner to the National Committee 4 and 5 May, alongside various other companies and funds, to sustain and amplify societal support for National Remembrance Day on 4 May and National Liberation Day celebrations on 5 May. Over a three-year period, Vesteda aims to proactively contribute to the events and values promoted across the Netherlands on these days. This will include sponsoring Freedom Meals in various Vesteda locations. Additionally, Vesteda is focusing on combatting discrimination in the housing market and enhancing social cohesion within residential communities and neighbourhoods;

  • Vogelbescherming: Together with the Dutch Society of the Protection of Birds, Vesteda is researching how we can improve the biodiversity in our portfolio by installing bird and insect houses. New tenants receive a welcome package that includes a voucher for a garden centre, provided by Vogelbescherming;

  • Struikroven partnership: extended partnership with the Struikroven Foundation through a new cooperation agreement that now includes construction firms and developers Heijmans, BAM Wonen, ERA Contour, Dura Vermeer, and sustainability organisation Urgenda. This strategic alliance forms a united front committed to establishing the conservation and recycling of existing greenery as a standard practice in construction sites. The foundation is currently broadening the scope of its operations and organisational structure.

Fire in Joan Muyskenweg apartments in Amsterdam

In June 2023, a fire broke out in the De Enter apartment complex in Amsterdam. All 95 households were able to leave the complex unharmed. In the weeks after the fire, the fire service investigated the cause of the fire. The conclusion of this investigation is that it is not possible to determine the cause of the fire. According to the investigation, the fire started on the 6th floor and spread through the walls to the roof. The fire service report also stated that the building met a higher level of fire safety requirements than required by law. There were some impairments to fire safety devices, but these did not play a crucial role in the cause and/or rapid spread of the fire. With support from fellow landlords, Vesteda has done everything possible to find alternative accommodation for our tenants. All residents received an offer for new accommodation within three weeks. The contractor will soon start rebuilding, which is expected to take at least until the end of 2024.