In the light of the problem how to keep their houses in rent, real estate managers are increasingly interested in the appreciation and the performance of their dwelling stock. Meeting the stringent demands of customer satisfaction is the greatest challenge facing real estate managers today. This paper deals with tenant's appreciation, housing performance and the way in which housing managers can cope with this. The performance concept is of major importance for a client-orientedapproach. In our view the quality is determined by the match between offered and demanded performances. The better a housing stock matches the demanded performances, the higher the appreciation of tenants on the whole and the more successful housing management.