How can a strong resident retention strategy boost your bottom line?

Boost resident retention to support your multifamily community budget

While it’s always important to manage your lead pipeline and reach out to prospects, it’s also critical to establish a strategy for retaining your current residents. The average rate of residency has been found to be only two years, but the cost of a non-renewal is between $2,500 and $5,000 based on the time and cost to lease a property. Therefore, the longer a resident stays at a community, the better it typically is for your bottom line.

How can you best increase resident satisfaction and boost your retention rate?

Increase Your Retention Rate

Residents want to feel at home in your community, so reaching out to them in multiple ways is key:

  • Solicit feedback from your residents about any issues that affect them in both the short and long term. Survey them regularly to determine their needs and wants so you can allocate your resources wisely.
  • Respond to residents’ questions and suggestions in a timely manner so they know their concerns are heard and addressed.
  • Inform residents proactively of maintenance issues or construction on the property that may affect them.
  • Schedule evening and weekend availability for staff on a regular basis to answer resident questions and perform general maintenance.

  • Ask your residents how they would like to be contacted for general questions and issues, and be sure to get permission in writing for electronic communication.

Build a Sense of Community

While interactions between residents and property management are important, residents might also want to meet their neighbors. Property events provide a great way for your residents to interact on a casual, friendly basis. These events can be based on input from the aforementioned resident surveys or from the knowledge your team has about your residents’ preferences.

You can further develop a sense of community by:

  • Starting a community garden.
  • Creating a newsletter that can be posted digitally or emailed to residents that provides updated information about issues that matter to them, including property news and maintenance schedules.
  • Offering perks to residents at lease renewal that incentivize them to stay, such as an apartment cleaning voucher or a fresh paint job every few years.

These strategies may take some extra time and effort for property managers, but retention of satisfied residents year after year is good for your budget. Plus, you may attract a fresh group of prospects who are attracted to the positive community that you have maintained.

Share This
Follow by Email
LinkedIn
Facebook
Twitter
Pinterest