4 Ways To Increase Retention

Community Events

The more friends people make in a community, the harder it is for them to leave

And community events play a crucial role in fostering a sense of belonging and connection within an apartment community.

By organizing regular events, such as social gatherings, workshops, or recreational activities, you create opportunities for residents to engage with one another and form meaningful relationships.

When residents feel a strong connection to their neighbors and the community as a whole, they are more likely to renew their leases, leading to higher tenant retention rates and increased stability of an investment.

A few ideas for community events:

• Monthly food truck

• Provide drinks in amenity space during a local sports team game

• Front door/garden decorating competition

• Dog’s day in the pool (last day of the season when pool is open)

• Community vegetable garden

• Community fitness class

Friendly On-Site Employees

Friendly employees within an apartment community is paramount in enhancing resident retention and optimizing investment returns

When employees are approachable, responsive, and genuinely helpful, they contribute to a positive and welcoming atmosphere

Positive interactions build rapport, encourages open communication, and makes residents more likely to renew their leases

A few ways employees can go out of their way to build relationships with tenants:

• Greet residents (and pets) by their name

• Recognize residents birthdays

  • During the on-boarding process, upload the resident(s) birthday into a property calendar. Review each morning

• Prompt and attentive communication

• Surprise gestures

  • Gift card for a local coffee shop

  • Hand written note

  • Small gift on move in and/or renewal

Swift Fulfillment of Maintenance Requests

When maintenance requests are promptly addressed and resolved, residents feel valued and their living experience is significantly improved

Timely repairs not only demonstrate the community's commitment to resident satisfaction, but also contribute to a sense of trust and reliability

By prioritizing maintenance fulfillment, property owners and managers create an environment where residents feel heard, supported, and cared for

Solicit Feedback (and act on it)

By actively seeking input, property owners and managers demonstrate a commitment to continuous improvement and resident satisfaction

Feedback provides valuable insights into residents' needs, preferences, and concerns, allowing for targeted enhancements to be made

When residents feel heard and see their feedback being acted upon, it fosters a sense of ownership and investment in the community

Moreover, by addressing any issues or concerns promptly, property managers can mitigate potential dissatisfaction and proactively improve the overall living experience

In summary:

• Community Events

• Friendly On-Site Employees

• Swift Fulfillment of Maintenance Requests

• Solicit Feedback (and act on it)

Get all 4 of these retention strategies right and you are on your way to improving your retention and optimizing investing returns

That’s all for today

Have a great day and talk soon,

Jake