RESIDENT RETENTION
How Onsite Teams Increased Resident Retention During COVID
BY KELSEY LAWLESS
In the multifamily industry , “ resident retention ” is a buzzword phrase that keeps onsite team members , regionals and owners alike looking for ways to refine current practices and create new ones .
Resident retention is incredibly important to our communities as well as our bottom lines , and it looked a little different in 2020 than it did previously . With the onset of COVID and everything that came with a global pandemic , our industry was pushed to quickly rethink the way we handle resident retention . Our onsite teams became creative in the ways they connected and communicated with current residents .
According to RealPage , “ Resident retention at lease expiration quickly soared to unprecedented levels , peaking at 58.5 % in April 2020 .” As we look back on the increased resident retention over the past year , it ’ s important to recognize and remember the changes our teams implemented to make magic happen .
Communication
Communication with our residents is an integral part of our industry . From door-to-door letters , emails , newsletters , online platforms like Active Building and RentCafe to phone calls and forums , we communicate with our residents . We keep them as informed as possible on changes throughout our specific communities and events that affect them directly .
Henry Becerra , Unsplash . com
During the pandemic , our onsite teams took the communication up a notch and became a trusted resource for not only what was happening onsite , but in the broader community as a whole . Teams relayed important information from the CDC and streamlined it based on the region in which their community is located . Important government resources that were put into place for residents were not only shared by our teams , but many communities helped residents in need apply for and access these newly created programs .
22 | TRENDS APRIL 2021 www . aamdhq . org