MARKETING
14 Surefire Ways to Increase Renewals and Maximize Resident Retention
BY ASHLEY TYNDALL
Did you know it costs $ 3,976 to replace one of your residents when they don ’ t renew their lease ? Zego found the average turnover costs to include :
• Lost rents : $ 1,598
• Unit repair costs : $ 775
• Concessions : $ 1,240
• Marketing and advertising : $ 364
As a multifamily professional , you know that resident retention is key to the success of your property . Retaining residents is even more important than getting new ones .
Decreasing your resident turnover can not only save you in annual expenses but it can also liberate hours of work from the maintenance team that can be spent on other pertinent issues . It can also lead to stronger long-term relationships with your community .
Below , we ’ ve outlined strategies and tips for multifamily professionals to improve their property and services with an eye on resident retention :
1 . Offer More Concierge Service Amenities
Today ’ s residents have come to expect a specific level of service at their property ; they are no longer simply intrigued by an infinity pool or an on-site gym . Those amenities are commonplace and expected at your property . It ’ s critical to go above and beyond their expectations of what a property should provide in order to stand apart from the competition and earn those all-important lease renewals .
Properties need to take a customer service approach that permeates every aspect of their operation . According to Valet Living , home cleaning , package delivery , and pet services are among the most desired services for renters .
Your marketing approach also needs to reflect these service-based amenities . What really attracts and retains residents is knowing they live in an apartment community that cares about their specific needs and has an on-site security guard , an afterhours call number for maintenance emergencies , concierge services like dry cleaning and package delivery , and so much more .
For example , consider integrating convenience or property management apps on a resource page on your multifamily website , along with discount codes to use the services .
2 . Make Your Website Responsive & User- Friendly
Your website is the centerpiece of a strong brand identity , which is why your property needs to make it the best it can be .
As more prospects research properties online before ever booking a tour , responsive web design will www . aamdhq . org JANUARY 2023 TRENDS | 31