Resident retention is one of the most important metrics/goals for multifamily properties. A happy resident is a resident who renews and a renewal means that you have one less unit sitting open. Most renters plan on renting one unit for 1 to 2 years. With the new generation of renters planning on renting for most, if not all, their lives, there’s opportunity to keep some residents for longer than just 2 years. Let’s take a look at what can be done during a resident’s lease to keep them happy and ready to renew when the time comes.
The theme among all negative reviews for a multifamily property is maintenance. No one wants to live at a property that handles maintenance requests poorly. There needs to be clear communication between maintenance, the leasing office, and the resident who put in the request.
Once a request is sent, within 24 hours there should be someone who contacts that resident to let them know the request has been seen and give them a timeline of when someone can come fix it. This is becoming more important with people working and learning from home more regularly. They need to know if they should rearrange some meetings or let their own teams know that they will be offline at a certain time.
PETS AND RENEWALS
Offering a discount on a few months rent or giving other incentives is a popular way to encourage residents to renew. Creating a referral program is also another popular way that many multifamily properties use for resident satisfaction in hopes of it leading to a renewal. People love to live in communities where their friends are close by and they know their neighbors. A simple way to get a large group of residents to stay and renew is getting rid of pet rent.
1 in 3 renters nationally have a pet according to data collected by PERQ. That means there are a lot of furry residents out there too. Jamin Harkness at TMG got rid of pet rent last year and found that 80% of his residents who owned a pet renewed their lease. He made up all that “lost” revenue in some of the highest retention rates. Making a community more pet friendly includes getting rid of pet rent.
Residents who feel heard and taken care of will stay at your property longer. High occupancy and low turnover is an ideal situation for any multifamily property. That means ensuring that onsite team members are putting in the time and effort to keep residents satisfied and keep their units running smoothly.