In the current real estate landscape, focusing on resident retention is becoming increasingly crucial, as it is a more sustainable and cost-effective strategy than constantly seeking new residents.*
Why Retention is Important
Cost-Effective: Acquiring new residents is significantly more expensive than retaining existing ones.
Predictable Revenue: Retaining residents provides a more stable and predictable income stream.
Reduced Turnover Costs: Turnover involves expenses like advertising, vacancy periods, and property preparation.
Stronger Relationships: Focusing on resident satisfaction fosters positive relationships and can lead to referrals.
Increased Occupancy: By focusing on retention, you can increase the occupancy rate of your property.
Excellent Communication: Maintain open communication, address concerns promptly, and conduct regular check-ins.
Property Maintenance: Ensure the property is well-maintained, address any issues quickly.
Community Building: Organize events and activities to foster a sense of community.
Digital Solutions: Use online portals for rent payments, maintenance requests, and communication.
Resident Benefits: Offer top-rated features residents want. (See below)
NMHC 2024 Renter Preferences Survey
*In lease-up scenarios, where retention isn’t the main focus, consider these top renter preferences and advertise the features you have to drive interest, reduce competition and improve occupancy rates.
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