In order for multi-family communities to maintain resident retention rates, there needs to be a solid understanding of residential preferences. What about the community works? What could use some improvements?
The answer to attracting a higher volume of potential residents and keeping those residents happy could be simpler than you realize…
Here are 3 ideas to help you maintain resident retention:
Leasing Staff Attitude Impacts Resident Retention
Residents want to be treated with respect when they live in your community. And while that might sound like a no-brainer, many communities have low resident retention because of poor communication and slow service responses. The proof is in the pudding (or at least, the negative online reviews).
Respect between residents and leasing staff begins the second the lease is signed. After that agreement, the resident trusts that the leasing team will support them should any housing issues arise.
The members of your leasing team are the first people residents will turn to when something goes wrong, and they’ll remember how you respond. Whether it be internet connection, heating and cooling systems, electricity, or something else, your leasing team is responsible for resolving the issue and communicating clearly with residents.
When a resident emails the office with a complaint, work order, or a clarifying question, your office management team should respond quickly to residential inquiries in a helpful and friendly manner. It’s the speed and attitude with which the problem is handled that residents will remember. Great service equates to higher apartment retention rates.
If you’re seeing high turnover rates, you should take a closer look at how your residents are treated. Discover how well your team is supporting the community, and you’ll almost always find room for improvement, which in turn, will help retain residents.
How Amenities Affect Resident Retention
You can find a nice apartment anywhere, but residents want to know…what else you got?
In fact, most potential residents are looking for more than a clean and spacious apartment—they want all the amenities that come along with it! Of course, there are basic amenities like pools and gyms that are common in most residential communities.
However, these extra additions will help your community stand out:
- Pet-friendly spaces
- In-unit washers and dryers
- Communal work spaces
- Bike storage and repair
These “deluxe” amenities not only make your residents’ lives easier, but they will improve residential lifestyle overall.
While a wider selection of amenities will benefit your community, your residents will be most impressed by amenity related services.
For example, you might offer a state of the art gym, but do you host exercise classes for your residents? Do you use your public outdoor kitchen space for monthly cooking events? Have you considered hosting a health and wellness seminar in the community room?
The difference between physical amenities and creating a community in which the amenities can be enjoyed makes an apartment feel like a home.
Community-Building Will Increase Resident Retention
The secret to happy residents and high resident retention rates is actually not a secret at all—you probably use the term to describe your multi-family business all the time!
That’s right—community is key. And chances are, your residents need your help to establish those connections.
By hosting an apartment event for residents or providing a public outdoor space for gatherings, you can encourage residents to meet one another and build relationships in a casual setting.
If you’re worried about in-person gatherings, there are other community building ideas for resident retention available! These competition and giveaway ideas can be a fun way to get residents talking.
An active social media presence will help you communicate directly and regularly with your residents. Plus, it will build positive relationships between residents. Managing several social media accounts, gathering followers, and making content that appeals to your audience can feel overwhelming, but Brindle can help with that! Check out our social media services here. The options are endless.
At the end of the day, the people living in your multi-family community are just that: people. They want your support and respect, but most importantly, they want you to create a space that feels like home. If you can accomplish that through staff attitude, service-related amenities or community-building events, you can maintain high resident retention rates.