April 20, 2023
The multifamily industry has one of the highest turnover rates across industries at 40%. Most renters keep unused subscriptions longer than they may stay in an apartment! This tells us that the average resident's expectations are not being met and they find leaving easier than staying.
As a property owner or manager, this revolving door of residents can cost thousands over time. Some of these losses incur through:
This 40% turnover rate is common, but it shouldn’t be the norm. Especially when there are so many ways to increase resident retention. So, how do you beat this crazy rate and make your property worth renewing a lease with?
You make it easy to stay.
Decent amenities aren’t enough to ensure resident satisfaction. Standards are increasing, and residents want hospitality-style service from their property managers. So how do you do that? Here are 3 impactful ways to increase resident satisfaction and ultimately resident retention.
Residents thrive at properties with a strong community. A strong community provides a sense of connection, safety, and socialization. Cultivate this kind of culture through organized events and activities. Cookouts, block parties, movie/game nights, etc, all promote camaraderie and socialization. When residents feel they are part of a tight-knit community, they feel compelled to stay longer. Encourage friendships and offer opportunities for residents to mingle and feel taken care of. Make residents feel at home and they’ll stay.
A responsive property management team is a trusted one. Ensure that your residents have easy-to-use channels to voice their concerns and feedback. Address their concerns promptly. Long-term resident satisfaction relies heavily on the ability of your team to meet their needs effectively and efficiently. No, you can’t tend to every renter at once. But, with the proper multifamily technology, you can make sure everyone feels heard and trusts you’ll assist them as soon as you can.
Residents don’t want to be “another one of your renters”. Everyone wants to feel seen and heard. A good way to foster this kind of connection is to personalize the communication between resident and property manager. Sounding warm, using their name, and awareness of previous conversations shows your resident they’re speaking to someone who values them. Treat your people like people - a little goes a long way.
In a well-managed property, there should be no reason for residents to feel that moving is the best option. No one wants to move! You want residents to feel that staying is the easiest, best option for them, because it is.
Emerging multifamily technologies like digital messaging are the most reliable way to elevate your resident experience. When residents can communicate directly and quickly with on-site teams, they can have their needs met well before discontent builds (and well before any fiery Google reviews). Remember, make it easy to stay.
Schedule a conversation today to learn more about how resident messaging can optimize your resident experience and property management strategies.
Curious to learn more about Kipsu and digital messaging? Connect with a member of our team to get all of your questions answered.