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Multifamily Minute Reader Reflections: How to Increase Retention
With occupancy issues top of mind for landlords, I asked our 45,276 subscribers how they're boosting engagement and retention in their buildings.
There's a lot of concern — maybe even anxiety — around occupancy in the multifamily sector right now.
It's understandable: With a huge wave of construction completing this year and next, many property owners will need to be agile, flexible, and aware of their residents' needs to ensure they stick around in your community.
Survey Results
But how are you doing that? I asked all of you last week, and here's what you told me.
Ways of building engagement/retention | Percent of respondents* |
|---|---|
Community events | 43% |
Tenant feedback | 41% |
Tenant referral programs | 37% |
Amenity offerings | 35% |
Partnering with local businesses | 19% |
Other | 4% |
* Participants could select multiple options, so rows will not add up to 100%.
Community Events
Events are a popular method of getting your renters invested in their community — provided your events are at least half decent. That doesn't mean you need to rack your brain constantly to have the coolest events, but the occasional movie night, a Halloween party, or even a community Thanksgiving dinner can go a long way.
Of course, every event won't resonate with every resident, so it's key to know your renters to tailor events to their preferences, especially in smaller apartment complexes.
Getting Tenant Feedback
What's the best way to know if and why your renters are considering moving out? Ask them. Seriously, a little bit of directness can be worth it. It's much easier to ask renters what's on their mind before they move out.
Referrals
Referrals can be a great way of filling vacancies, sure, but they also ensure that the resident bringing them over feels more at home — and is thus more likely to stay put. Getting to choose your neighbors is great, and if there's any kind of incentive (think gift cards, maybe even a discount on rent?), you're more likely to see results.
Of course, it can be a double-edged sword. If you don't treat one of those residents right, you might lose more than just one occupied unit.
Amenities
How can amenities build engagement? It depends on the amenity, of course, but fitness centers create private spaces for your residents to get to know each other (and work out), and the same goes for grilling stations, outdoor patios, and coworking space.
Partnering With Local Businesses
There are two ways that teaming up with local businesses can help your apartment community. First, offering benefits — even if it's just a small discount at a local shop — can make a resident feel more at home in the neighborhood, and by extension your community.
Secondly, working with some businesses can give you a potential new source of renters. If there's a company in your area that often moves employees around, make them your new best friends. There's nothing like having an employer suggest your building as a place for its new, relocating employees to live.
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Our Previous Survey
Last week, I discussed the results of our previous poll, focused on staff shortages in the industry. Did you know that three-quarters of property managers say their work is harmful to their physical and mental health? Learn what you need to know.