The National Center for Housing Management reported that 54% of apartments turn over to new residents each year. This is a massive loss for single and multi-family housing communities, signaling a need for positive change toward retention. Your community offers many perks, and you couldn’t get your job done without your stellar team, but by the time your hard work reaches your residents, they don’t know just how hard you’ve worked to keep their home working well.
Thankfully, the steps your team can take to encourage consistent lease renewals with your residents are small, but the ripple effect is magnified. We’ve done the research and found the best ways to improve tenant retention for any community.
Offer more community events.
As the world continues to change and surprise us all, finding moments to connect and relate to one another has never been more important. Everyone has been feeling the stress and strain over the last 2 years, and small gestures of gratitude or fun are appreciated by tenants. Offer a small table with goodies or information during national holidays, like National Sundae Day on November 11th or National Recycling Day on November 15th, to get your community members talking with one another. Many communities have virtual message boards or hubs where residents can chat and share messages, these make great landing spaces to celebrate.
Provide timely turns and renovations.
When it comes to turns, finding the most efficient path forward never fails to be successful. As tenants end leases and sign new ones, ensuring your units are ready for their arrival can make the difference between renewing and not. Our team at RM Interiors has an extensive list of expert-level installers for both carpet and vinyl floors, ready to complete your projects stress-free.
We’re an industry leading flooring partner for many single and multi-family housing communities across the country, offering competitive prices from our in-house stock, and timely updates from our local on-site installation crews. Chat with our team today!
Be available virtually.
As more workers have hybrid or work-from-home set ups, and the pandemic has adjusted how we adventure into the world, virtual access is a must for tenant retention. Even having the option to directly message your team can improve a person’s impression of your community. Technology improves your accessibility, as different tenants require different accommodations depending on their health, schedules, and any number of other factors.
Utilize every platform you have, including email, text, phone, in-web messengers, and tenant portals to help your renters get in touch with your team readily. Off-hours messages can be forwarded, or responded to the next morning. As you improve your engagement rates with your community, tenants will be more likely to renew their leases.
Stay on trend with what renters want.
Trends come and go, but many are easy to follow and implement. You may not be able to change the carpet every 2 months, or change out light fixtures to meet the current trend, but you can adjust your offerings and branding to meet tenants where they are, and relate to them directly.
Find your general demographic of your community and offer multiple avenues of communication. Email communication is the standard, but also providing text updates on maintenance on communal features or upcoming community events can appease younger generations and improve the engagement rates they have with your team.
Implementing these simple strategies will ensure that your leases renew for years to come!
As the tides continue to change in renter needs and retention strategies, we’re here to help. Our industry leading flooring solutions in LVP and carpet are serving single family and multifamily housing communities across the US.
Chat with an RMI Flooring team member today to get your quote, and we’ll be at the property tomorrow.