Summer is a popular time for residents to make changes and move to different properties and therefore a prime time to execute your resident retention strategies. Following is a list of ten ways your can create “raving fan” residents that want to renew their leases.
1. Partner with local businesses.
Partner with local businesses to offer discounts to your renters. Perhaps there is a nearby gym, restaurant or recreation business that would be willing to work with you. In this scenario, everyone wins! The company gets more business, the renters get a discount, and you get renters who love you.
2. Small maintenance upgrades.
A month or two before a resident’s lease is up, consider replacing light bulbs with LED bulbs, upgrade their faucet or showerhead, replace carpet, buy a new toaster, blender, etc. Making a few minor upgrades will go a long way to strengthen their opinion of you and is likely a lot less expensive than having a vacant unit.
3. Community Service Projects.
One of the best ways to develop a strong sense of community and build the resident-management relationship is to volunteer at service projects. Make community t-shirts and go to the local food bank, host a blood drive, or visit justserve.org for some great ideas!
4. Follow up.
You should regularly connect with residents more frequently than the day they move in and right before their lease is up. Residents easily recognize the lack of sincerity. Set up a schedule to make contact with them every so often just to check in on them.
5. Food trucks.
People love food! Invite a few food trucks to visit your community every month, giving residents an opportunity to socialize with one another and enjoy a delicious meal.
6. Birthday cards.
Giving out birthday cards is a simple way to let renters know that you’re thinking about them and that you are sincerely interested in their lives.
7. Memorize names.
This may be difficult depending on the size of your property, but memorizing as many names as you can will establish an immediate sense of connection, friendship and trust.
8. Release security deposits.
Some community managers are finding it effective to release security deposits after a year or if a resident has a particularly good track record in their unit.
9. Free food.
Who doesn’t like free food? Let your residents know that there are cookies, donuts, or pizza in the office and that they are free to come eat and socialize at a specific time.
10. Community events.
Help your renters to feel like they’re part of an apartment family by hosting events periodically. Be creative and make the themes fun and exciting for all ages!
What strategies have you used to increase resident retention? Join the conversation!
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