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While we often devote our time and resources to attracting new renters, this task comes second to retaining quality residents. Due to high turnover costs and the perks of customer loyalty, many communities are investing in strategies to keep their favorite residents settled in longer.
If you're looking to adopt strategies for resident retention, here's where you can start:
1. Host Social Events
Social events and fun joint endeavors will bring your community together to form tight bonds. As your residents make lifelong friends, they'll lay down roots not only in their apartments but in a community as well. Therefore, bring people together with beer tastings, pool parties, game nights, cooking classes, and more. Offer consistency with a weekly meetup or a wine tasting every third Thursday of the month. Leaving an apartment is one thing, but bidding farewell to that warm and fuzzy feeling that comes with lifelong friends is tough. To keep them interested, give your residents a home as well as a community to share it with.
2. Hire Amazing People
While friendships often form between renters, oftentimes bonds are made between residents and onsite employees. Residents sometimes start and end their days in the presence of these individuals and look forward to seeing friendly faces in their day-to-day. Celia Lehman, the winner of the Olympus #ShareYourStory contest, stated, “The people who work on staff at Sandshell (at Fossil Creek) aren’t just staff, they know everyone by name, and they take the time to listen and share. There are days when I come home from work and just go to the office to chat with them because they are like an extension of a family.”
Like Celia, many residents look forward to seeing the friendly faces that run their community. Employees with a positive attitude and a sunny disposition may be the defining factor for their next move.
3. Solve Issues Swiftly
For many residents, it often takes days for a busted pipe, lost keys, or a loud neighbor to be addressed. Defy the norm and make even the smallest issue your highest priority when it comes to your resident's requests. If you're unable to attend to a problem swiftly, remember that communication is key. Let residents know exactly when you will address the problem to ease their anxieties. Nothing instills trust more than effective communication and prioritization. Without trust, you'll see resident retention slip dramatically.
4. Offer Amenities For Their Lifestyle
While an apartment may be a place to rest your head at night, a community could be your fitness destination, social hangout, poolside retreat, or even where you groom your pup. Give residents the tools they need for a happy and healthy routine and upgrade your amenities to fit your demographic's lifestyle. If you're located in a buzzing tech neighborhood brimming with entrepreneurial minds, offer a high-end office space with a coffee bar. If a slow-paced life of leisure appeals to those in a community, opt for a yoga room or a meditation space. Maintaining a routine is important, which is why intertwining an apartment community with the lifestyles of those within it is a strong strategy for retention.
Interested in more apartment living tips and industry insights? Contact us today to learn more.