Lease renewal rates among renters have been climbing steadily since 2010, according to data from real estate analytics company RealPage, with renewals hitting all-time highs in 2020 amid COVID-fueled lockdowns. With new leads slowing, renewing existing leases going forward has become more important than ever. We’ve found a few creative ways to keep residents happy and boost renewal rates.
Offer Awesome Amenities
Before the pandemic, nearly 8 in 10 residents frequented their building’s amenities, according to an Office Pulse survey. Make life easier for your residents by offering amenities that work for them, like reliable package delivery management, a luxurious gym or a quiet office and meeting space that sparks creativity. Less common perks like on-site dry cleaning, a sundries shop or a well-equipped pet center can make your building stand out from the crowd.
Keep residents up to date on every event, opportunity and improvement in the community with regular group emails, text communications and with digital screens. Captivate’s digital displays are a streamlined solution to keeping residents informed on all fronts, with news updates from 150+ local and national providers, real-time information and a building-managed custom content window right where your residents need it most. The turnkey digital signage service makes it simple to update your guidelines to residents as needed while strengthening your brand and encouraging community.
“Creating community in your property is critical to creating a connection between occupants and your building. Providing technology with experiential features provide the venue for your occupants to communicate with and connect to one another.”-Antonio Torres, Rise Buildings
Staying in touch with renters in a personalized, thoughtful manner helps them feel valued. Whether through a handwritten note or simply by getting out of the office from time to time and chatting, residents will appreciate your taking time to show them you care.
Maintain Constant Resident Communication
Residents want a community they can be proud to come home to. Although now may not be the best time to host face-to-face social events, property managers can still help their residents feel connected. Organizing volunteer opportunities is a surefire way to foster connection both within multifamily housing communities and between residents and their wider neighborhoods alike.
A focused online portal where residents can buy and sell items or services can also help build community. They’ll appreciate the ease and trustworthiness of a highly localized, property-managed platform where their neighbors’ accomplishments and local businesses can be highlighted.
Engage with Feedback
Give your residents a chance to communicate with you by keeping an anonymous online suggestion box open year-round – and try to take their advice when you can to show them you’re listening. When you’d like to solicit more specific feedback, send an online survey; not only will it provide you with the answers you need, it’ll also give your residents the opportunity to make their voices heard.
“Whether choosing a groundbreaking apartment amenity, creative communication or a friendly community, giving residents a home they’re proud of will benefit you in more ways than one.”
From coffee punch cards to frequent flier miles, rewards and loyalty programs have shown themselves time and again to be truly effective in building loyalty and increasing profitability. Offering a discount for your longest-staying residents will set your company apart, giving renters an incentive to stick with you amid rising rates.
A referral program with rewards such as cash, gift cards or rent credit can also give your community an edge over the competition, both increasing new leads and upping current resident satisfaction.
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Book a demo to learn more about impactful, engaging solutions from Captivate.