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.
While the trend to expand residential amenities in response to growing Millennial expectations was already on the rise, COVID-19 accelerated the pace drastically. While stuck at home, people want their home to be more than just living quarters, and this expectation is likely to outlive the pandemic.