by Katie Nelson

The quotient seems a bit disproportionate. Apartment operators dedicate an abundance of time and resources toward attracting new residents, but often don’t exhibit the same fervor for another significant subset—those already in the building.

While resident retention has always been crucial, the argument can be made that it’s even more important in the current market, where occupancy rates can be more difficult to stabilize.  

The challenge of retaining residents has particularly increased over the last few years, as many markets have experienced increased competition with thousands of new units coming online. In fact, the delivery of new apartment units reached a record of 613,514 in 2024, according to Yardi Matrix.

With resident retention so vital to a property’s bottom line and overall performance, here are a few best practices for keeping residents in the building in spite of current challenges.

Avoid cookie-cutter approaches
A portfolio-wide retention strategy often proves ineffective. Each market possesses its own nuances, and creating renewal strategies on a per-community basis often serves as a best practice—particularly in markets where competition is especially fierce. 

Components of the individualized strategy can include referral bonuses, resident loyalty programs and developing ways to enhance the sense of community. These initiatives can be catered to the characteristics of the community, from its location, asset class, resident profile and unique features of the onsite team. 

Communication and convenience
While effective communication should always be a key component in such a people-centric industry, residents don’t always feel seen or heard after they sign their initial lease. Empowering community managers to be proactive in their communication efforts—including a transparent approach to renewals—demonstrates that they care and are willing to listen.

Additionally, modern-day residents are increasingly digital-centric and don’t want to feel bogged down with process-related red tape. Offering convenience-based services such as online payments, digital service requests and multiple feedback options create a streamlined living experience. Customized renewal offers should fall under the convenience umbrella, as well.

Robust maintenance performance
While flashy amenities are certainly a draw, the argument can be made that maintenance is the most essential service a community can provide for its residents. This is their home, after all, and providing fast and reliable service shows residents their comfort is a core commitment. 

Outstanding service requests certainly don’t serve as a solid tool for retention, so the more expeditiously they can be addressed, the better chance that a resident will stay beyond their current term. 

Timely renewal notices
In many cases, this is the most critical factor of all. Many operators miss out on potential renewals because their notices are late. While the industry standard is to issue renewal terms 60 to 90 days before the lease expires, some residents might have already made their decision to move on by then. 

As such, timeliness is critical. Operators that prioritize early and clear communication typically initiate renewal conversations as early as 120 days before the lease ends. This gives residents ample time to consider their options and allows property teams to address any outstanding concerns, offer flexible terms and reinforce the value of staying. In cases when a move is inevitable, such as job relocation, an opportunity sometimes exists to refer the resident to a sister property. 

In addition to timeliness, one-on-one communication is a key aspect of a customized renewal approach. This enables the property team to address any pain points and consider all options, such as facilitating a move to a smaller or larger home on the property. These individualized renewal efforts serve as a powerful tool to reduce turnover and maintain occupancy.

Start the process immediately
Ultimately, resident retention starts on day one, and curating meaningful relationships with residents is a surefire way to boost long-term satisfaction. It starts by offering a seamless move-in experience with a spotless and welcoming home, welcome gifts and additional personalized touches. Once that foundation is created, it becomes a matter of maintaining the relationship with prompt communication, proper upkeep of the property and an engaging onsite team.

From the time a prospect expresses interest in a property, every interaction is an opportunity to build trust and loyalty—or to lose it. Investing in the physical environment and the resident relationship creates communities where people want to stay. Hosting community events, creating shared spaces, encouraging connection and helping residents feel at home are part of the process. 

Maintaining high retention rates is a cornerstone of operational success, especially in markets where demand may fluctuate. Those best at keeping their residents in the building will prime themselves for success.