by Andrew Ruhland
Community events and amenities that encourage social interaction used to drive renewal rates and increase resident satisfaction. The idea was if residents form relationships with one another they would be more likely to renew their lease. That isn’t the case anymore – social media and digital communication flipped the script on everything.
Becoming friends with the person next door isn’t as important as it once was, and it certainly doesn’t influence renters to sign a new lease or renewal as it once did. So what attracts modern renters to a community and makes them want to stay long term? It all boils down to a lifestyle enhancing experience and technology.
Technology without a doubt helps deliver a higher caliber resident experience, leading to a better community reputation and higher occupancy and renewal rates. From smart home technologies that create convenient living experiences to the tech that improves community aesthetics, more and more residents are making renewal decisions based on the tech-centric community features that add value to their lives.
Read Andrew Ruhland’s article in the Rental Housing Journal.