by Andrew Ruhland
Rewards programs have been a key driver of brand loyalty in countless industries. From airlines and hotels to coffee shops and grocery stores, the impact of rewards on consumer retention is undeniable. In fact, 84% of consumers are more likely to stick with a brand that offers a loyalty program.
Yet in multifamily housing, many operators haven’t fully tapped into the potential of resident rewards. As more supply floods the market, the pressure to maintain occupancy has never been higher. Traditionally, resident retention was only centered around the overall living experience and amenities, but today nearly 60% of residents are factoring in community as a reason to renew. Introducing a rewards program is a great way to build that valuable connection and sense of community.
According to a Domuso survey of owners and operators at the 2024 National Apartment Association Apartmentalize conference, 92% of respondents said they believe that a rewards program would be of value to their communities. Despite these programs still being relatively new to the industry, 40% of surveyed organizations already have a program in place.
Read Andrew Ruhland’s article in the Multifamily Executive.