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.
The top storylines in multifamily this week are inconsistent customer service, operators turn to tech parking challenges, four lessons from the LA fires, preleasing starts at Modera Kierland, NIMBYism solutions, rising apartment renewals, resident feedback, 3D printing poised to enter mainstream and refreshing vs. rebranding.
The benefits of higher retention rates are clear: when a resident stays in their unit, that means reduced turnover costs and marketing expenses. One operator has even shared that strong retention rates mean less stress—and thus increased job satisfaction and better mental health—for onsite teams.
To truly optimize their retention performance in both strong and softer markets, multifamily companies need to understand all the nuances and unique factors surrounding a resident’s renewal decision and build their procedures and tech stack accordingly.
Imagine how an apartment resident would respond if their community suddenly suspended its traditional morning coffee service at their leasing office. Lisa Tully-Tavian, CMO at Sentral, said for residents who chose not to renew, halting the free coffee was on the list.
The top storylines in multifamily this week are new methods for resident retention, combatting rent growth decline, employee retention, automation and renewals, AI, problems with climate data, flex living, the amenity wars and cities where rent is growing.
The industry is constantly seeking ways to increase net operating income, make daily tasks more efficient and give valuable time back to team members. It seems only fitting for operators to take the same approach with renewals, considering their pronounced impact on an organization’s bottom line.
The top storylines in multifamily this week are the Atlanta market, the perils of “unbroken” solutions, millennials and renting, being hardware agnostic, renewals, website accessibility, headwinds and tailwinds in multifamily, rising rents and construction surges.
The top storylines in multifamily this week are technology and renewals, talent and resident engagement, centralized leasing offices, 2022 Federal Spending Package, problems for homebuyers and optimizing claims.
This week’s top multifamily news headlines: Healthy Home Features a Priority for Renters, Decisions You Never Knew Pet Data Could Help You Make, The Current Status of Eviction Bans by State and more.
This week’s multifamily news headlines: Could Moratoriums Tip Us Into a More Severe Crisis?, Why Multifamily is Moving Away from Surety Bonds, The Shifting Role of Repman During the Pandemic and more.
This week’s multifamily news headlines: Reassessing Reopenings Due to Covid-19, The Surprising Application of Maps in Multifamily, Three Things Every Apartment Owner Should Consider and Apartment Market Recover Hits a Bump in the Road.
Apartment operators have pricing structures for conventional homes down to a fine-tuned science. For the student-housing sector, well … not so much. Most revenue management software was built for the conventional sector, meaning student-housing operators often utilize a system not tailored to their needs.