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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.