Strategies for Resident Retention

As a property manager, you know that happy residents are key to a thriving business. Not only do they provide valuable word-of-mouth marketing for your community, but they also help keep turnover low, which saves you time and money in the long run.

So how do you keep your residents happy? Check out these three strategies for boosting resident retention.

Keep Up with Maintenance Requests

One of the quickest ways to lose a resident is by neglecting their maintenance requests. Whether it’s a broken window or a clogged sink, your residents won’t hesitate to take their business elsewhere if they feel like their concerns are being ignored.

To avoid this, make sure you have a system in place for tracking and responding to maintenance requests in a timely manner. You may even want to consider offering an incentive, like a discount on rent, for residents who submit request forms in a timely manner.

Plan Fun Community Events

Another great way to keep your residents happy (and boost retention rates) is by planning fun community events. From holiday parties to summer BBQs, there’s no limit to what you can do to bring your residents together and make them feel like part of a community.

Not only will these events give your residents something to look forward to, but they’ll also give you an opportunity to get feedback about what they like (and don’t like) about living in your community. Use this feedback to improve the quality of life for all of your residents.

Be Transparent About Rent Increases

No one likes paying more rent, but sometimes it’s necessary in order to cover the costs of maintaining your property. If you do need to raise rents, be as transparent as possible with your residents about why the increase is taking place and when it will go into effect.

Consider giving residents ample warning—at least 30 days—before any changes are made, and be sure to explain in detail what the increase will cover. You may even want to offer a loyalty discount for long-term tenants who agree not to opt out of their lease when rent goes up.

Conclusion

If you want to keep your resident retention rates high, then you need to focus on making your residents happy. From promptly responding to maintenance requests to planning fun community events, there are plenty of things you can do to boost retention rates and keep turnover low. This is where Sapir Realty is able to help. Sapir Realty is a full service property management company. We handle everything so that you don’t have to.