Proof that a positive resident move-in increases renewal rates
Move-in day is typically the day when the sales and leasing processes finally wrap up and the resident retention efforts begin.
It’s no secret that happy residents are more likely to renew, but at what point does a resident cross from being happy to unhappy?
Can it happen as early as move-in day? It sure can.
Kingsley Associates published a case study that details exactly how resident move-in experiences impact renewal rates. In the study, a Kingsley Associates client surveyed residents from multiple communities at three different points in their lease:
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Surveyed at move-in
Surveyed at the midpoint of the lease
- Surveyed just prior to the lease expiration
The results proved that residents who were satisfied at move-in stayed satisfied through renewal, and those who were dissatisfied at move-in were not likely to become satisfied in time for their renewal. This means that move-ins matter and creating a seamless and exceptional move-in experience is crucial for boosting resident satisfaction and establishing long-term relationships with your residents.
Takeaways
Only 19% of residents who were dissatisfied at move-in became satisfied by their renewal.
The renewal rate for residents who were satisfied at move-in was 59% higher than the renewal rate for residents who were dissatisfied at move-in.
There’s always hope to save a resident who had a bad move-in experience.
The move-in experience matters — put yourself in the position to always start a relationship off on the right foot. A positive move-in directly impacts your bottom line.
If you’re not currently using Updater Pro | Onboarding to enhance your move-in process, reach out today to discover how our platform can help you deliver an exceptional move-in experience for your residents and increase retention and revenue.
Source: Kingsley Associates
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