Updater

By Deena Cook

Published Apr 23, 2024

Updated Apr 24, 2024

In an increasingly competitive market where residents have abundant choices, it is vital to prioritize resident satisfaction and loyalty. This guide aims to provide multifamily leaders like you with valuable insights and actionable steps to create an environment that promotes long-term resident retention. By adopting the strategies outlined below, you can not only achieve higher resident retention rates but also establish your property as a sought-after destination for potential new residents.

Optimize resident experiences

Creating positive resident experiences is key to fostering long-term satisfaction and retention. By prioritizing resident comfort and engagement, you can cultivate a sense of belonging and encourage residents to renew their leases. Below are top strategies to optimize resident experiences:

1. Streamline communication channels: Implement a centralized communication platform that allows residents to easily connect with property management. Utilize technology that offer mobile apps and online portals to enable convenient maintenance requests, rent payments, and community updates.
2. Personalize resident interactions: Take a personalized approach when interacting with residents. Engage in proactive communication, keep notes of personal preferences, and celebrate milestones like move-in anniversaries. Building strong relationships will make residents feel valued and more likely to stay.
3. Enhance community amenities: Invest in high-quality amenities that enhance the community experience. This could include upgraded fitness centers, well-designed outdoor spaces, communal areas for socializing, or pet-friendly facilities. By offering a vibrant and enjoyable living environment, residents will be more inclined to stay.
4. Elevate the move-in experience:  A seamless and positive move-in experience sets the tone for a resident’s entire stay at your property. According to Kingsley Associates, residents satisfied at move-in are 59% more likely to renew their lease. Be sure to offer new residents personalized guidance, timely communication, and valuable resources. Or, take it a step further with Updater, an all-in-one moving app that simplifies the transition process for your residents. From address updating to utility connections to securing and providing proof of insurance, Updater streamlines the process, saving time and effort for both residents and onsite teams.

Improve property amenities and services

The quality of amenities and services plays a crucial role in resident satisfaction and retention. By continually improving and expanding your offerings, you can attract and retain residents who seek a premium living experience. Consider the following strategies:

5. Conduct regular maintenance and upgrades: Implement a proactive maintenance program to address any issues promptly. Regularly update and upgrade common areas and apartment units to maintain a modern and appealing aesthetic. A well-maintained property demonstrates your commitment to resident comfort and satisfaction.
6. Offer convenient services: Identify additional services that can simplify residents’ lives. This could include package delivery lockers, on-site laundry facilities, concierge services, or partnerships with local businesses for exclusive resident discounts. By providing convenient services, you enhance the overall living experience and increase resident loyalty.
7. Implement sustainable practices: Embrace sustainable initiatives within your multifamily properties. Install energy-efficient appliances, add electric vehicle charging stations, promote recycling programs, and explore renewable energy sources. Eco-friendly practices not only attract environmentally conscious residents but also contribute to long-term cost savings.

Foster an engaged community of residents 

Building a sense of community and fostering resident connections is vital for increasing retention rates. When residents feel a strong bond with their neighbors and the property, they are more likely to renew their leases. Consider the following strategies to develop a resident engagement strategy:

8. Organize community events: Plan regular events and activities that encourage resident interaction and participation. This could include holiday celebrations, fitness classes, game nights, or educational workshops. These events create a sense of community and build relationships among residents. Get started with these 34 ideas here.
9. Facilitate resident feedback: Actively seek feedback from residents through surveys, suggestion boxes, or a resident portal. Use this feedback to make improvements and address concerns promptly. By involving residents in the decision-making process, you demonstrate your commitment to their satisfaction.
10. Support local causes: Engage with the local community by organizing volunteer opportunities or supporting local charities. Residents appreciate being part of a community that actively contributes to the greater good, strengthening their emotional connection to the property and increasing their likelihood of staying. Need some inspiration? Check out Move for Hunger — a non-profit that assists relocation companies in collecting and donating unopened and non-perishable food to food banks across the country. Check out their apartment community program here.

By implementing these strategies, you can create a resident-centric environment that encourages long-term satisfaction, fosters a sense of community, and ultimately boosts resident retention rates. Remember, each multifamily property is unique, so tailor these strategies to align with your residents’ preferences and needs. Embrace a proactive and continuous improvement mindset, and your efforts will yield positive results in the form of higher resident retention and a thriving multifamily portfolio.

About Updater

Updater is the leading technology platform powering the relocation industry. Updater powers 25% of all US moves and is a preferred partner of over half of the NMHC Top 50. Our company works with all industry stakeholders to make moving – one of life’s most painful events – frictionless, painful, and even delightful. 

Visit updater.com/move-ins to learn more or talk with one of our industry experts.

Deena Cook

Deena grew up in New Jersey, but has lived in various places around the world to satisfy a love a travel and adventure. She holds a degree in Journalism, and loves the freedom that comes from being able to write from wherever she may be living.