Topic: Renewal Percentages? Regional vs National?

Would anyone like to share their renewal percentages? How does that compare to national average or versus your area?

Anything you've done to raise your renewal percentage?

We run between 19% and 24%. As a seniors community we not only have the challenge of keeping residents happy, we have a back door (death and illness) that we can't close. In the past 4 years I've had a total of 9 move-outs from a 60 day notice. All others have been death or medical. This means we have to work extra hard to keep our residents happy. On top of that we are a 62+, 80% tax credit, 20% high end market community. My slice of the prospect pie it miniscule! The difference between my 2Tc and 2Mkt is $400!! So that just knocked out prospects that make too much for TC but can't afford $1,300 for a Mkt unit. With all of those challenges we HAVE to concentrate on retention. Our residents have to love their community so much they wouldn't dream of moving. To succeed we not only have to go the extra mile, we have to go the extra hundred miles. We strive to have work orders responded to in less than 3 hours. We keep our residents involved in the community by having something available for them to do all the time. We have two potluck style meals a month, a birthday party each month, and special holiday events. Need someone to help you understand a phone bill; call the office. Need a case of water brought up to your apartment from your car; call maintenance. Need someone to help you find your leg... call the office and maintenance. (That really happened last week). We do all of this with a staff of 4, 163 units, and over 200 residents! It may sound like I’m bragging but I’m not. Lately we have been stuck between 95% and 97% occupancy while my sister communities two hours away stay 100% occupied!

I thought you meant renewal increase!!!
Funny!



I'm doing 3%. The amount is $18.00. My units run $565 - $595.

Just a few units are at $550 and $565. I'm raising these $25.

We have about 35% turnover, so I guess that makes our renewal percentage 65%. These numbers were reversed just 4 years ago.

Oregon's housing market has a huge shortage and rents have skyrocketed. We are currently renting at $25-$75 over market rate- even though we just raised our market rates.

What we do to earn renewals is give unparalleled service. We stay in the office during office hours to make sure we are here to respond to and resident needs. I will make a copy, send a long distance fax, help design graduation announcements, look up information, give you directions home when you get lost, change your locks, get your carpet cleaned, etc.