Multifamily Blogs

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What are the best strategies to retaining residents?  How do we convince them to renew their lease?  Resident retention blogs share ideas to inspire and engage your residents.

5 Ways to Enhance the Resident Experience at Your Properties

Resident experience … What a buzz word, right? It’s on everyone’s mind and everyone is talking about it. At least, the properties who care about resident retention are talking about it.   Many of our clients have shared with us that their residents no longer care as much about a large swimming pool; today’s residents care about the experience and services your property provides.   Fostering the resident experience throughout the leasing and move-in process is where the journey starts, but not where it ends. It’s important to give your residents that feeling of “home” by creating intentional opportunities for them to make meaningful connections with their neighbors and by offering them concierge services.   Let’s dig into some of my favorite ways to manage the key touchpoints that affect the resident experience. 1. Make the move-in process seamless. You only get one chance to make a first impression, so you better make a good one — especially in today’s competitive market. Move-in day is what really sets the stage for how your new resident will perceive your property, and whether they will be willing to renew when their lease ends.   If your new residents have a horrible move-in experience, full of hassles, their confidence will tank and it will leave a sour taste in their mouth when thinking of your property.   How do you make this process seamless for them? Try to think through everything they might need, and try to eliminate those points of friction throughout the process.  &nbs......
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Top 3 Things to Budget for in 2022

Top 3 Things to Budget for in 2022
Fall is fast approaching and you know what that means. Budget season! As you carefully calculate your property management budget for 2022, it’s a perfect time to consider ways to improve your property and resident experience.   To help you be strategic with your finances, we’ve compiled a list of the top three things to budget for in your 2022 plan:  1. Amenities2. Resident Retention3. Property Technology   Amenities Due to the COVID-19 pandemic, your residents are spending more time at home than ever before. As a result, residents are prioritizing different amenities for 2022. This is a unique opportunity for your property to stand out by including more of what today’s renter is looking for.  Desirable community amenities include: • Coworking space: Accommodate the growing work-from-home trend and foster community at your property by adding a coworking space. • Onsite storage: Over 31% of Americans say they wish they had more storage space. Capitalize on this by turning any underutilized space into storage for rent.• Outdoor amenities: Appeal to renters with upgraded outdoor amenities like rooftop patios, dog parks, and community gardens.• Guest parking: Improve the day-to-day lives of your residents by renovating or expanding your parking to accommodate visitors.    You can also increase your property value with in-unit amenities such as: • Onsite laundry: In-unit washers and dryers are a top priority to renters. Although it requires an upfront investment, your rent revenue can increase up to 20 percent!• Heating and cooling: Improvements to your units such as central air conditioning ......
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More Tenants, Less Effort: 5 Ways an AI Leasing Assistant Increases Conversions

No longer a far-fetched concept reserved to sci-fi movie plots, artificial intelligence is now an indispensable tool in your prospects’ daily routines. Think about it: Chances are you’ve posed a question or two to your favorite AI assistant today, whether that’s Google, Siri, Alexa, or else. Maybe you needed directions to a meeting, store hours for the nearest pharmacy, or a rundown of your calendar appointments — and you had no time or desire to read through a website, call customer support, or click through a handful of dashboards. You wanted answers in seconds, and AI delivered it.  Likewise, the tenants you’re trying to attract have a serious digital addiction and craving for instant answers. It’s why AI leasing assistants are no-brainers in delivering measurable improvements in conversions, engagement, and revenue.     Below are five ways an AI Leasing Assistant will bring more tenants to your properties: 1. Satisfy consumers’ craving for easy self-service and instant gratification Today’s consumers expect the same ease, immediacy, and anytime/anywhere access they enjoy from online retailers and media platforms. Fail to deliver those experiences and they’ll jump ship to a more responsive website, sinking your profits. Astute multifamily property marketers understand that to remain relevant and profitable, they must compete on the battlefield of user experiences, often measured against the ease and speed of Siri or Google. AI Leasing Assistants make that possible.   Speaking of speed and ease, todays’ consumers also don’t want to talk to a sales rep until they’ve completed some basic research, narrowed thei......
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How to Maximize the Storage Space in Your Multifamily Apartment Units to Increase Rents

One thing that residents will always want in an apartment is as much space as possible for a rental price that they see as justified. However, many multifamily apartment homes are not known for offering a ton of features that increase storage capacity, so when a renter finds a hidden space gem, they’ll pay more for it.    Renters are very familiar with having clutter that easily piles up because of limited storage options; a main drawback of apartment living. When renters feel the need to fill up their floorspace with extra dressers and other storage containers, the livable footage of the apartment becomes smaller and smaller and their frustration grows bigger and bigger.    Providing your renters with increased closet storage capabilities in your multifamily apartment units will not only help you attract more renters, but also make your units more valuable and keep renters leased longer.   If you are looking for an easy renovation project that will increase space and storage in the apartments you own or manage, the best way is to start optimizing your closets.  Optimizing Your Multifamily Closet Space Most closets in multifamily housing units are severely underutilized with sometimes less than 50% of the functional space available being used for storage. Master bedroom closets are where the largest waste of space usually occurs. Many apartment complexes tout walk-in closets as one of the draws to rent from them; however, these closets are not used in a way that actually maximizes storage and space.   T......
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Hot Girl Summer: A Comprehensive List of Warm Weather Activities for Your Residents

Summer is in full swing, which means you can plan some fun activities for your residents. And, since it's warm out, you can host a lot of your events outside, which is more conducive to social distancing. Also, it's just nice to be in fresh air, instead of hunched in front of our computers like we are most of the year. (If I want to be staring at a screen in the middle of the summer, I can be checking Instagram while sitting on a lounge chair, thankyouverymuch.)

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Welcoming Pets Makes Abundant Financial Sense

Apartment residents, like people everywhere, are absolutely crazy about their pets. Although it may sound cliché, renters feel like their dogs and cats truly are members of their families. The bond between owner and pet is unmistakable.   And a new report highlights the considerable financial benefits owners and operators can reap by being truly pet-inclusive.   According to the 2021 Pet-Inclusive Housing Report from the Michelson Found Animals Foundation and the Human Animal Bond Research Institute, residents in pet-friendly housing stay 21% longer than those in non-pet-friendly housing. This means operators can reduce their turn costs as well as their marketing spends because they're not having to fill vacated units as frequently. Similarly, 83% of owner/operators say pet-friendly vacancies are filled faster, and 79% say the vacancies are easier to fill.   Among the study's other notable findings:   ●      24% of residents say their pet has been a reason for needing to move. ●      14% have surrendered their pet as a result of their housing situation. ●      35% of non-pet-owning residents say they would get a pet if restrictions on their rental housing were lifted.   To better attract and retain pet-owning residents, the report recommends that owners and operators consider the following steps:   ●      Offer a free month of pet rent. ●      Waive pet deposits and instead rely on regular security deposits to cover the minimal damage that pets may cause. ●      Create an easy-to-follow screening process and pet agreement that focuses on well-behaved pets and owners. ●      Formalize the types of p......
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Outdoor Apartment Amenities: Why They’re So Popular in 2021

Outdoor Apartment Amenities: Why They’re So Popular in 2021
It’s an age-old question for multifamily operators: What can I do to make my property more appealing to residents? Keeping a leg up on your competition means constantly being on the lookout for new trends and new ways to keep residents satisfied. In 2021, the best way to attract and retain residents is with outdoor apartment amenities. Read on to learn why outdoor amenities are all the rage these days. Then, discover which outdoor amenities you should consider for your multifamily property.    What’s behind this outdoor amenity shift? The shift to outdoor amenities has its roots in reactions to the COVID-19 pandemic. After enduring over a year of lockdowns and other restrictions, residents are now looking for places that reflect a new set of priorities.   Residents are seeking outdoor amenities for two reasons: A shift to remote work 2020 lockdown reactions   1. A shift to remote work You might be surprised to learn that remote work is one of the biggest reasons renters are looking for outdoor apartment amenities, but it’s true. Companies trying to comply with social distancing guidelines opened the remote work floodgates, and remote working has never been more popular. Some people are taking advantage of their newfound work-from-home (WFH) capabilities by moving to the suburbs. However, remote workers who are staying in urban areas are prioritizing properties that meet the demands of their new lifestyles.   2. 2020 lockdown reactions The lockdowns that began in 2020 and stretched into 2021 were tough on everybody. No ma......
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4 Steps To Take Now To Prepare For a Crisis: How The Tech You Already Have Can Help Your Emergency Preparedness Plan

You never know when a crisis will hit and how severely it will affect day-to-day operations or your residents. You do know that today is as good a day as ever to strategize and start planning your response. We’ve all gone through crises and challenging situations that really beat us down and made us feel like we’re not producing or performing the way that we need to. This is the same for your frontline teams too. Not only can an emergency impact your team's ability to keep residents safe, a crisis of any size also can have an impact on your bottom line.  I worked onsite and in a corporate office for a regional property manager for five years. During that time I gained a wealth of knowledge on how to deal with such hardship moments. I worked through Hurricane Harvey managing onsite teams and ensuring resident safety. I helped keep teams and communities on track during many localized crises, and I helped educate and train clients during COVID-19 on how they could (and can) maintain business continuity and touchless operations. Going through situations like that really forces you to take a step back and figure out what can be done. What can we control in the uncontrollable? What can we learn for the next situation?  4 steps to preparedness  What has helped me and my teams through all the unforeseen events and natural disasters is a 4-step process that helps make sure your frontlines are meeting customer needs while keeping saf......
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10 Ways Communities are Working to Reduce the Stress for Residents as they Move In

A few week’s ago during Toni Blake’s webinar, Overcoming Objection on The YES PATH, Daniel Cunningham of Leonardo 247 asked a great question in chat:  What are communities doing to reduce the stress of moving in?  Here are some of the responses from the group! By letting them know we are here for them during this time of transition.  ~ Ardmore at Price Give them a hot sheet with all the nearby dining, shopping, doctor's offices, vet offices, etc.  ~ Joei L. Move-In email with information on how to set up utilities, their move in amount, and items to bring with them on move-In day  ~ Bre W. We create a unique experience by having them fill out an about you form upon leasing and provide their favorite things in their apartment when they move in, coupled with movers for the second and third floor. We also help them get familiar with the area and share our favorite places.  ~ Ashlie D. Best idea from a service team member - reserve a parking spot for their Uhaul close to their apartment and meet them there on move in date-time to answer any questions and walk the apartment with them.  ~ Joy W. Give them options on electric companies, local activities.  Give them a mover's business card, discount coupons on boxes. And we give them this when they tour so they can be at ease anywhere they go!  ~ Dallas P. We make sure that all move in procedures are in writing so tha......
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How Onsite Teams Increased Resident Retention During COVID

How Onsite Teams Increased Resident Retention During COVID
In the multifamily industry, “resident retention” is a buzzword phrase that keeps onsite team members, regionals and owners alike looking for ways to refine current practices and create new ones.  Resident retention is incredibly important to our communities as well as our bottom lines, and it looked a little different in 2020 than it did previously. With the onset of COVID and everything that came with a global pandemic, our industry was pushed to quickly rethink the way we handle resident retention. Our onsite teams became creative in the ways they connected and communicated with current residents. According to RealPage, “Resident retention at lease expiration quickly soared to unprecedented levels, peaking at 58.5% in April 2020.” As we look back on the increased resident retention over the past year, it’s important to recognize and remember the changes our teams implemented to make magic happen.  Communication  Communication with our residents is an integral part of our industry. From door-to-door letters, emails, newsletters, online platforms like Active Building and RentCafe to phone calls and forums, we communicate with our residents. We keep them as informed as possible on changes throughout our specific communities and events that affect them directly. During the pandemic, our onsite teams took the communication up a notch and became a trusted resource for not only what was happening onsite, but in the broader community as a whole. Teams relayed important information from the CDC and streamlined it based on the region in which their community is located. Important government resources......
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