Community is the most-desired amenity

According to ButterflyBMX recent article, "8 trends to expect in the future" #4 trend, "Community is a most desired amenity. We may not think of Community as an amenity or even connect the dots on the benefit when a prospect is looking. Understanding the scope and effect community has on a resident is important. So much so the NMHC/Kingsley Apartment Renter Preference Report showed that 60% of residents indicated their living space reflects their identity. That is 6 out of every 10 renters, or view it this way: 180 residents of a 300 apartment home.

While a "resident event" is a specific gathering or activity aimed at fostering community engagement and social interaction, the "resident experience" is a broader concept that encompasses the overall quality, satisfaction, and lifestyle provided to residents throughout their stay in a property or community. Residents are not looking at a Pool Party as a specific event, they view the opportunity to have an experience at the community they live at. To the resident it is more.

Cole Cason, Director of Training with LMS Investment Group, shares, "the most important aspect from the property management mindset is retention. Residents are more likely to stay in our communities if they have had a more positive "experience." He further explains "most of our friends have never excitedly told us about breakfast on the go, but if the event mindset is changed and slightly more geared towards creating a lasting memory/experience, those tend to be the ones we all remember, and that pulls us to want to stay at that business or community." One of his communities took the idea of the traditional Donuts on the Go and created an "Experience" where the residents participated in stacking the most donuts and go for the Guinness Book of World Record for highest stack of donuts. As a resident, who wouldn't want to participate in this experience? Residents who didn't have a chance I am sure missed out and those that did participate had the opportunity to build something special with their neighbors and create community.

We as an industry have some ground to make up, especially since COVID. Community life and social connectedness is central to our health and wellbeing. We need efforts to build and rebuild community life post-pandemic. The significance of an experience often lies in its ability to evoke emotions, create memories, facilitate connections, or provide unique and beneficial outcomes.

The value of an experience is multifaceted but three that are connected to resident retention (renewals)

• Emotional Impact: Experiences often evoke emotions, memories, and connections, which can greatly influence a residents perceived value. Positive emotions associated with an experience, such as joy, satisfaction, or fulfillment, contribute to its worth.

• Memorable and Unique Aspects: Unique or extraordinary experiences tend to hold higher value. The distinctiveness, rarity, or memorability of an experience can enhance its perceived worth.
• Social and Relational Value: Experiences shared with others or those that foster connections and relationships often hold considerable value. Social experiences that create bonds or strengthen connections can be highly valued.

The direct impact on a resident experience is resident retention. Since 2013, SatisFacts national survey asks residents the number 1 reason for renewing and every year since then Sense of Community is at the top year after year. Enhancing the resident experience is key to improving resident satisfaction and retention. As you look at your resident retention strategy for 2024, lets work together to be creative and create experience and not just events. We can be creative even within a budget, it just takes a bit more planning than throwing something together last minute. Innovation is Key!