Enter your email address for weekly access to top multifamily blogs!

Brent Williams' Apartment Blog

Thoughts, comments, and ideas about the overall multifamily industry, as well as a property-specific focus on resident retention and apartment marketing.

We Were Right Along – It is the Sense of Community That Drives Much of the Renewal Decision

SatisFacts Research explored why residents renew their lease, and their findings showcased one extremely strong trend:  Residents care enormously about their connection to their neighbors.  What might be the most surprising aspect, however, is that our group of multifamily professionals seemed to underestimate related parts of the equation.

In SatisFacts’ investigation, they listed a total of 27 factors from which residents could rate their renewal decision.  I have always been in the camp that believed a “sense of community” was a top factor in a resident’s decision to stay at their community, and sure enough, it was the 2nd highest rated factor.  And when we quizzed multifamily professionals, they almost had it pegged perfectly, listing it as the top factor in resident retention.  But what really blew me away was the clear theme shown at the top of the list – 4 out of the top 6 factors impacting the renewal decision all had to do with a resident’s connection with the community and neighbors! 

(You can download the full results of this study, which also covers leasing preferences, by clicking here.)

 

Social activities (shout out to our resource for event ideas, ResidentEvents.com) was one of the big surprises, along with social media presence, which I discussed in my last blog.  Communities often put on some sort of community events through the year, but when asked how much they felt it impacted their residents’ decision to renew their lease, that factor was all the way down at 23rd on the list!  In other words, they were putting on the events, but didn’t really feel those events were making an impact.  Now we know that is completely incorrect – those community-building events have a vital role in a resident’s decision to stay at the community! 

Rate this blog entry:
2
 

Leave your comments

We all know that great resident retention depends largely on factors like timely maintenance response, friendly staff, unique amenities and beautiful curb appeal. But how much thought is given to the importance of social connectedness relative to resident satisfaction and renewal rates? There is a great deal of evidence of late on the impact of being socially connected (or not) on physical health and psychological well-being. You can read an outstanding article on the subject citing several rel...
Senior housing apartments are becoming a major consideration for apartment owners. With 10,000 baby boomers or more reaching the age of 65 daily, the senior housing market is big business. While American families are scaling up and opting for bigger houses in the suburbs, seniors are looking to scale down into something that’s easier to take care of and maneuver around. If you decide to take the plunge into the world of senior housing, what can you do, with respect to renovations, to make your ...
It's no secret our maintenance teams are one of the key reasons residents renew their lease. Repairs (especially those that were not completed) are one of the most common topics on ratings and review sites. We can tell our maintenance teams to work smarter and faster until we're blue in the face, but that's not going to change things. Before real improvement can take place, we have to stop setting up our maintenance teams to fail! Wait! We're What? Maintenance teams rely on the information tha...