What Is Resident Retention (and How Can It Be Improved)?


Putting a plan in place to manage resident retention and keep tenant satisfaction high is one of the most important parts of being a property manager. But what is resident retention and how can you increase resident retention in a multifamily community? 

What is Resident Retention? 

Tenant retention refers to any efforts made on the part of a property manager or property management team to boost tenant satisfaction and reduce turnover by making the property a welcoming and comfortable place to live. 

Tenants take many factors into consideration when deciding whether they will be renewing their lease. There are fundamental best practices that can boost tenant satisfaction, including responding quickly to maintenance requests, offering amenities that make living in your property a pleasure, and ensuring easy and open lines of communication between tenants and onsite teams. However, beyond the basic best practices of ensuring that your resident living experience is a pleasurable one, there are additional steps management teams can take to raise tenant retention. 

How Can You Increase Resident Retention? 

Lack of planning is one of the biggest mistakes that property managers make when it comes to ensuring that their tenants are happy and cared for. Though responding to maintenance requests is an important part of being a property manager, it is even more important to be proactive about property upkeep so that you address problems before they become problems that affect the resident living experience. 

Keeping open lines of communication with your residents is key. When residents feel comfortable talking to their onsite teams, they can clue you in to maintenance or community concerns that are not even on your radar yet. This helps you address the issue before it affects other tenants or becomes a problem that takes longer to solve. 

How Hosting Community Events Can Help 

By planning out your retention strategies and setting aside a budget for events focused on building community, you can make tenants feel welcomed into their new home from the first day they arrive. Hosting community events or setting aside opportunities for your tenants to make the most of community amenities—like offering complimentary coffee mornings, throwing informal tenant get-togethers around holidays, or facilitating the forming of a casual basketball team—can go far in building community and making tenants want to stay. 

Why Mutual Respect Matters When Tenants Are Renewing Their Lease

Tenants value relationships with their property managers that are founded on mutual respect and transparency. Providing exceptional service to your tenants while seeing to their everyday needs is one of the easiest retention strategies for ensuring that tenants stay with you for the long-term. 

Hiring a property management team that specializes in increasing tenant retention in multifamily communities can help boost your profits while keeping tenant satisfaction high. Quantum Residential is an Accredited Management Organization with the Institute of Real Estate Management. We have the experience you need to grow your property while offering superior service to your clients. Contact us to discover how we can help your property grow. 

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