Does it feel like you’re always recruiting more tenants for your property? In many ways, it’s much easier to keep existing tenants rather than spend money and time finding new ones. There are steps you can take to make resident satisfaction a priority, especially if you’ve noticed a drop in retention in recent months.
Here are three of the best ways to increase resident retention at your multifamily property:
Invest in ongoing maintenance. An investment in the ongoing maintenance of your property is essential for ensuring your tenants have a safe, comfortable, and aesthetically pleasing environment for their living space. It’s important to promptly address minor and major problems before they affect your tenants’ living conditions and quality of life. Maintaining all appliances, performing regular inspections on HVAC systems, and taking care of landscaping needs are all part of ongoing maintenance. Neglecting issues or problems as they occur and failing to invest in proper maintenance can quickly result in tenants becoming dissatisfied with their experience at your multifamily complex.
Increase resident engagement. Making a sustained effort to engage with your residents actively is key to achieving positive retention. This involves establishing open lines of communication in which tenants feel comfortable asking questions or expressing concerns about their apartment or living unit. Additionally, better resident engagement is often accomplished by coordinating group activities and gatherings for those living on your property. Initiatives like a “family night” or book club can foster relationships among those on your property, creating a strong sense of community.
Gather feedback from residents. Gathering feedback from residents can offer the necessary insights to make meaningful changes within your multifamily property. Some ways to obtain regular feedback from tenants may include monthly surveys or open meetings in which people can share their thoughts, ideas, or points of concern. While it may not always be pleasant to receive negative feedback, this will give your management staff the knowledge to implement new protocols or practices that improve your property.
Increasing retention at any multifamily property is a marathon, not a sprint. However, over time, you’ll see results that generate better retention and, most importantly, happier tenants!
Is one of your goals to hire more staff to manage your property? Get in touch with The Liberty Group, a staffing firm specializing in the multifamily and apartment industry, and learn how we can help you find the best candidates for your property.