6 Suggestions for Resident Retention

Securing the move-in is only the first step toward building a relationship with a new resident. As time goes by, one of the true indicators of property success is the number of residents that renew their leases.

By Lori Hammond,

time-to-renew-300x253Many property management reports focus on occupancy. Every week, how many move ins will you have? What do you have as preleases? The number of lease renewals is also important.

Renewal is a Satisfaction Indicator

Securing the move in is only the first step toward building a relationship with a new resident. As time goes by, one of the true indicators of property success is the number of residents that renew their leases. Residents demonstrate their satisfaction at a property when they make the decision to continue living in their apartment home.  Residents who are frustrated with poor maintenance, lack of follow up, poor communication and yes sometimes rent increases, may never call the leasing office to ask questions or voice concerns, they simply turn in a move out notice and move away.

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