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—four out of the top six factors impacting the renewal decision all had to do with a resident’s connection with the community and neighbors!