Resident renewal rates are declining from COVID-era highs, bringing them back to industry norms–right around 50%. This leveling out was expected, though it’s still going to impact your business and your NOI.
Of course, we know it’s impossible to retain every single resident that walks through your doors. But resident retention is valuable, and the more you can keep around, the better your bottom line. For more on the true value of resident retention, check out our recent blog.
Read on for the 3 best ways you can increase renewal rates at your multifamily property!
Create Meaningful Resident Relationships
Resident retention starts with how much they enjoy renting from you. After all, why would they renew their lease if you’d made their home lives miserable? A good rapport will ease the stressors of renting that may eventually push residents away and builds a foundation of trust–a valuable asset in terms of securing long-term renters.
Creating meaningful relationships encompasses everything from offering exceptional communication to listening to their needs and delivering on them. Whether it has to do with maintenance requests, amenity management, or anything in between, the easiest way to implement this is by employing property management software. In fact, over 72% of ManageGo software users report better relationships with their residents.
Use Marketing to Your Advantage
Don’t let your residents forget why they love renting from you. Whether it’s the classes and events you host, reminders of your great amenities, or promos you’re running, it’s important to keep them up to date on everything happening at your property. This also shows your residents that you’re an active part of the community, and helps those valuable relationships we covered earlier. Your marketing should include regular email newsletters and a healthy social media presence at the bare minimum to see the results you’re after. If you’re not sure where to start, check out our tips on social media marketing for property managers!
Simplify the Renewal Process
The last barrier to retaining residents is how difficult you make the lease renewal process. Considering what they’re going to do when their lease is up is a stressful decision, and being slammed with a random, 30-day notice of renewal (likely with a rent increase notice) isn’t helping keep your residents around.
With property management software like ManageGo, automate the process and start renewals early. Automatically set reminders for expiring leases–however early works for you. Then, it’s as simple as customizing a template and sending it over to your residents to be signed digitally in minutes. The easier you make the process of renewing, the more incentivized your residents will be to resign.
No matter your business goals, ManageGo has your back. To discover just how our software solutions can benefit you and your unique property management needs, request a demo today. Or, connect directly with one of our experts and get started on your journey to better property management.
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