Property management is a big job, and one of the biggest aspects of it is simply making sure that your rate of resident retention is as high as possible. Sure, you may be able to rent out a space that becomes vacant, but the reality is that doing so requires additional steps, energy, and resources that you wouldn't have to spend if the existing resident just stayed in their home.

Sometimes, losing a resident is unavoidable. They may have bought their first home or relocated out of state, for example. But losing a resident because they're relocating to a different complex is something that you can often stop from happening. There are numerous steps that are worth keeping in mind which can help to boost your resident retention rates. Here's a look at some of the main things to remember.

  • Build Community - Residents are more likely to stay in an apartment complex that feels like a community. Try to promote interaction between residents and hold things like apartment-only events - parking lot cookouts, resident parties, holiday events, and so on.

 

  • •Maintenance Matters - One of the fastest ways to lose residents is to let an apartment complex fall into disrepair. Keep the grounds looking great, address maintenance and repair issues promptly, and generally keep your complex in the best shape possible.

 

  •  Help Them Feel Safe - From security cameras to officers and beyond, if your residents feel as though they're safe, they'll be more content with their home and more likely to stay there.

 

  • Listen And Respond - Residents will want to be heard, and they should be. They should be able to easily contact their property managers with questions and concerns. And when they do, they should actually get responses and results. Ignoring what residents have to say and what they're worried about means that they aren't' likely to stay in one place.

 

  • Know the Area - Does another apartment complex offer more amenities and lower rates? Do they have specific features that stand out? Knowing what other properties are offering can help you adjust your leases and your overall property to ensure that your residents stay where they are.

 

You'll always have to spend some time attracting new renters from time to time. But the fact is that by focusing a lot of your property management energy on resident retention, you'll have an easier time keeping your property full and your bottom line high.