For people who decide to invest in residential facilities for income, especially buildings meant to provide homes for many people, such as apartment buildings, this now creates a space where groups of people live in proximity to each other. It's not unusual for such places to engender a sense of community among the residents.

For the investor, however, it raises the question: Is a community something that you should encourage? Is it a good or a bad idea to actively try to build one? Here are some of the benefits that can come from creating a community for residencies.

More Safety

One of the biggest benefits for both residents and investors is that a community fosters a greater sense of safety. When a community is present, the bonds residents have with each other encourage people to look out for each other, and be more proactive about both being vigilant and taking precautionary and reactive measures. When there is no sense of community, a robbery or assault, for example, can potentially be successfully carried out even if residents are aware, because no one wants to get involved. However, when a community exists, the urge to protect a fellow community member often drives people to action.

More Retention

Another important benefit of a thriving community on residential facilities is that strengthened social bonds encourage people to maintain those bonds. In other words, if people like those they are living with, they are often encouraged to keep those bonds and acquaintances going, rather than cut them short by moving elsewhere. This translates into more reliable income, as lower vacancy rates mean more revenue generated per month. All investors hope for long-term residents who pay rent on time. A strong community encourages this.

Better Maintenance

People who own and live in detached homes aren't the only ones capable of desiring "curb appeal." Longtime residents of a residential facility, particularly if there is a strong community present, have a greater investment in the idea of maintaining the place where they live. While this doesn't mean that they can—or should—take personal responsibility for the upkeep and maintenance of a residential facility, it does result in greater care and investment. With a sense of community, people will be more proactive about pointing out issues that need to be addressed. They will also take more care and preventive measures, rather than letting the condition of the property lapse or degrade without care, effort, or comment.

More Social Harmony

When residents feel like they are part of a community, the bonds they form among one another mean they are often more willing to settle and mediate disputes. A willingness to work together, communicate, and most importantly, compromise, means far less likelihood that conflicts will escalate to the point where owners must actively intervene, and settle situations in a way that no one is truly happy with. Social harmony is one of the key benefits of having a sense of community in a residency, with substantial, if less tangible, long-term benefits.

If you want to make sure you're getting the most out of your property rental investments, contact Occupancy Solutions and let us help.