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Simple Tips to Boost Resident Satisfaction and Increase Renewal Rates

Dec 14, 2016 12:00 PM

Retention is an important factor for all multifamily operators. With more than 60% of revenue coming from renewals for most properties, a small decrease in renewals can have a tremendous impact on pricing power and NOI performance.

Regardless of the situation, resident loyalty has a significant impact on the bottom line. Resident satisfaction has a dramatic impact on renewals rates – even when renewals include a rent increase. A recent NMHC survey measureed the  “…difference between the percentage of customers who are totally and completely satisfied (raving fans) and those who aren’t” and has found that loyal residents in fact renew and refer more often, with satisfied residents more likely to renew at 63% and dissatisfied residents renewing only 34% of the time.

Here are some simple actions you can take to enhance resident satisfaction, and thereby increase your renewal rates.

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5 Tips to Enhance Your Resident Experience

Dec 07, 2016 12:00 PM

There are tens of millions of apartment renters nationwide. Depending on the size of your operation, thousands are most likely under your collective roof. Each of these unique individuals have expectations about the “extras” or amenities that enhance their resident experience. Consider this information from the National Multifamily Housing Council - 75% of residents in the Birmingham, Alabama area list a modular closet system as their top amenity; and 90% of residents in Kansas City list garbage disposals as their top need.

Clearly, your residents’ interests can be as varied as the cities in which they live. Outside of the basic need for a safe place to live, convenient location and fair pricing, the amenities offered within your community can have a significant impact on retention, renewals and referrals. When residents are satisfied, they don’t leave – saving you time and putting less pressure on marketing to keep occupancies and revenue optimized.

Following are five tips to help enhance your resident experience that can increase resident satisfaction, and in turn help you control costs and keep your properties running smoothly.

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