For any given resident, lease renewal may be an annual event; however, for management and staff, retaining residents should be a top priority all year long. One of the best ways to retain residents is to keep them engaged. Creating an environment residents love and one where they want to live is about more than having fresh cookies or drinks set out in the leasing office. Rather, it is about nurturing those individual relationships throughout the year to create an inviting space that residents enjoy coming home to each day.
Tenant retention is a continual process and one that should always be prioritized. When marketing to your tenants, think of marketing to them for a renewal as soon as they sign a lease – and then continue throughout the term of the lease. To help keep your tenants engaged and happy (and ready to renew their lease), try these 3 strategies throughout the year.
Build an on-site community
It comes as no surprise that residents who feel a strong sense of belonging in their community are the ones who end up staying long term. But how do you do this? More than 25 percent of renters say that shared amenities are either very important or extremely important to them, so using these shared spaces to nurture connections among your tenants and staff can be a great way to build on your community feel. Here are some ideas to get you started:
- Host monthly mixers or events to bring residents together
- Throw parties for the holidays (and make sure that you are being inclusive)
- Encourage your tenants to invite their friends and family to join in during community activities
- Celebrate lesser-known or quirky holidays that are sure to make your residents smile, such as Strawberry Ice Cream Day or Popcorn Day
Build a virtual community
While it is important to engage your tenants on-site, it is also important to interact with them online through your various social media channels. These sites are key to not only engaging your current tenants, but also to attracting new tenants. Use various platforms, such as Facebook, Instagram, and Twitter, to have authentic conversations with your tenants and prospects.
You can highlight what is going on in the community, and also invite them to upcoming events. You can even recommend great restaurants nearby, or introduce them to the new shop that’s moving in down the street. Holding a contest online, with the prize of your choice, is another way to interact with your audience and gain more followers.
Tailor your amenities to your tenants’ needs
Depending on your community’s specifics (demographics, location, culture, etc), you may want to consider adding niche amenities to your offerings, such as a fire pit, dog grooming stations, car wash stations, and more. Nearly half of all renters have pets, so common areas where tenants can get together and enjoy their pets, such as a dog park, can be a huge draw for your community.