Chicago Property Management

The RedStar Blog

Resident Retention Strategies for Apartment Building Owners

Jun 17, 2019 - by Erik Carrier

Multifamily housing (apartment buildings) are in every neighborhood of Chicago and it's suburbs.

With so much available inventory, property owners (and the Chicago property management companies that manage those assets) often need to get creative with the strategies and tactics they use to not only attract new residents, but keep the residents they currently have happy so they ultimately renew their lease. That might be easier said than done but it could be the difference between operating a profitable property and an unprofitable one.

There's simply no way to keep every current resident for an extended period of time - people move out of the area, they buy a home or simply want a new view. There are, however, some things that any property owner can do to make sure that their resident's experiences are positive which could lead to more referrals or a higher renewal rate in the future.

Below you'll find a few resident retentin strategies for apartment owners, several creative ways to improve those renewal rates up in the future: 

  • Prioritize Service & Responsiveness: Tenants are going to remember how you treated them more than they will how much they needed to pay for the priviledge of living in a specific place. When apartment residents are confident that their property management company actually cares about their request, and that they focus on service and responding to issues quickly, you might be surpirsed at how quickly a tenant will resign their lease if that is what they remember. 

  • Over Communicate: Most property owners are tight lipped about their building but being open and communicating important news and developments about the property is a near guaranteed way to ensure that tenants feel you're not hiding anything from them. Whether it's a monthly text message about the rent, a friendly reminder about upcoming maintenance, or an alert about an important development in the neighborhood - communication is a great way to establish a bond, positioning you for an easy renewal of a lease in the future. 

  • Maintain the Property (Internal/External): It should go without saying, but maintaining a property is essential. Noone wants to live in a place that's falling apart or call an apartment home if nothing works (from hallway lights to door keys), right? Of course not, that's why maintaining both the inside and outside of a property is one of the most important things you can do as a property owner.  

  • Embrace Technology: The easier that property owners can make it for residents to live in a place, the better off they'll be when it comes to renewing the lease. By providing access to payment portals, and communication platforms to keep residents in the know, or even the ability to submit maintenance requests directly, property owners will find that not only are they managing the property better but have happier residents who are more likely to renew their lease in the future.  
It's more expensive to acquire a new resident than it is to retain an existing tenant. By prioritizing tenant service and being responsive to any requests, making the effort to communicate critical developments, maintaining the inside and outside of the property, and embracing technology which improves the releationship between residents and the property management company, retaining residents and capturing the lease renewal is a simpler proposition.
 
Looking for a better property management experience for your residents? Learn more about Red Star, one of the top property management companies in Chicago, and schedule a consultation today.