Multi-Family Management: 2017 Property Resolutions
Your 2017 Resolutions Should Include Increasing Resident Retention
While we all had high hopes for 2016 multi-family. We quickly realized that the the influx of lease-ups and multiple new developments was not going to follow suit to the 2015 predecessor that was thought to launch a new era of multi-family management.
Today, vibrant communities that are in-tune while the modern Millennial are springing up on every block. Many of them taking substantially more time to lease up with some believing that the multi-family housing market is becoming overly saturated and unaffordable.
Although this sounds like a bad thing, it is quite the contrary. The good news: renters are staying put.
Realpage data indicates that 53.8% of renters in 2016 will renew a lease, up from 52% in 2015 (Apartment Trends pg. 1). According to Paul Davidson, Millennials are moving to downtown centralized areas where apartments proliferate faster their median incomes (Multi-Family Executive pg. 1).
What does this mean for our management partners? Many renters, both urban dwellers and those in outlying suburban areas, are finding it more affordable to remain in their current lease than to venture to a new updated community.
Give Them a Reason to Stay
The majority of residents would rather renew a lease than move, but need to feel appreciated and incentivized to stay in a community with often dated accommodations, amenities and services.
The new communities on the market are leveraging their polished exterior and beefing up their services to entice young professionals to move. Sometimes even offering a lease buy-out or other incentives to make the decision, and subsequently the move out of your community, that much easier and swifter.
Many residents simply want to be heard and have their feedback seriously considered regarding often quick fixes such as their squeaky door or loud neighbor, while others want to see the value in sticking around community.
Your Residents Should Feel The Value
The easiest and most efficient way our community partners increase their value, is to add Anywhere Fitness to your team and implementing a Reslife program. Our Reslife programs can reshape the resident experience and bring what competitor properties are doing right to your front door.
Anywhere Fitness provide an array of custom activities from group fitness classes, on-site & off-site events, pool parties, social gatherings such as wine tastings, community outreach programs to gauge overall resident satisfaction, and even dog walking. Perhaps walking your resident’s dog and providing a yoga class in the evenings is all it will take to keep them in your community. Additionally, every community is assigned a Concierge whose sole responsibility is to keep your community feeling alive and active.