{"id":23283,"date":"2021-07-22T03:03:49","date_gmt":"2021-07-22T03:03:49","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/7-secrets-to-boosting-your-apartment-lease-renewals\/"},"modified":"2022-12-13T19:10:03","modified_gmt":"2022-12-13T19:10:03","slug":"7-secrets-to-boosting-your-apartment-lease-renewals","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-gb\/blog\/7-secrets-to-boosting-your-apartment-lease-renewals\/","title":{"rendered":"7 Secrets to Boosting Your Apartment Lease Renewals"},"content":{"rendered":"<p>Here are 7\u00a0apartment lease renewal ideas\u00a0to help you maximise your apartment\u00a0resident retention.<\/p>\n<h6><strong>1. Foster a Sense of Community<\/strong><\/h6>\n<p>In\u00a0SatisFacts\u2019\u00a0annual survey of 1.6 million\u00a0apartment residents\u00a0to determine the top drivers for value and\u00a0lease\u00a0renewals,\u00a0<a href=\"https:\/\/www.satisfacts.com\/power-panels-why-should-your-residents-renew-2\/\">a sense of community<\/a>\u00a0topped the list for the eighth time in nine years. As the report explains: \u201cResidents in 2021 now determine value based on how living at the community makes them feel and makes them look to the outside world. Residents want and need to feel connected to what\u2019s going on where they live.\u201d<\/p>\n<p>When it comes to\u00a0apartment marketing, events are crucial to creating a sense of community. Summer season is the perfect time to host an outdoor\u00a0resident event, especially given lingering concerns about COVID. Look to BBQs and outdoor games that connect residents. Or in colder months, bring residents together for a hot drink and seasonal craft activity.<\/p>\n<p>It\u2019s the role of on-site\u00a0property management\u00a0teams to make introductions that foster community goodwill. It also means that a savvy\u00a0landlord\u00a0is making referrals, recommendations, and suggestions on who to meet within the\u00a0apartment community.<\/p>\n<h6><strong>2. Provide Feedback Opportunities<\/strong><\/h6>\n<p>Surveys are a great mechanism for getting input from\u00a0apartment residents\u00a0as long as you follow these key guidelines:<\/p>\n<ul>\n<li><strong>Keep it Short<\/strong>\u00a0\u2013\u00a0Most experts recommend that you limit questions to no more than five questions.<\/li>\n<li><strong>Add a Progress Bar to the Survey<\/strong>\u00a0\u2013\u00a0Research shows that surveys are more likely to be completed when respondents can see that they\u2019re making progress and are almost done.<\/li>\n<li><strong>Always Provide an Area for Comment<\/strong>\u00a0\u2013\u00a0This area is where a savvy\u00a0landlord\u00a0should invest the most time \u2013 looking for informal suggestions for improvements in and around the\u00a0apartment complex.<\/li>\n<li><strong>Remain Aware of Timing<\/strong>\u00a0\u2013\u00a0Key events should trigger a survey, including\u00a0apartment\u00a0move-in date,\u00a0maintenance requests, upcoming\u00a0lease renewal\u00a0date, and move-out date. Remember, for example, to send a feedback response approximately two weeks after a\u00a0tenant\u00a0has moved in so that they can reasonably be expected to find the time to complete it.<\/li>\n<li><strong>Offer Survey Incentives<\/strong>\u00a0\u2013 Asking a\u00a0tenant\u00a0to complete surveys without remuneration is difficult. Look to contests or prizes to pump up the response rate. Of course, continue the community loop by rewarding winners with gift cards from your local booksellers, coffee shops, and retailers.<\/li>\n<li><strong>Limit Surveys to Four Per Year<\/strong>\u00a0\u2013 Survey fatigue plagues many residents, reducing the opportunity for\u00a0property management\u00a0to gain quality feedback.<\/li>\n<li><strong>Share the Results<\/strong>\u00a0\u2013 Residents want to feel heard and acknowledged. Buzutto, which manages over 80,000 rental units, routinely sends not only surveys, but this email: \u201cYou Spoke, We Listened.\u201d Simple, but effective.<\/li>\n<\/ul>\n<p>Surveys certainly work to glean great information from\u00a0current residents. Don\u2019t forget to open lines of communication with front-line maintenance workers, concierge employees, or on-site\u00a0property management\u00a0who frequently work and engage with residents.<\/p>\n<p>Installing comment card collection centres near your mailroom and\/or\u00a0<a href=\"https:\/\/www.parcelpending.com\/en-gb\/markets\/residential-parcel-lockers\/\" target=\"_blank\" rel=\"noopener\">smart lockers<\/a>\u00a0also serve as great ways to understand\u00a0tenant\u00a0sentiment. We also recommend providing easy-to-find links on your home page, and of course, social media. The golden rule here is \u201csocial listening.\u201d Whether it\u2019s on Instagram, Facebook, or Twitter, it\u2019s important for ideas and complaints never to fall on deaf ears.<\/p>\n<h6><strong>3. Make Customer Service and the\u00a0Tenant\u00a0Experience a Top Priority<\/strong><\/h6>\n<p>Receiving feedback is critical, but you must also make the duration of the\u00a0tenant\u2019s lease\u00a0an exceptional experience. Although office occupancy rates vary significantly from state to state, most employees are now hybrid workers: still working at home and sometimes at the office. Offering a co-working\u00a0office space, community wi-fi, and outdoor spaces can give a\u00a0tenant\u00a0an extra reason to feel satisfied with their rental experience.<\/p>\n<p>Further, even if you already know\u00a0how to market your build-to-rent property, you\u2019ll still want to make sure that your\u00a0apartment marketing\u00a0includes technology that makes life easy for residents.\u00a0Maintenance requests, the lease extension or\u00a0lease\u00a0renewal process, gym reservations, and pool times should all be conducted via apps or websites.<\/p>\n<h6><strong>4. Reward Loyalty<\/strong><\/h6>\n<p>Resident retention\u00a0rates are returning to normal and matching statistics similar to 2018, 2019, and 2020. For leases that expired in the first quarter of 2021,\u00a0<a href=\"https:\/\/www.realpage.com\/analytics\/resident-retention-moves-toward-normal\/\">53.7% of households renewed<\/a>, according to new data from\u00a0RealPage.\u00a0Also of note is that some landlords are considering or returning a\u00a0good tenant\u2019s security deposits, even in instalments, to boost\u00a0resident retention.<\/p>\n<h6><strong>5. Offer a Flexible\u00a0Renewal Term<\/strong><\/h6>\n<p>In a recent key survey,\u00a0<a href=\"https:\/\/www.multifamilyexecutive.com\/property-management\/apartment-trends\/assurant-study-looks-at-renters-changing-priorities_o\">78% of tenants surveyed<\/a>\u00a0stated they would remain in their current\u00a0apartment\u00a0if they were given a\u00a0lease renewal offer\u00a0for a shorter period of time and with no\u00a0rent increase. Particularly as residents continue to recover from pandemic-related budget challenges, being open to\u00a0lease negotiation\u00a0can benefit a\u00a0property owner\u00a0looking to increase\u00a0resident retention\u00a0and rental income.<\/p>\n<h6><strong>6. Offer Low-Cost Renewal Concessions\u00a0<\/strong><\/h6>\n<p>Sometimes, all it takes to get a\u00a0tenant\u00a0to sign on the dotted line is an easy and valuable concession. Repainting, recarpeting, replacing blinds, upgrading lighting, or installing ceiling fans not only increases your\u00a0apartment\u00a0or rental property value but makes it easier to secure\u00a0lease\u00a0renewals.<\/p>\n<h6><strong>7. Add\u00a0Tenant-Requested Amenities to Your\u00a0Apartment Community<\/strong><\/h6>\n<p>Both online shopping and grocery\/food delivery have become a default consumer behaviour. The typical\u00a0tenant\u00a0expects their packages and other deliveries to be stowed safely and securely.<\/p>\n<p>Installing\u00a0smart parcel lockers\u00a0is a big win for\u00a0property management, as it\u2019s estimated that package lockers can lift\u00a0leasing\u00a0renewals by a jaw-dropping 40%! More importantly, it adds to\u00a0resident satisfaction\u00a0as a\u00a0renter\u00a0can retrieve their packages on\u00a0their\u00a0schedule with zero human interaction\u2026and within 10 seconds.<\/p>\n<p>This period of time is tricky for an\u00a0apartment\u00a0manager or property manager. Many\u00a0current residents\u00a0are feeling financially insecure and looking for flexibility when renewing their leases. Offering up first-rate service and\u00a0<a href=\"https:\/\/www.parcelpending.com\/en-gb\/resources\/amenities-every-modern-build-to-rent-should-have\/\" target=\"_blank\" rel=\"noopener\">apartment amenities<\/a>\u00a0that create an unforgettable\u00a0tenant\u00a0experience are sure-fire paths to\u00a0resident retention.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are 7\u00a0apartment lease renewal ideas\u00a0to help you maximise your apartment\u00a0resident retention. 1. Foster a Sense of Community In\u00a0SatisFacts\u2019\u00a0annual survey of 1.6 million\u00a0apartment residents\u00a0to determine the top drivers for value and\u00a0lease\u00a0renewals,\u00a0a sense of community\u00a0topped the list for the eighth time in nine years. As the report explains: \u201cResidents in 2021 now determine value based on [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":13866,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257],"tags":[258],"class_list":["post-23283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-residential-en-gb","tag-apartment-lease-renewal-ideas-en-gb"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>7 Secrets to Boosting Your Apartment Lease Renewals - Parcel Pending<\/title>\n<meta name=\"description\" content=\"7 Secrets to Boosting Your Apartment Lease Renewals. 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