Generally speaking, it's been quite a while since the multifamily industry has evaluated the renewal process for opportunities to optimize results. Already overextended site teams are left to manage retention efforts – and in most circumstances, that translates to very little communication or process, and little visibility into a renter's intentions.This is not at all a knock against hard-working front-line employees; these associates often just ...

Functional amenity spaces, appealing resident events and prompt maintenance responses all qualify as factors that can enhance the chances of retaining a resident. A resident who has an unresolved maintenance request, for example, is four times less likely to renew their lease.While a smooth-running property is part of the equation, the most important component to driving renewals is to think of retention more holistically and provide residents wi ...

Resident renewals have long represented one of multifamily's unrealized opportunities. Many operators have approached their efforts to retain residents with only half-hearted attempts and outdated software, inadvertently leaving potential revenue and numerous business benefits on the table. In light of the recent decline in demand for new leases following years of a highly competitive market, apartment companies may now begin to prioritize reside ...

Renewal processes in the apartment industry are complex and time consuming. The manual work required by the onsite team to complete one renewal will make your head spin.Initial renewal pricing is derived from the revenue management system. It then moves through a review process in which the revenue management team will carefully evaluate the suggested rate and either approve it as is, or make modifications based on varying factors. This pricing i ...

Imagine being an athlete with several different coaches, each with different philosophies and varying motives. Now imagine that none of them are the head-coach—who do you listen to?Many multifamily organizations approach resident retention and lease renewals in a similar manner. Several departments can be involved—including operations, revenue management, asset management, marketing, IT and customer experience teams—but it's often ambiguous which ...