Budget season is upon us, which means you’re probably on the hunt for ways to save money. Well, one savings strategy you may be overlooking is retaining your current residents. Multifamily professionals spend a lot of time, money and energy on acquiring new residents. But it’s time to shift some (or even a lot) of that focus to your current residents. After all, vacant apartments are expensive. On the other hand, retaining your residents year after year can save you money and improve your bottom line.

Looking to improve resident retention in your apartment community? Read on for a few tips.

Welcome Residents Warmly
Residents want to live somewhere that feels like home. It’s as simple as that. Start off on the right foot by giving new residents a call or stopping by in person to introduce yourself and ask how their move was. Consider providing a packet of information to new residents with helpful information about your community, like the fitness center hours and how to submit a work order. But don’t stop there. After a new resident has moved in, be sure to smile and greet them by name when you see them out and about.

Create a Sense of Community
Residents who play together, stay together, so be sure to provide your residents with opportunities to meet their neighbors and get involved in your community. Consider organizing social events on a regular basis, such as quarterly or twice a year. Extend personal invitations to new residents to encourage them to attend these events and meet their neighbors.

Emphasize Customer Service 
Have you ever vowed not to do business with a company because of a negative interaction you had with one of their employees? Residents can have the same experience in their apartment community. If a resident has a negative experience with a member of your staff, that resident may rethink renewing her lease. After all, a resident’s overall experience living in your community is built on every single interaction he or she has – from going on a tour of your community with a leasing consultant to getting a leaky pipe fixed by a member of your maintenance staff.  Remind everyone on your team to adopt a customer-centric approach – even those who don’t work in the leasing office.

Show Your Appreciation
Your community wouldn't be the great place it is without your residents, so your appreciation! And remember -- a little goes a long way. Provide free cider and donuts in the leasing office so renters can grab a quick treat on their way to work. Put cards under your residents’ doors to wish them a happy birthday. Or, when it comes time to re-sign the lease, offer residents a special perk for staying, like a fresh coat of paint or a complimentary carpet cleaning. These small gestures will serve as a reminder of why your residents love living in your community. 

What do you do in your community to increase resident retention?