Did you know that residents with seven or more friends are nearly twice as likely to renew their lease as those who do not know their neighbors?
Improving your property’s retention all comes down to resident engagement. In fact, annual studies show that resident engagement programs like Apartment Life save an average of 42 leases a year.
For many multifamily professionals, budgeting season — the paramount time of year when you forecast next year’s revenue and expenses — is in full swing. During this time-consuming and stressful time, it’s important for multifamily marketers to brainstorm new ways to boost resident engagement and improve retention rates.
Pete Kelly, President and Chief Executive of Apartment Life, offers a few simple steps to add efficiency and dollars to your multifamily property in the below article — part of a new series by Apartment Life.
Pete Kelly is the President and CEO of Apartment Life. He can be reached at petekelly@apartmentlife.org.
