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 resident retention all comes down to engagement.

In fact, annual studies show that resident engagement programs like Apartment Life save an average of 42 leases a year.

How It Impacts Your Multifamily Marketing Strategy

When management companies help residents meet and engage with their neighbors, the payoff can be exponential. In recent studies, residents claimed that having friends onsite is an important component in their decision to lease with a property or renew. Some residents are even willing to pay 18% more for a property where they connect with their neighbors.

Just let those numbers sink in and how this could impact your resident retention rate and multifamily marketing strategy as a whole.

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 marketing professionals to brainstorm new ways to boost resident retention and improve engagement.

Up Your Resident Retention With an Engagement Strategy

An engagement multifamily marketing strategy is a smart way to reduce turnover, improve efficiency, and increase your resident retention rate. After all, it is far less expensive to keep an existing resident than it is to find a new one!

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.

Read the full article here.

Pete Kelly is the President and CEO of Apartment Life. He can be reached at petekelly@apartmentlife.org.