You should be thinking differently about retention
One of the biggest factors impacting renewals is not what you think.
Should you think differently about retention?
Yes. So, let's have a quick chat about resident experience. Why? Because in the last year or so, multifamily real estate has spent more than $80 billion on smart apartments (we see you, remote access and IoT thermostats) and the amenities arms race (hello, rooftop pools), all to attract and retain residents. That’s good, but most of us aren't leveraging an existing asset that makes a huge impact on renewals. And it doesn't cost $80 billion. What is it? Residents.
Focus on connections between residents
According to Venn's latest benchmark report, neighbor-to-neighbor connections are the single biggest factor impacting renewals, after rent price. In fact, residents who make 2-5 new friends over their first year in a community are 1.5 times more likely to renew. You read that right...
In even better news, you already have the most important part: your residents. Now what? Below are three practical steps you can take right now to help your residents connect with each other, based on Venn's own experience with partners around the world:
- Resident-to-resident messaging is the #1 tech amenity request from residents, beating out smart homes and package delivery notifications. And when they have it, they’re 2x more satisfied with property management. If you're unsure of your options, reach out to us.
- In-person events are great for connecting residents, but how do you measure success? Think retention-first when you assess programming effectiveness: follow-up with surveys and track attendee renewal rates over time. We think you'll like what you find...
The bottom line
We focused this edition of The Venn Journal on connections between residents because they're great for supercharging renewals. (Again, they're the single biggest factor after rent price.) So, get to it! And if you're still not sure where to start—or just want some help—get in touch.