Resident Retention: 3 Tips to Renew More Leases

Maintaining your occupancy goals is a balance between attracting new residents to your community and keeping your current residents renewing their leases. With today’s national vacancy rate still above historical averages, what can you do to encourage more of your residents to stay? Here are three strategies to boost resident retention during this year’s peak lease renewal season.

1. Offer different pricing by lease term

When residents are evaluating their rental options, price consistently comes up as the #1 factor. That’s where providing a range of options can be helpful to meet your residents’ needs. If you currently only offer leases on a 12-month schedule, consider expanding your options to include adjusted costs for leases that run longer or shorter than the standard term.

On your Apartments.com listings, you can easily display pricing for leases such as:

• 6 months
• 9 months
• 13 months
• 14 months
• 18 months

Depending on your property’s current rent roll, you can adjust pricing to offer discounts for lease terms that maximize retention — such as leases that expires during times of year when available supply is typically lower. An adjusted rate might be just what your resident needs to renew the lease.

2. Break down the costs of moving

When renters weigh their rental options, they often look at just the monthly costs and fees. But this comparison doesn’t factor in the costs of moving. And moving from one apartment to another can be pricy! Consider these potential expenses:

• Rental application fees
• Security deposits and other one-time fees
• Overlapping rent between the end of the current lease and start of the new lease
• Boxes and other moving supplies 
• Hiring professional movers
• Renting your own van or truck
• Fuel costs
• Taking time off work
• Buying new furniture or décor to fit the new space
• Breaking a contract with a utility provider not available in the new location
• Utility setup fees

These costs can add up, taking a toll on renters’ bank accounts. When residents consider moving out of your community to save money, they may not realize the costs they would be incurring by doing so. You can help them see the financial value of staying by walking them through the typical expenses associated with moving.

Compile a list of costs for these services in your area to give them a realistic picture of what to expect. You can also refer to Apartments.com to give renters real-time data on what other communities in the area are charging for monthly and move-in expenses.

3. Show the value of your community

When residents consider moving, they may not be thinking about everything they’ll be leaving behind. To give them a clearer picture of the value of living in your community, highlight benefits like:

• Community amenities, like your fitness center, pool, dog park, or laundry room
• Resident events and resources that your team organizes to brighten residents’ days and foster connections among neighbors
• The sense of community among your residents
• Local resources such as nearby parks, grocery stores, or restaurants in your neighborhood
• The specific advantages of your area, whether low crime rates, walkability, or proximity to main roads or public transit
• Responsive management such as quick resolution of maintenance requests

These factors can help paint a more comprehensive picture of the financial, social, and practical benefits offered by life in your community.

Looking for more resources?

Check out these recent articles for more tips on fostering resident satisfaction:

• 12 Ideas for Summer Resident Events
• Your Neighborhood, Your Residents: Tools to Drive Traffic
• 22 Ways to Make Your Community Greener for Earth Day