Resident Retention Marketing Ideas for Apartments
You can build excitement among residents by properly marketing the best features of your apartment complex. Create a community feel by holding special events that bring tenants and apartment management together. Offer renewal discounts and regular giveaways to raise renters' enthusiasm. Survey your tenants to get input about improvements and stay in communication. Market your improvements and additions so renewing residents have something to look forward to.
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Community Feel
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Creating a community feel in your apartment complex can help raise resident retention rates. Reach out to the residents in your apartment community with individual event invitations and posted signs in common areas. Holiday events, picnics and parties give residents a chance to meet and mingle with each other and the rental management staff. Organize these events to allow for optimal resident attendance by holding them on weekend days or after work hours on weekdays. These interactions can raise comfort levels in the complex as people get to know your staff and their neighbors.
Discounts
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Offering discounts and incentives to residents choosing to renew their leases will increase resident retention. Research the rental market in your area to be sure your renewal lease rates are competitive. Any available retention discount offers should be made at least 90 days before the end of a resident's lease. This will give tenants a chance to evaluate your lease-renewal rate before they have made a decision to move.
Contests
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Holding contests and giveaway promotions can raise excitement among tenants in the complex. Market the contest with signs and banners posted in common areas like the mail room, laundromat, pool and management office. Approach businesses and restaurants in your area--many companies are willing to donate free gift certificates
just to be a part of a locally focused promotion. Tenants may choose to stay longer to win free dinners for two at local restaurants.
Survey
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Allowing tenants to have input will increase resident satisfaction and communication. Ask tenants to take a satisfaction survey when they are halfway through their lease period. Also place a suggestion box in a tenant common area and collect any responses on a weekly basis. Respond directly to the tenants about their concerns, unless the suggestions are filled out anonymously. This kind of outreach will create new avenues of communication leading to increased resident retention.
Amenities
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New and upgraded amenities can give your renters new reasons to stay. A new pool, hot tub or workout room can give your property an edge over other rental complexes. These complex improvements may be inspired by suggestions from residents or local rental competition. Advertise your upgrades to residents while the improvement work is being done. This will help to build anticipation and can give prospective renewals a reason to stay.
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