Most companies wisely set renewal policies by month and by property. Certain times of the year may call for different strategies and you’ll want to consider property performance as part of the overall renewal strategy. However, it can be a quite subjective practice to set renewal parameters. There are a few guidelines to keep in mind when doing so:Read More
When we think about renewals, it’s probably tempting for most of us in the multifamily apartment industry to immediately think about the renewal ‘process.’ As we know, that process is triggered by an offer sent to a resident because their current lease is ending. That is the time when an associate at the community starts to engage with the resident to begin the conversation (or perhaps negotiation) that typically occurs when it’s time to renew a lease. The discussion continues, often over multiple conversations, until they renew or decide to move-out.
However, if you consider the resident’s perspective, the reality about renewals is that ‘process’ starts long before the pricing tool calculates the renewal rate and the offer is sent. In fact, the ‘process’ starts the moment the (then) prospective resident makes contact with us for the very first time as they begin to shop for their new apartment home. They consider their experience with us as a continuous series of events; they don’t differentiate by our lease, move-in, renew and/or move out processes…. it’s all one living experience to them. And how we make them feel as we interact with them and help make their living experience the best it can be (each and every day) is what they remember.Read More
Ask any group of multifamily operators what they worry about or what keeps them up at night and occupancy will be at the top of their lists. Every day an apartment sits empty represents a lost revenue opportunity that can never be recovered.
Being in an industry where demand is typically driven by things outside of their control, it is important for multifamily operators to focus on what they can control to keep occupancy rates optimized. Retaining residents is one of those areas of focus.Read More