{"id":8969,"date":"2018-08-13T16:13:19","date_gmt":"2018-08-13T16:13:19","guid":{"rendered":"https:\/\/conversionlogix.com\/blog\/?p=698"},"modified":"2023-11-14T20:26:27","modified_gmt":"2023-11-14T20:26:27","slug":"resident-retention","status":"publish","type":"post","link":"https:\/\/conversionlogix.com\/blog\/resident-retention\/","title":{"rendered":"How to Improve Your Resident Retention Rates"},"content":{"rendered":"
\n
\"Resident<\/figure><\/div>\n\n\n

Resident turnover costs apartment communities on average $4,000* for every tenant that leaves. Multiply this by five or ten residents and your community could be losing $20,000-40,000 due to resident turnover. Vacancy loss, an increase in maintenance costs, new tenant acquisition costs, and leasing staff costs all contribute to the expense your community will incur if you don\u2019t have a strategy in place to improve your resident retention rates.<\/p>\n\n\n\n

So how can your community improve resident retention?<\/p>\n\n\n\n\n\n\n\n

Find Out Why Your Residents are Leaving<\/h1>\n\n\n\n

68% of renters cite bad customer service as the reason they leave an apartment community. 14% cited dissatisfaction with a unit, and 9% felt their community wasn’t competitive (mostly due to pricing).**<\/p>\n\n\n\n

Other reasons a renter may be leaving your community?<\/p>\n\n\n\n

They form relationships elsewhere, they become a home buyer, death, and\/or change jobs.<\/p>\n\n\n\n

If your community is currently experiencing renter churn, your first step should be to find out the most common reasons your residents are leaving.<\/p>\n\n\n\n

One simple way to do this?<\/p>\n\n\n\n

Give your residents an exit survey.<\/p>\n\n\n\n

Once you receive notice that a resident doesn’t intend on renewing their lease, send them an email asking them to fill out an exit survey. While you may not get a 100% response rate, over time you will get enough data to identify common reasons people leave your community so you can pinpoint opportunities for improvement.<\/p>\n\n\n\n

Resolve Common Resident Complaints<\/h1>\n\n\n\n

Let\u2019s say you collect feedback from your residents and you find out they are choosing to leave due to dissatisfaction with the most common renter complaint, poor customer service. This is what your community can do to improve your customer service.<\/p>\n\n\n\n

How to Improve Your Customer Service<\/h2>\n\n\n\n

Many factors influence a tenant\u2019s perception of your community\u2019s customer service.<\/p>\n\n\n\n