Renovia | Keep Residents During Construction

How to Retain Residents in Multifamily Properties

September 12th, 2017 Posted by Uncategorized 0 comments on “How to Retain Residents in Multifamily Properties”

Factors to Retain Residents

Mul­ti-fam­i­ly prop­er­ties have seen a lot of demand, growth and invest­ment over the past years. One ques­tion that many mul­ti-fam­i­ly prop­er­ty own­ers have not yet been able to answer is, how to improve mul­ti-fam­i­ly occu­pan­cy rates. Like many busi­ness­es, to answer the ques­tion of ‘how to attract more res­i­dents to my prop­er­ty’ can be eas­i­ly answered by con­sid­er­ing some basic fac­tors.

Target Market

Every prod­uct has to have a tar­get mar­ket. With mul­ti-fam­i­ly prop­er­ty, you might want to tar­get a cer­tain group meet­ing cer­tain cri­te­ria depend­ing on age, income, or num­ber of fam­i­ly mem­bers. A tar­get group may be more inclined to take up res­i­den­cy at your mul­ti-fam­i­ly prop­er­ty if ‘peo­ple like them’ occu­py the com­plex.

With this in mind, it would be wis­er to tar­get a group that is very flex­i­ble and time­less in the sense that they do not do things with a bias to age. While mil­len­ni­als might be very unpre­dictable, old­er peo­ple might have more demands.

Quality

Res­i­dents will be more drawn to qual­i­ty in most cas­es. It is of para­mount impor­tance that you pro­vide the absolute best qual­i­ty ser­vice to the res­i­dents to keep them for long spells and attract more renters.

Amenities

Being able to pro­vide a lit­tle bit more than is expect­ed might be the dif­fer­ence between hav­ing a ful­ly occu­pied mul­ti-fam­i­ly com­plex and try­ing to get renters. Pro­vid­ing ameni­ties like Wifi, a swim­ming pool, a play­ground, a dog park etc. will keep renters satisfied.Having unique ameni­ties is a plus.

Repair and Maintenance

Hav­ing the prop­er­ty is one thing, but main­tain­ing it to an accept­able stan­dard is anoth­er. It is not wise to over­look need­ed repairs or to focus sole­ly on inde­pen­dent projects. Res­i­dents want their invest­ment in the prop­er­ty to show. Delay­ing on rou­tine main­te­nance and need­ed repairs will not improve mul­ti-fam­i­ly occu­pan­cy rates.

Rules and Policies

When com­pil­ing a list of accept­able alter­ations for your res­i­dents, it is impor­tant to remem­ber that this will be their home. Rules and poli­cies are nec­es­sary in main­tain­ing a clean, wel­com­ing envi­ron­ment for all to enjoy. Offer­ing accept­able options and remain­ing flex­i­ble when you can, will allow the res­i­dents to feel more com­fort­able in their space.

Advertising

Hav­ing your mul­ti-fam­i­ly prop­er­ty in excel­lent con­di­tion and installing some lux­u­ri­ous ameni­ties to it will only take you so far. Invest­ing in some form of adver­tise­ment and hav­ing a blog/website for your prop­er­ty will take you to the next lev­el. Bud­get­ing on peri­od­ic adver­tise­ment will help to ensure all your rental units are occu­pied, and are in demand.

Attract­ing renters and improv­ing mul­ti-fam­i­ly occu­pan­cy rates will come down to what a par­tic­u­lar res­i­dent wants, whether or not you can deliv­er their require­ments and what com­pro­mis­es can be reached. There is no stan­dard way of keep­ing res­i­dents or attract­ing more res­i­dents to your prop­er­ty, but with keep­ing the above fac­tors in mind, you are bound to get pos­i­tive results.

 

Down­load the Con­do Association’s Guide to Mak­ing Col­or Selec­tions to learn more!

 

 

No comments yet. You should be kind and add one!

Leave a Reply

Your email address will not be published.This is a required field!

<small>You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes:<br> <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>