The apartment industry has historically focused more on leasing to new residents rather than retention.
But in an increasingly competitive landscape, keeping existing renters happy and motivated to renew is crucial for NOI growth.
Unfortunately, outdated and inconsistent renewal processes often lead to frustration for both overburdened on-site teams and residents.
Lack of timely communication, follow-ups on offers, and insights into why renters leave hamper retention efforts.
Fortunately, new proptech tools aimed specifically at optimizing renewals are driving evolution.
Let's look at how leading operators are transforming retention with dedicated renewal software.
Automating Follow-Ups for Better Engagement
Following up quickly and consistently on renewal offers has been a perennial challenge.
New solutions automatically send timely reminders via text and email based on no response, nudging renters to engage.
Hamilton Point Investments rolled out renewal software to systematize follow-ups across its portfolio.
Not only have decisions sped up by 30%, but an additional $17K in revenue was generated by incentivizing early renewals.
Centralizing Communication for 24/7 Accessibility
Much resident frustration comes from renewal communication being siloed to phone calls or emails with overburdened on-site staff.
Modern tools provide 24/7 centralized access via resident portals and text messaging for convenience.
WC Smith introduced such omnichannel communication, contributing to decisions accelerating by 11 days on average. Enhanced accessibility makes for smoother renewals.
Tracking Departure Reasons to Improve Retention
Understanding why residents leave is invaluable, but often major gaps exist.
Renewal platforms capture this intel, enabling adjustments to improve retention when possible, or smooth hand-offs when not.
Kettler's updated approach resulted in 45% of renewal decisions happening in just 14 days due to process clarity.
And vacancies now have 68 days’ notice, reducing loss.
As multifamily competition intensifies, tech-driven renewal optimization helps operators stand out through branded resident experiences.
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