Retaining residents is far less costly than finding new ones, so we set out to learn which incentives are most effective in convincing existing residents to renew a lease, and when the best time is to offer these perks. To do this, we surveyed approximately 4,600 former and current renters. Here, we highlight the biggest takeaways.
According to property management reviewers Software Advice, apartment managers are in an advantageous position today–more people are choosing to rent instead of buy, and multifamily construction has grown by roughly 300 percent since 2010, giving renters many more living options should they choose to move at the end of a lease. So, what can property managers do to make their apartments more appealing to residents and gain an edge over the competition?