Have you ever wondered if there is real business value behind resident events? Sure, everyone loves a good party. But do regular events make a measurable impact when it comes to a resident's decision to sign a new lease or renew their current one? We're glad you asked.
Amidst amenity upgrades and the development of more and more choices when it comes to multifamily living, research shows that people are what makes a home. Personal connections (i.e. familiar neighbors and friends) are one of the key factors that make coming home to an apartment community an enjoyable experience.
We know that a resident's choice to renew their lease starts on move-in day. Their initial experience in the community should be one that confirms they made a good decision and makes them feel good about the place they call home.
Apartment Life responds to this crucial phase with personal welcome visits so that each new resident feels seen from the moment they move in. One resident shared her welcome experience. On her very first day in a new community, there happened to be an event in the clubroom. While she stayed home to unpack, her husband went down to check it out. He met several new neighbors and returned with coffee for her and fresh flowers from a "Build Your Own Bouquet Bar" event.
A few days later, her Apartment Life Coordinators dropped by her door with a welcome note and an invitation to the next event, along with a few local recommendations since she and her husband were new to the area. Her warm initial experience exceeded her expectations, and it was no surprise that 12 months later, she was happy to renew her lease.
Building Connection through Consistent Events
Our coordinators are experts at offering consistent, engaging monthly events that are designed to encourage connection. This rhythm provides regular opportunities for residents to meet new friends and develop those relationships over time. Here's what Taylor, a resident at Margaux Midtown in Nashville, Tennessee, had to say:
"Margaux Midtown is the best! They put on resident events constantly that truly go above and beyond any other community I have lived at in Nashville. Since moving here, I have made several friends around the community and truly feel at home." (5-star review via Google)
Renewal Check-Ins Prior to Decision Time
We partner with onsite staff by checking in with residents prior to their renewal decisions and gathering helpful feedback along the way. Our coordinators are able to answer questions, direct residents to the appropriate staff or helpful resources, and, in some cases, influence a decision to renew. Check out this story that our coordinators shared from Victory at Summerhill in Atlanta, Georgia:
We dropped off a gift to a resident named Jerry after learning that he would be renewing for another year. When we first met him in May, he was very adamant that he would move out the first chance he could after a few stressful incidents on the property. At an event months later, he updated us that he was renewing his lease and was so grateful to management for the renewal process. When we dropped off his renewal gift, he mentioned how excited he was to continue to make friends and enjoying Apartment Life events. He mentioned that a large part of his decision to stay in the community was because of the friendships he has created through Apartment Life events, and he was glad he wouldn't have to move somewhere that didn't have Apartment Life Coordinators.
Good for People and the Bottom Line
Resident retention is good for people and the bottom line! According to research developed by Satisfacts and Multifamily Insiders, every renewed lease represents a whopping savings of $4,047 in turn and carrying costs. Flourishing community and flourishing businesses go hand in hand.
Are you ready to learn more about boosting resident retention by partnering with Apartment Life? Or are you interested in becoming a coordinator? We would love to connect with you. Fill out this quick form, and we'd love to get in touch.