Increase Resident Retention with these Lease Renewal Incentives

Modern Gem Design :: Increase Resident Retention with these Lease Renewal Incentives

Attracting your ideal tenants with property upgrades is one thing, but keeping them is a whole other story. As a multi-family property owner, you know how important it is to make sure your property is as close to max occupancy as possible. There are many factors that tenants have to weigh before deciding if they will renew a lease or not, one of the biggest being price. According to a study done by Zillow, 57% of tenants that decided to move and not renew a lease indicated price being a factor for that decision. Beyond price, there are many other things that can come into consideration including location, quality of space, amenity options, and level of service provided by staff. While incentives may vary based on your market, they can be a nice way to let your tenants know that you appreciate them and help persuade them to renew their leases. Here are some of the options you can provide:

Amenity Kickbacks

Everyone wants to feel like they’re getting a deal, and offering amenity kickbacks can be a great incentive when it comes to enticing tenants to renew their leases. Depending on what amenities are offered at your property, you could provide vouchers for laundry units, a few months of free cable services, or car washing services. Doing so will require minimal investment for you to secure another year of rental income. Another option is to partner with local businesses to create a mutually beneficial relationship where you can offer gift certificates or other options that will get your tenants excited and also support local businesses.

Parking Upgrades

If your property offers parking this may be a perk you’d like to consider. Parking is often an additional expense so offering a few months free or a reduced price can be a nice perk. If you have street vs garage or covered parking, you could also offer upgraded options for a discounted price. This shows your tenants that you appreciate them living at your property while also providing them with an upgraded option they may not have considered the year prior.

Smart Home Upgrades

Another feature you may want to consider offering tenants as incentive to stay are smart home features. Installing Google Home, Nest or smart home lighting and thermostats can be an enticing feature to tenants, plus it can also make your units more energy efficient. This is a great option that tenants may wish they had in their home but may not have thought was an option. Plus, the investment is minimal compared to the cost of turning a unit.

No matter what incentives you consider, the key is to provide something that will improve your tenant’s quality of life and remind them of why they moved into your property to begin with. This in turn will be mutually beneficial to you as a property owner when they re-sign their leases.

Looking for more ideas on what you could offer to tenants or improvements you could make to your property? Contact us today!

Making Tech Work for Your Multifamily Property

Modern Gem Design :: Making Tech Work For Your Multifamily Property

In today’s hyper competitive renter market, it’s important to do what you can to keep your multifamily property competitive. We’ve touched on a lot of topics on our blog for different things you can do from rebranding your property, upgrading your amenities, and improvements that help maintain renter retention to name a few. The bottom line is renters want to live in properties that are updated, well taken care of and that offer amenities that improve their quality of life. So now that you’ve taken the time to improve your property what other things can you do to set your property apart? Technology may be the answer and here are some ways that you can utilize it.

Digital Tours

In today’s world, people are constantly dialed in to technology and the digital world which carries over into apartment hunting. Something that can drive interest in your property and streamline your rental process is by offering digital tours. This will allow potential tenants to tour your property at their leisure 24 hours a days 7 days a week, which has several benefits. This allows tenants to get a better look at the property without having to schedule a tour which ultimately will bring in hot leads for in-person tours of your property rather than just warm leads. By doing this, you may also be able to improve your application rate which will help keep your properties at capacity with little vacancy.

Another benefit is it makes your property more appealing to people who are moving long-distance and may not have the option to stop by for a tour. Often times, people who receive new job opportunities don’t have a lot of time to find somewhere new to live, so having more information online allows them to make a decision faster on their next home.

Highlight the Community

One of the things we mention time and time again is people are more likely to stay at a property that feels like a community. You can use technology to your advantage when it comes to this by using drones to take aerial footage of the property and surroundings. Something else you can do is create a digital map that highlight nearby locations or stats about the neighborhood. Not only will potential tenants get a good look at your property, but by highlighting the neighborhood and community you will allow them to get a better picture of what it would be like to live at your property.

Increase Your Accessibility

Another opportunity for using technological advances in your property is increasing your accessibility. Just as digital listings and tours allow potential tenants to find out more information on your property, other options can further streamline the process of apartment hunting. Something you may want to consider is integrating a chatbot service on your website. This acts like an instant messenger feature on your website and gives an interactive approach for people whether your property manager is available or not. The service can be programmed to provide answers to common questions, schedule apartment tours or even walk them through how to apply for an apartment online. This service can also be helpful in eliminating several voicemails or emails asking similar questions over and over. Not only streamlining the process for potential tenants, but also freeing up time for your office staff.

When used properly, technology can make a big difference for your multifamily property benefiting not only potential tenants but also your staff and bottom line. Which we’d say is a win win! Interested in learning more ways on how you can integrate tech into your property? Contact us today!

Amenities to Consider for the Best Value Added

As the rental market continues to heat up, it becomes increasingly more difficult to stay competitive. One way you can give your property an advantage over others is through the amenities you offer. Chances are your property already has many of the standard amenities like a pool, fitness center, game room, grilling area, but there are other amenities that can set your property apart. Here is a look at some amenities that can give your property an edge and increase your value:

Bike Room

A bike room is a great addition for your residents that like to stay active, especially if your property is in an area where bike use is common. Often residents don’t have anywhere to store a bike or they have to carry their bike up several flights of stairs. Offering a secure space for them to store their bike will help set you apart from other properties that don’t have this option.

Shared Yoga Space

Your fitness center is most likely the amenity that gets the most use so adding a shared yoga space is a natural expansion. According to Multifamily Executive, a flexible use space that renters can do yoga in is something many renters are looking for at the moment. In fact, 74% of those surveyed in the report requested access to this exact feature

This gives your residents an area separate from the fitness center to relax and move freely. This also gives you the opportunity to host yoga events for your residents from time to time. This is a nice way for residents to learn something new, meet other residents, and they feel appreciated when you host an event they enjoy.  

Charging Areas

Another amenity that was popular among the Multifamily Executive survey were charging stations. Seventy percent of respondents were interested in this amenity. In such a connected world, the last thing anyone wants is for their phone or other device to die.

While residents have access to outlets to charge their devices in their apartments as well as in the clubhouse, you might want to consider adding charging stations to outdoor community spaces. This includes by the pool, on a rooftop deck, or any other outside lounge areas. This allows residents to continue to enjoy their day or night without having to head back inside to charge their phone, keeping them happy with your property.

Smart Home Technology

Providing residents with smart home technology is another amenity renters showed interest in. Some examples of smart home technology you can integrate are electronic locks for each unit which allows residents to have more control over who has access to their personal space. You can also integrate technology that would allow residents to control their lights and/or thermostat via their phone.

Smart home technology is all about giving your residents more control over their personal space which they will surely appreciate. These upgrades will also help manage expenses, increase rental rates, and ultimately help your bottom line.

Pet Spa

If you have a pet-friendly community, you likely have a dog park but adding a pet spa could be a great addition to your property. Many residents don’t want to wash their dogs in the own tubs which can be difficult to manage and can potentially cause damage to their unit. Having a designated space for residents to wash and care for their pets can help cut damage costs while also keeping the pet parents in your community happy!

Your amenities are one of the fastest ways to add more value to your property and attract more residents to your property. Not all properties take the time to upgrade their amenities on a regular basis and this can give your property to edge over other.

If you need help incorporating any of these suggests, please contact us today!