Apartment managers and owners of multifamily housing are always striving to retain current tenants while also finding new ones. A cornerstone study published by the Harvard Business Review showed acquiring new tenants cost anywhere from 5 to 25 times more than retaining an existing renter.
Successful property managers understand the key role resident retention strategies are for a solid return on investment. Keeping tenants happy with amenities, good service and ongoing ideas are easy when you partner with an experienced construction company.
Proven Strategies For Resident Retention
The best way to maximize rent increases and maintain renters is to provide a beautiful place to come home to and amenities that they love and will even save them money.
Since your building is the first thing your visitors and guests see, make sure the appearance is aesthetically pleasing and is a good representation of your company. Painting adds value to your property at a minimum expense, compared to replacing materials.
If you are considering a rent increase, it may be easier to justify with added curb appeal and fresh, clean interior, it will be so nice your tenants won’t want to leave.
With more people working at home, business centers and coffee stations have become very popular. It gives residents a place to go, work and have a sense of community.
A newly distend fitness center and related amenities are always an incentive for tenants. Classes, juice bars, saunas, swimming pool cabanas, a game area, and gardens are very appealing.
As a leading construction group in the Southeastern United States, SWET Construction Group specializes in new developments and renovations of multi-family housing properties. Our professional team of experts gives our clients the ability to control costs and services. Our goal is to deliver a quality product in a cost effective and timely manner.