Multifamily Resident Retention Through Design
Feb 6, 2017
Consistent multifamily resident retention: What every property manager and developer dreams about. The fact is, tenants come and go and their motives to do so varies . In today’s market, new apartments are cropping up so quickly and practically on every block. Once a tenant’s lease is up, it’s super easy for them to want to go next door to the newest, latest and greatest. With this in mind, management teams MUST keep up with the Jones’ in order to compete for leases. This is where multifamily interior design and renovations go hand-in-hand. Sprucing up amenities and finishes is one way to stimulate renewals and regain relevancy.
Define your ideal tenants’ needs
Just like your property, times have changed since it was constructed — and so has your specific demographic. Technology and budget calls the shots for millennials while empty-nesters seek services and convenience. Defining the lifestyle that best fits your community translates into interior design features and amenities which will be your key to resident retention. If these goals are realized, your attraction rate may equal your retention rate! Of course this more than just keeping up with the Jones’, this is a solid, winning strategy.
Shortfalls and long-term goals
Another key point with interior renovations is; the sooner you recognize your tenants’ requirements, the greater your chances are to succeed in attracting and retaining them. Here’s where partnering with an interior design group can give you a considerable edge: One thing interior designers do very well is research the area where your community is located. These market studies include information about economy, age, income, local culture, trends, and preferences of your tenants. As a result, this data converts into interior design amenities and features that are ideal for your end-users.
Multifamily resident retention benefits
It goes without saying that many residents will stay put when property upgrades that take their lifestyles into consideration are implemented. For example, millennials are less concerned about unit square footage and focus on amenities. Therefore, upgrades in flooring, lighting and appliances are appealing to them. This is just the tip of the renovation iceberg. To illustrate this, your residents might prefer a resort-style swimming pool, a fitness center upgrade to include a yoga studio. Perhaps a pet-friendly community requires a pet spa? Common areas and multi-purpose spaces might need a technology overhaul to include a WIFI/game lounge. And your business center could be reconfigured for we-workers. Then there are color trends to consider — All of these and more contribute to resident retention.
In conclusion, all of these possible amenities underscore how important interior design is for multifamily resident retention. Putting the right features in right place for your end-users is a big percentage of what interior designers do. Installation of these kinds of innovative ideas can allow you and your team to generate happy resident renewals.