Resident retention is always on the minds of multifamily property teams. This is even more true now as many properties are fully occupied. So, it makes perfect sense that on-site teams’ focus moves slightly from new resident acquisition to engaging and retaining residents.
While resident retention and resident engagement are fairly synonymous, there is a slight nuance between the two. Let’s take a step back and define resident retention. This is the likelihood of increasing the chances for a resident to renew their lease at your property. So, yes, you should start compiling resident event ideas. However, ultimately the goal of all these ideas is getting your residents hooked on the community, loving where they live, and wanting to stay.
Additionally, all of these resident retention ideas should consider the demographic of your community, and offer a virtual option given residents’ preference. With all of that in mind, try these 5 easy resident retention ideas so your residents will be much more likely to sign when lease renewal time comes around.
Host a Wine Tasting
Hosting a wine tasting event is a fun and easy way for residents to build community with each other around a common interest. This can be a particularly successful luxury apartment resident event.
Partner with a local winery and they can bring various wine varieties and help host the event. They can talk about the wine, run through how to taste it, what makes it special and how to pair it. Plus, if this isn’t a good time for an in-person event, it easily converts to a virtual option. Residents can pay a reasonable registration fee and you can have full or half bottles delivered to their units. Then everyone can taste together in the virtual world.
Regardless of whether it’s a virtual resident event or in person, this idea gets your residents connected to each other and the property. That’s going to be key in resident retention.
Put Together a Scavenger Hunt
A scavenger hunt is one of our top resident event ideas for apartment communities, particularly if you have fun locations for people to go and find their next clue. When it comes to resident renewal, a major factor is how tied they feel to the community.
With a resident scavenger hunt, you can get residents out and about in the local community. They can visit nearby shops, gyms, and restaurants. You could have clues located anywhere you think residents would enjoy seeing and visiting. Getting out and exploring the surrounding area will help increase their connection to both the surrounding area and the community they are living in.
Plan a Resident Game Night
Try to think bigger of a way for residents to build relationships with each other. Find resident games or resident contest ideas that encourage interacting with each other.
For example, host a trivia night where residents are paired with other residents. Or have another group activity that involves teaming up with other residents. These tips of resident retention ideas for apartments are great because they get people out of their comfort zone a little, collaborate with each other, and build connections within the community.
Plan Pet Play Dates
Throwing a pet event is a highly popular multifamily resident event, and that’s for a good reason! So many people have pets these days and, of course, care about them deeply.
Get pet owners together and they’ll talk about their pets for hours, and the pets themselves can play together. Find a way to partner with a local animal non-profit or shelter for a feel-good bonus factor. These types of events are beneficial in helping residents and their furry loved ones feel welcomed.
Be Proactive and Communicate
We’ve shared several ideas for ways to engage residents, foster community and build the relationships and connections necessary for residents to want to renew their leases. However, this resident retention idea is especially important and can work with all the ideas above.
Let residents know you want them to stay and why. It’s as simple as that. Express to them that you value them and they’re a part of the community. If you’re planning events for after their renewal date, inviting them to those events can be an easy way to start the conversation.
These direct conversations happen well in advance of renewal. Opening the door for that sort of relationship will be very beneficial and helpful come time for renewal conversations.
There you have it! Work any of these resident retention ideas into your overall retention strategy and you’ll see results. Oh – and we’d be remiss if we didn’t recommend using video to invite and recap any and all of the events mentioned above. That’s the most surefire first step to seeing residents actually attend and benefit from your hard work.
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