It is important for property managers to show their appreciation for residents from time to time. When residents feel like they are valued, they will be more likely to sign another lease.
There are plenty of retention gifts that apartment communities should consider. For example, multifamily communities might want to partner with local businesses to provide gift cards for their residents. Everyone likes to receive a surprise in the mailbox, and it is even better if a gift card shows up. Property managers may want to reach out to some local businesses to see if they are willing to provide gift cards.
There are plenty of other resident retention gifts to provide as well. For example, property managers might want to consider holding a cookout around the pool. Everyone likes free food, and this could be a way to strengthen relationships among the residents.
At the same time, it can be challenging to hold a physical event in the current environment. Therefore, it is a good idea for property managers to take a look at resident event ideas for apartment communities that might not require getting together in person. There are plenty of virtual resident events that could be successful as well. If property managers brainstorm virtual event ideas, they could generate a strong connection with their residents while keeping everybody safe.
Ultimately, property managers need to get creative if they would like to develop a strong connection with their residents. Even though it might take some work, this can dramatically increase the resident retention rate. This is crucial for maximizing the occupancy rate and generating a consistent stream of revenue.