Creative Retention | The Balance Sheet via Yardi Corporate Blog

Hanging on to the multifamily residents you have is always high on the priority list of property managers. Turning apartments is nearly always a revenue loss, and keeping the tenants you have reduces workload for everyone on the site staff.

Getting creative with retention strategies is a challenge for property managers, who must constantly update their techniques to keep tenants happy and 30-day notices at bay. Recent survey results indicate that this is more challenging than ever – in March, a multifamily survey found that 58.5 percent of renters said they “definitely” or “probably” would renew their leases, a drop of more than 6 percentage points from a previous survey.

So how to best combat renter wanderlust? We went digging for some creative retention offerings from property management professionals. Here are some of the strategies they’re employing:

Read more...Creative Retention | The Balance Sheet - Yardi Corporate Blog