Tenant retention is a top priority for managers of rental properties and multiple-unit residential buildings. Tenant turnover can cost approximately $4,000 per unit, according to Zego. This is a hefty amount, especially considering the majority of reasons for tenants to leave a rental can often be controlled by management.

Resident experience is one thing that will directly impact a property’s tenant retention rate and the landlord’s bottom line. The resident’s experience will begin at move-in and end at move-out or renewal. It's recommended to build a top-notch resident experience program.

A resident's experience includes:

• How tenants interact with management
• How tenants pay rent
• How tenants interact with their community

According to SatisFacts, these are the top 5 drivers for the perception of value in 2021, in order of importance:

• Sense of community
• The apartment’s appearance and condition it’s kept in
• Social media
• Community events
• Neighbours

Resident Experience will directly impact retention and it will also highly influence acquisition.

According to a survey completed by the Binary Fountain:

• 74% of renters read between 1 and 10 reviews before making a decision on the rental
• 85% of renters reported looking at online reviews after a friend or family member recommended a rental
• 64% of people said they are willing to pay more for a highly ranked or reviewed property

Positive Tenant Experience = Tenant Retention = Positive Reviews = Tenant Acquisitions

SEE ALSO: Tenant Retention in Off-Campus Housing