Resident Experience Effects Tenant Retention

Monday, October 25, 2021

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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

The Team