There are many contributing factors to why residents decide to stick around for another year. Taking care of your residents and striving for them to be as happy, comfortable and feel at home as much as possible is very important! Taking the time and care to show your resident’s you appreciate them and their decision to choose your community above all others throughout the year is imperative to increasing resident retention. Here’s some reasons we gathered from speaking with college renters about why they would choose to renew their lease!
- Moving isn’t fun — Sometimes, the reason why a resident chooses to stick around is simply because they don’t want to move all of their belongings! Moving isn’t easy, we have all been there. Time plays a big role in the moving process, and there are so many extra costs involved. It’s a hassle and it’s easier to just resign a lease and stay as long as you possibly can in the same spot rather than move and have to pay for movers, boxes and move-in fees/security deposits, etc. elsewhere.
2. Incentives — Special incentives from the property will help more residents renew their lease as well! Especially if they feel as if they are being given priority treatment and getting access to exclusive deals or specials before everyone else. Promote the specials you have going on — send out flyers, have a “renewal signing party.” Offering a special as simple as first month rent free or $50 off rent will lead to happy residents and a much easier renewal decision, because let’s be real… who isn’t for saving some money while in college?
3. Roommate friendships — Residents get very close with their roommates! A bond is formed, and some people can’t handle breaking that bond just yet. Leaving the current property could mean that students don’t have the same roommates anymore and that’s heartbreaking like leaving your parents all over again. Once they find people they jive with, if they’re all happy where they’re at, why leave?
4. Already settled — Decorations are up, routines are in place, students are comfortable, secure and happy. Starting over from scratch can be overwhelming and very stressful on someone who is happy with where they are currently living and going through all of the stressors of a college experience. Moving to a new place would mean needing to buy new things that work for that apartment specifically (lights, curtains, decorations, etc.) and spending extra money on those potential things isn’t always worth it.
5. Happy with current property — Lastly, students are going to stay somewhere that they are happy! If the community is somewhere they enjoy, they will choose to stay. Host community events to bring the residents together. Helping the residents form relationships with not only other people on the property, but also with staff members will help students feel more at home and welcomed to stay another year! The most important thing will always be resident happiness and security overall. Renewals will come easy if your residents feel as if they can rely on you and they are being taken care of. If issues arise throughout the lease term, address them accordingly and find ways to ensure it doesn’t happen again. Always do what you say you’re going to do and hold your team to a higher standard to do the same!