4 resident retention ideas that improve satisfaction and lower turnover

What is resident retention?

Resident retention is the ability to keep renters happy so they are satisfied enough to renew their leases instead of moving out. Appealing to the preferences of today’s renters can really help you improve your retention rates but coming up with new resident retention and renewal ideas can be challenging.

In our Resident Experience Management Report, we reveal that the average resident retention rate in 2024 is 60%.? By focusing on resident experience management to improve resident satisfaction, you may be able to improve your retention rates.

Why is resident retention important?

Focusing on new resident acquisitions is always going to be a priority for apartment operators. But resident retention is just as important because it has positive financial impacts on your business. That’s because resident turnover is costly. In fact, Zego has tracked turnover costs since 2021. And each year they hover around $4,000 per resident.

If you can keep existing residents in your community, it benefits your NOI. Plus, it saves your on-site team with the heavy workload that comes with turning over a unit. Read 4 resident retention ideas to improve satisfaction on our blog at www.gozego.com.

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