I have lived in the same apartment community for two and half years now, and one of the most unsettling aspects of my apartment living experience is the fact that the tenants directly below have changed five or six times in two years!

Some of the tenants have been less than ideal with offensive music, late night parties, and violent video games. One of them was rather creepy and wore a black trench coat in the middle of summer. Another tenant was a cranky old lady with multiple cats.

Vacant apartments cost money

Lets face it: apartment living can often feel less than luxurious. But a big part of what keeps current residents content is if they know and feel safe with their neighbors. There is a normal amount of turnover of course because apartments are for most people a transitional phase. But too much turnover is a financial death sentence for an apartment community.

“Each vacant unit could cost an apartment owner anywhere from $1,500 to over $5,000 per month when you factor in make-ready costs, advertising, and leasing incentives,” says John Rials, Managing Director of Real Estate for Greystar.

Every time a unit is empty for even a day, the community is losing money. The average vacated unit goes un-leased for 14 days and is vacant for close to 30 days! Often property managers don’t realize that a few simple changes in technology or some old fashioned negotiations could keep current residents happy and much less inclined to leave.

Get a website that does the work for you

One of the biggest hassles that residents have is paying rent. If you can make this more streamlined, they may be more inclined to stay at your property.

Surveys show that eight out of ten renters would prefer to pay online if it was a simple process without an exorbitant amount of service charges. Offering convenient and inexpensive online rent payments as well as maintenance requests, will lower delinquencies and increase resident happiness.

Having a website that is seamlessly designed to take payments will keep residents happy, and save you time and money in resources. One website service, Rentbot, allows you to easily create, manage and get online with a great-looking website that collects online rent payments among other tasks. It also is a great way to showcase your properties to prospects.

Change the carpet or pressure wash the porch

Seems simple enough, right? Yet managers are hesitant to replace the carpet for an existing resident. For many apartment communities, there is a five-year rule for carpet, meaning unless the carpet is in horrendous condition it should only need replacement every five years.

Managers are not inclined to spend money because the cost comes out of their tight monthly budget. But there’s another type of cost: the vacant apartment. So, if a resident turns in their notice to vacate, you may be able to turn it around by asking “what if we give you new carpet and/or pressure wash your balcony/patio?”

The cost of new carpet or some other cleaning service is nothing in comparison to the cost of a vacant apartment, and to get that same unit ready to show and lease will most likely require those same services anyway.

Ask “why are you leaving?”

How often do residents turn in a notice without a reason and without follow-up from the staff? The answer: pretty darn often. Asking a resident why they are leaving provides the office with valuable information.

If the resident is leaving because the rent is being raised, there may be room for negotiation. If a resident is leaving because their neighbors are too loud, offer to intervene and send a notice to those neighbors. If they are leaving because they would like a more modern fitness center, look into partnering up with a local gym and provide a discount on memberships etc. Finding out the reason that a resident wants to leave is the key to making the community better and current residents happier.

Be amazing AFTER the lease is signed

Not surprisingly, renters often receive the best treatment before they actually become residents. Leasing consultants pile on the charm and get to know the prospect, but once the lease has been signed there’s little communication made unless there’s an issue.

Instead, managers and leasing staff need to assist in creating a sense of community for their residents. There are a number of different ways to go about this, including:

• Monthly get-togethers in the leasing office. Events like pancake breakfasts, or chili cook-offs may not draw a huge crowd but they will help to create a sense of community.
• Have pizzas delivered by a local pizza place to the leasing office and charge $10 for a pizza, hand them out as residents arrive home from work. Residents love the convenience of this and delightfully forces interaction between residents and staff.
• Send out a monthly newsletter that informs residents of social events going on. Newsletters are also useful for informing residents of upcoming inspections or changes in staff.
• Think outside the box. Make the best of your resources. If you have a resident who is a yoga teacher, ask them whether they might be interested in being featured in the newsletter as an on-site yoga instructor. Residents that have like-minded interests will be drawn to these opportunities, and get to know each other through such activities.

The bottom line is that no one enjoys packing up all of their belongings to move to a different apartment community. By simply making a few simple changes, your property can keep good residents longer. Contact Rentbot today for a website that is guaranteed to increase your resident retention, or your money-back! 1.844.473.6826

Jacquelyn Marie Trimper joined the Rentbot team in 2014 after surviving 4 years in property management and marketing. She loves marketing, sales, and writing to help apartment owners and property managers