5 Tips for Boosting Resident Retention in LIHTC

The affordable housing industry faces evident challenges, with property owners and managers dealing with increasing regulations and constrained budgets. Nonetheless, resident retention stands out as a key area where they can exert substantial influence. By prioritizing resident retention, they can enhance operating margins, stabilize cash flow, and reduce marketing and leasing expenses. But the question remains: How can you boost tenant retention, particularly in the management of affordable housing? In this blog post, we will delve into five proactive strategies to enhance resident retention in the affordable housing sector

Maintaining Frequent Communication with Your Residents

One of the most effective strategies to enhance resident retention involves regular communication with your tenants. Demonstrating your commitment to their experience at your property by addressing their queries and concerns can go a long way in building trust and relationships with them. Various communication methods can be employed, such as:

• Distributing monthly newsletters
• Placing informative signs throughout the property
• Organizing resident events
• Establishing a resident portal on your website

While the effectiveness of these methods may vary, discovering what suits your property and residents is crucial. The key is consistent communication.

Leveraging modern technology can greatly boost resident retention. For instance, investing in property management software with a resident portal provides tenants with 24/7 access to their accounts, allowing them to pay rent, submit maintenance requests, and more. Additionally, consider developing a resident mobile app to facilitate tasks like sending push notifications for important announcements, conducting surveys, and offering resident discounts.

Utilizing technology effectively enables residents to stay informed about property updates and address their needs conveniently, reducing the need for in-person visits to the office.

No. 1: Create a Community Atmosphere

Cultivating a sense of community within your property is a proven method to boost resident retention. When residents feel like they belong to a community, they are more inclined to choose long-term stays.

One effective approach to encourage resident engagement is to organize regular community events. These events can range from seasonal gatherings like summer pool parties to festive holiday celebrations. You can also initiate community service initiatives or plan group outings. By hosting these events and activities, residents gain opportunities to forge connections and foster a sense of belonging.

Moreover, these gatherings serve as platforms for gathering valuable feedback about the resident experience within the community. When residents feel connected to their community and have positive living experiences, they are more likely to renew their leases and recommend their community to others.

Another means of creating a sense of community is by ensuring that your common areas are inviting and well-furnished, incorporating comfortable seating, games, and perhaps a television. Additionally, consider using these areas as venues for resident events.

Lastly, building partnerships with local businesses can further strengthen the sense of community. For instance, offering residents discounts at nearby restaurants or stores demonstrates your commitment to their overall experience, both within and outside the property.

No. 2: Keeping Your Units Well-Maintained

To ensure residents stay and attract new ones, you must maintain your property well. That means fixing problems fast, keeping shared areas clean, and creating a comfy place to live. When your property is in good shape, residents are happier, and new ones are more likely to move in.

Here are some easy tips for maintaining each unit:

• Fix issues quickly when residents report them.
• Keep shared spaces, like hallways and laundry rooms, clean and appealing.
• Make sure each unit is cozy and addresses resident concerns, such as temperature and lighting. A comfortable living space makes residents want to stay.

No. 3: Offer Flexible Lease Terms and Affordable Rent Prices

An effective way to keep residents happy is by offering flexibility in lease terms and affordable rent. This means being open to discussing lease length, payment schedules, and rent prices with your residents.

Flexibility in lease terms is a great way to demonstrate your commitment to meeting their needs. For instance, if a resident prefers a six-month lease instead of a one-year commitment, consider accommodating their request.

When it comes to rent prices, be willing to work with residents facing financial challenges. If someone is struggling to make rent, reach out to see how you can assist. This may involve offering discounts or setting up a payment plan.

Being flexible in lease terms and rent prices will show your dedication to meeting residents' needs, encouraging them to stay longer at your property.

No. 4: Provide On-Site Support Services

Another way to make residents happy and keep them around is by offering on-site services. This means having things like laundry facilities, a gym, parking, and using property management software right on your property. These services can make your property more appealing to potential residents and encourage current residents to stay longer.

Here are some on-site services to think about:

• Laundry services: This is a handy feature for any apartment complex or housing community. On-site laundry makes life easier for residents, and a laundry service that picks up and delivers laundry items can save residents time and effort.
• Gym membership: Providing on-site access to exercise equipment can help residents stay healthy and reduce the need for them to travel to external gyms.
• On-site parking: Having parking on-site gives residents peace of mind about their vehicles' safety and can save them money on commuting.
• Property management software: Using software to streamline communication between landlords and tenants helps keep everyone informed and resolves issues more efficiently. This improves the living experience for tenants, making them happier and less likely to move out. It also helps landlords stay on top of maintenance requests, ensuring prompt repairs.

By offering these on-site services, you'll make your property more appealing and boost resident retention.

No. 5: Manage Your Property With ExactEstate

If you're in search of property management software to enhance resident retention, consider ExactEstate. ExactEstate stands out as the premier property management software available, offering a range of features designed to keep your residents satisfied.

ExactEstate boasts several resident retention-friendly features, including:

• Online rent payments: Residents can conveniently pay their rent online.
• Maintenance request system: Streamline the process of residents submitting maintenance requests online, ensuring swift issue resolution.
• Communication tools: ExactEstate provides various communication tools to maintain a strong connection with your residents.

By utilizing ExactEstate, you'll have all the necessary tools at your disposal to boost resident retention. Schedule a demo today to explore how ExactEstate can streamline your property management.