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Tips for Rewarding Long-Term Residents

Rewarding Long-Term Residents

Digested from Property Management Insider

Keeping long-term residents happy can provide many benefits to apartment managers. Here are some ways to make those community members feel valued.

It costs a lot less to keep good residents than replace them. 

But the impact of having long-term residents goes beyond financial benefits. They also add to the culture of the community.

After speaking with apartment management consultant Anne Sadovsky, Property Management Insider’s Tim Blackwell outlined ways to cement loyalty and improve retention. They include making reserved parking a perk for loyal residents, making an apartment feel during the “turn,” including a paint job, and helping to create a greater sense of ownership by adding a light fixture in the dining room or a ceiling fan in a bedroom.

“One perk to home ownership is that any out-of-pocket improvements made can add to the long-term value of the property,” Blackwell writes. “While renters may want to improve their apartment, they are not getting potential return on the investment because the property is not theirs. However, if the apartment property makes an upgrade as a reward for long residency and renewal, the renter gets the benefit without dipping into their wallet.”

Becoming part of your residents’ daily routine by offering premium coffee in the leasing office and establishing a sense of community by planning simple events or social gatherings can also reward long-time residents.

“Apartments can plan simple events or social gatherings, usually at a nominal expense, so that residents gather and get to know each other,” Blackwell writes. “People are less likely to move if they have strong bonds with neighbors, and property managers should help knit the apartment community together. A show of appreciation to a long-time resident at renewal time, or any time for the matter, doesn’t have to be over the top.”

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