Reducing operating costs has always been a top priority for property managers and building operators. A proven way to do this is to focus on resident retention. A survey by Avail showed that when residents renew their leases, landlords can save up to $2,500 that would otherwise be allocated toward finding new renters and making updates to units for rent.
The No. 1 factor residents use to determine whether they will renew their lease is how much value they are getting for the rent they are paying, a 2011-2021 Biennial Online Renter study found. Now, property managers are working hard to provide that value by offering unique amenities and services that make residents’ lives easier. These include smart home technologies to operate thermostats and light switches from their smart devices as well as on-site pet care and grooming. Additionally, one service that has emerged as a “must-have” in the last few years is reliable package management.