To successfully operate multifamily developments, property managers need to try their best to maximize its occupancy rates. Apart from attracting new tenants, they need to focus on retaining the current ones as well. Kanat Sultanbekov underlines that prioritizing community engagement is one of the most effective ways to keep the retention rates of a multifamily home high. In today’s age, community has emerged as a coveted amenity, as it fosters a sense of belonging and connection.
Kanat Sultanbekov mentions how to encourage community engagement in multifamily developments
Keeping the tenants engaged is not only important for renter satisfaction, but also for long-term retention. Tenants who feel connected to their communities are more apt to stick around. Moreover, engaged tenants also tend to care for their communities better, which helps ensure less wear and tear in the common areas of multifamily developments.
To provide valuable community engagement opportunities, property owners and managers firstly must try their best to understand the distinctive needs of the tenants. They should periodically check-in with individual residents, send out property wide polls and surveys, and so on. Really listening to the tenants is important to organizing innovative yet relevant events.
As resident connections often play a major role in lease renewals at multifamily homes, property managers should put their focus on the aspect of socialization. In many ways, personal relationships and social interactions between neighbors are the keys to better tenant retention. After all, people are less likely to move out of a building where they have multiple friends. Property managers can create bond-building opportunities at multifamily homes through in-person events, virtual gatherings, or even certain digital tools like resident messaging apps or portals. Hosting regular community events and activities is especially helpful in building a sense of belonging among residents. These events can range from holiday celebrations and BBQs to fitness classes, movie nights, and educational workshops.
Prioritizing health and wellness is important in any community. Hence, property managers may choose to offer guided meditation, yoga, or fitness sessions led by experts at a multifamily building. Sych activities promote physical and mental well-being and can encourage residents to lead a healthy lifestyle. It also provides neighbors with the chance to connect over shared fitness goals, exchange health tips, as well as support each other’s wellness journeys.
As Kanat Sultanbekov says, property managers can try to empower the tenants by forming committees focused on specific interests or concerns such as sustainability, social events, landscaping, or safety. These committees can serve as a voice for the community, and provide a platform to the residents for brainstorming ideas and working collaboratively to implement positive changes. Property owners or managers may even collaborate with local NGOs or organize community service initiatives within the multifamily development to engage community engagement. Tenants can be provided with opportunities to volunteer for causes they care about, no matter whether it is to organize a charity drive, take part in a neighborhood cleanup, or support local schools. Volunteering can strengthen social ties and create a sense of fulfillment and purpose.
