Renewal motivators - Learn what it takes to increase renewal and retention. Elevate perception of value in 5 easy steps!

1. Part
3

2. 46.7%Plan to be in their
homes for at least
3 years Not at all
likely
Extremely
likely
How likely will you be to
renew your lease when
it expires?
2019
3.65

3. Average length of stay
1 2 3 4 5 6 7 8 9 10 11 12
13 14 15 16 17 18 19 20 21 22 23 24
25 26 27 28 29 30 31 32 33 34 35 36

4. Why not
“very likely”
to renew?
most selected:
RENTAL
INCREASE
SatisFacts Index 2018 Annual Survey

5. Why not
“very likely”
to renew?
Option: CAN’T AFFORD
#13 out of 25
SatisFacts Index 2018 Annual Survey

6. #1 renewal
driver:
PERCEPTION
OF VALUE
4.73
2019 Online Renter Study

7. 2013 2014 2015 2016 2017 2018 2019
Sense of
community
Sense of
community
Sense of
community
Sense of
community
Sense of
community
Sense of
community
Sense of
community
Quality of
maintenance
Apartment
appearance and
condition
Apartment
appearance and
condition
Apartment
appearance and
condition
Social media Social media
Apartment
appearance and
condition
Apartment
appearance and
condition
Community
appearance and
condition
Community
appearance and
condition
Community
appearance and
condition
Apartment
appearance and
condition
Apartment
appearance and
condition
Neighbors
Staff
responsiveness
and
dependability
Safety and
security
Neighbors Neighbors
Community
Events
Community
Events
Would
recommend
(#7 in 2018)
Community
appearance and
condition
Staff
responsiveness
and
dependability
Safety and
security
Community
events
Neighbors Neighbors Social Media

8. 1
Sense of Community

9. QUALITY OF CUSTOMER SERVICE
Impact on renewal decision
• Respond to resident calls/emails within 2 hours
• Know residents by name
• Do what you say you will do
Sense of
Community
2019 Online Renter Study
2017
4.49
2019
4.58
Not at all
important
Extremely
important

10. 2
Apartment
Appearance &
Condition

11. QUALITY OF MAINTENANCE
Impact on renewal decision
• Clear SR documentation, completed the first time
• Transparent communication of delays
• Set proper expectations for residents
Apartment
appearance
and condition
2019 Online Renter Study
2017
4.59
2019
4.68
Not at all
important
Extremely
important

12. 3
Neighbors

13. SAFETY AND SECURITY
Impact on renewal decision
• Communicate with residents as often as possible
• Share updates with residents every step of the way
• Resident surveys to provide feedback (2.90 to 3.32)
Neighbors
2019 Online Renter Study
2019
4.62
2017
4.62
Not at all
important
Extremely
important

14. 4
Would Recommend

15. 60.9% would post a positive review if asked
• Ask residents to share their experience after an
interaction (packages, resident events)
• Follow up after service request
• 58.1% would not trust a site will all or mostly
positive reviews
Would
recommend
2019 Online Renter Study
80.4% have never been ask to post a review

16. RECORDING AVAILABLE

17. 5
Social Media

18. Social media
2019 Online Renter Study
26.7%
Do not view the community’s social media pages
• Why residents would use social media:
1. Calendar of events and activities
2. News/updates about the community
3. Provide feedback on their experience
• Post photos of resident events
• Engage with resident comments

19. KEY TAKEAWAYS

20. Key
takeaways
 Value drives renewal likelihood
 Rental increase vs. Can’t afford
 Focus on the value drivers