The multifamily rental market steadily climbed upward over the past few years. In fact, lease renewal rates hit a 10-year high. So, what does that mean to you as a property manager?
Forecasts suggest we’ve reached a peak and market shifts may be around the corner. As a result, past motivators for renewing leases may change, and community and property managers may need to develop new strategies to entice residents to stay.
Lease renewal is an art rather than a science, so there isn’t a one-size-fits-all formula that guarantees success. Adding a few creative strategies to your property management toolbox, however, will assist with increasing resident retention and get you a step ahead of volatile market changes. Check out these tips to inspire your efforts.