In today's competitive rental market, where resident retention rates can make or break a property's success, fostering a positive resident experience is paramount. Industry data reveals that while the average retention rate hovers around 58%, top performers achieve an impressive 65% resident retention. To bridge this retention gap and elevate resident happiness, property managers are increasingly turning to innovative strategies. Here are three effective ways to boost resident happiness and retention at your properties:

1. Incentivize loyalty with a resident rewards program

One of the most effective strategies for enhancing resident happiness while positively impacting your bottom line is through a resident rewards program. Offering meaningful rewards for things like on-time rent payments or setting up autopay not only ensures a more steady cash flow, but also fosters a sense of appreciation from residents. An impactful rewards program makes renting fun and builds loyal residents who can be rewarded with cash-back incentives on rent or non-monetary rewards and partnership-based perks.

Moreover, word-of-mouth marketing remains a powerful tool in the rental industry. When you’ve created a positive and rewarding living experience for your residents, they become your best advocates. Plus, if residents are further incentivized for referrals, you’re tapping into huge marketing power. This not only boosts occupancy but also fosters a sense of belonging and community among current residents.

2. Leverage technology for resident convenience

In an increasingly digital world, convenience is key to resident satisfaction. Implementing digital payment systems allows residents the flexibility to pay rent online, anytime and from anywhere, reducing the hassle of physical checks or money orders. Autopay features further streamline the process, ensuring timely payments without residents having to remember due dates. Beyond convenience, digital payments enhance security by minimizing the risks associated with paper transactions, such as lost checks or potential fraud. This added layer of security not only protects residents but also instills confidence in the PMC's commitment to modern, reliable service.

Integrating technology into property management operations goes beyond digital payments; it encompasses a range of functionalities that enhance resident convenience and operational efficiency. Platforms that allow residents to track rewards progress, pay rent or submit maintenance requests all in one place add convenience to the rental agreement. This transparency and accessibility not only improve resident satisfaction by addressing issues promptly but also optimize operational workflows for property managers. Additionally, this efficiency translates into saved time and resources, which can be reinvested into further improving resident experiences.

3. Giving back to your community

A shocking 78% of Americans live paycheck to paycheck, which makes rent relief so impactful. With Domuso Rewards, all qualifying residents will be entered to win $500 off of their rent in the Quarterly Sweepstakes program. This quarterly sweepstakes is a new perk of Domuso Rewards designed to boost resident participation in the program, which can have positive financial impacts on your business. That means you’re able to give back to your community–boosting resident happiness–at no cost to you!

Conclusion

In conclusion, the key to boosting resident happiness and retention lies in embracing innovation and prioritizing resident-centric strategies. By incentivizing good renter behavior through rewards, adopting digital payment solutions for convenience and security, and leveraging technology for operational efficiency, property managers can create environments where residents feel valued and supported. Ultimately, these efforts not only increase retention rates but also cultivate a positive reputation that attracts new residents. As the rental market continues to evolve, staying ahead with these strategies will ensure sustained success for property management companies.

If you’d like to learn more about how Domuso's resident rewards & payment platform can benefit your PMC, fill out our demo request form!

About Domuso

Domuso is driving digital transformation for the multifamily industry with an advanced platform to manage payments and communication throughout the entire resident lifecycle. Domuso captures 100% of a property’s receivables electronically while giving residents the flexibility to access multiple payment methods from any mobile device.