Resident rewards programs are making waves across the multifamily industry, providing an impactful way to enhance resident satisfaction and streamline operations. As more multifamily leaders recognize the advantages of these programs, the focus has shifted from whether rewards programs are beneficial to how they can be implemented most effectively.

The Sentiment Shift: 93% Recognize the Value of Rewards

Resident rewards aren’t just a passing trend—they’re becoming a staple in the multifamily playbook. A recent survey found that 93% of owners and operators believe rewards programs are beneficial. This strong consensus marks a pivotal shift in perspective; what was once seen as a “nice-to-have” has now evolved into a strategic tool to boost retention, elevate online reputation, and streamline operations.

Why Are Resident Rewards Gaining Traction?

1. Resident Happiness: The Foundation of High Occupancy

Owners and operators have highlighted resident happiness as a key benefit. In an environment where 69% of renters already participate in point-based rewards programs, offering similar incentives drives higher satisfaction. When residents earn points for actions like on-time payments or survey feedback, they feel appreciated—and that appreciation drives renewals, referrals, and positive reviews leading to occupancy stability.

2. Renewals and Reputation: Rewarding Resident Loyalty

Data shows that 40% of multifamily organizations have already implemented a rewards program. For the early adopters, the advantages are clear: these programs drive increased lease renewals and improve online reputation. And in a competitive market where 46% of renters are choosing not to renew their leases in 2023, any edge in retention can make a substantial difference. Reward programs encourage residents to stay longer by adding tangible value to renewals—especially crucial as rent remains the largest monthly expense for many.

3. Digital Payment Adoption: Simplifying Financial Operations

Another top benefit of resident rewards is increased digital payment adoption. Incentivizing digital payments offers clear benefits for both sides: it reduces administrative tasks, improves cash flow, and boosts financial predictability for the properties while providing convenience and multiple payment options for the residents. By encouraging residents to embrace digital payment methods through rewards, multifamily operators gain efficiencies that make everyday processes more manageable and financially sound.

Owners vs. Operators: Aligned on Goals, Differing on Focus

While both owners and operators see value in resident rewards, their perspectives differ slightly. Owners prioritize resident happiness, linking it to lease renewals and occupancy. While operators view rewards as a pathway to greater operational efficiency, particularly through increased digital payment adoption. Despite these nuances, they share a common objective: satisfied residents and a more effective, streamlined operation.

For the property management companies already using rewards, the trend is unmistakable: multifamily organizations are seeing the measurable impact these programs have on their bottom line.

Staying Ahead: Embracing Rewards to Build a Thriving Community

For multifamily leaders, staying competitive means embracing innovation and knowing what the residents want. Offering meaningful rewards—like cash back on rent, amenity upgrades, and marketplace perks linked to actions like lease renewals, feedback participation, and timely rent payments—builds resident loyalty and boosts engagement.

The multifamily industry is evolving, and those who embrace resident rewards programs are leading the way toward a future-ready, resident-focused community. If you’re ready to see how a world-class rewards program can elevate your property’s performance, download the full survey report and take the next step toward building a thriving multifamily community.

About Domuso

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