The ebb and flow of residents in your apartment community is inevitable. Understanding common reasons for vacancy, however, can help you prepare to keep those apartments filled.
Here are three popular reasons why residents decide to leave a community, and some cost-effective incentives to make them stay.
Oftentimes, residents decide to find a new home rental to either save money or live in a smaller space. Downsizing can come at many points in a person’s life, whether it’s due to a cut in pay or empty nesting.
If you have multiple communities or a smaller apartment is available in the same building, offer them the switch. You’ll have to fill the original apartment, but it still minimizes your overall vacancy rate. Plus, you get to keep a resident with whom you’re already familiar.
If a resident is constantly calling for maintenance requests, they may be tempted to start apartment hunting elsewhere. There are a few ways to prevent this from happening in your community. First, send residents a schedule of upcoming repairs and upgrades that you expect to be completed over the next several months. They may still need to call for a repair on an old appliance, but at least they’ll know the inconvenience is temporary.
Additionally, schedule routine maintenance and leave a note describing what work was done. You can also train your maintenance staff to encourage friendly interactions that instill confidence with your residents.
Another common scenario is a resident wanting to move into an apartment with upgraded features. Perhaps they recently received a raise or promotion at work, prompting them to search for a community that offers better-quality amenities. If it makes financial sense, consider offering an upgrade such as new flooring or appliances, or even a bathroom remodel to convince them to stay.
Depending on the situation, you may be able to offer the upgrade in exchange for higher rent. The advantage for the resident is that they can avoid the expense and hassle of moving and still get everything they want. The benefit for you is keeping a quality resident and neutralizing costs by avoiding a vacancy.
Need a more comprehensive strategy to fight apartment vacancies? Contact CMC to help you today!