When it comes to keeping occupancy up during a fast-paced rental season, encouraging renewals is always preferable to turning units over.
“We try to minimize turnover first,” says Robert Hicks, senior vice president of operations at Phoenix-based Alliance Residential. “The culture here is it starts on day one. From the minute they move in, that’s when the renewal period starts.”
For Hicks, it’s simply about creating an exceptional product and atmosphere that will make renters want to stay when they receive their 60- to 120-day renewal notice.
“We know they have options; to move to another community or to buy a home,” Hicks says. “We want to create a resort-like atmosphere so they don’t want to leave.”
That begins as soon as a prospective renter walks through the doors by having a first-rate leasing center. At Boston-based WinnDevelopment, for example, robust technology and a well-trained leasing staff keeps the leasing wheel spinning–an experience which, if positive, can go a long way in keeping the tenant for another year.