Are you a property owner or manager looking to attract long-term and reliable Gen Z renters? If so, then you clicked the right post. As of now, Gen Z members have started becoming of age, enrolling in college, and getting their first jobs. And guess what else? They also can’t wait to secure a place they call their own, albeit in a rental capacity.
Resident retention is a very real issue, and recent events have only made it worse. Residents may fail to renew for a variety of reasons. Some of them are obviously beyond your control, such as relocation for a job or to support their families. However, some resident turnover is caused by factors that you can control, or at least mitigate. Here is all you need to know about resident retention. Plus a guide to five reasons why residents may not decide to renew their lease, and what you might be able to do about each one.
Building facility managers can use advanced digital technology to harness the power of text messaging for resident communications. By keeping residents engaged and informed, you will be playing your part in keeping them safe and at ease during these tough times. We’ve compiled a few reasons why multifamily and student housing property managers are opting to send out emergency notifications via text.
Picture a situation where you need to communicate a change in rent collection schedule or an urgent fire drill. Do you text your tenants (perhaps 100 or more) or email them? On the one hand, you don’t want to be too informal about it, but you also need to make sure that the information is received immediately. This is the classic text and email dilemma that we’re going to resolve.
The outlook for the rental industry looks challenging, with economic experts predicting things getting worse before they truly stabilize and get better—pushing property managers to look for ways to cut costs. Onsite managers can adjust some of their practices for savings that seem small at first, but add up to a substantial amount of gross margin retained for the company.