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Retention Revolution

In a year that will see an increase in new units on the market, tenant retention is a goal on which The Paskin Group continues to focus. This article, “Retention Revolution” by Lauren Shanesy, describes the strategies properties use to keep tenants happy and settled in their property.

Beyond appealing amenities, successful retention efforts avoid high turnover and create a vibrant community. Approachability and helpfulness are key in fostering retention and encouraging tenants to make their home at one of our properties.

The trend toward more extravagant communal spaces continues, and industry professionals say it’s not changing any time soon. The strategy has been, and likely will continue to be to “get them to fall in love with where they live and make it become their home,” says Laurie Lyons, partner at Cardinal Group Management. Retention is the key, and that comes with renewals. How does a company show its prospective and current residents that they are in the right place?

The answer is a form of user satisfaction; perks, amenities, specific events and offerings that show residents that their community not only understands their lifestyles and needs, but is prepared to support and meet them.

The Paskin Group views this approach as a key strategy, and believes in promoting resident satisfaction in all the ways it can.

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