For one beautiful year I've been a Premier Gold member with United Airlines. Along with the flashy card, I get lots of other benefits, like seats with more leg room for free and automatic wait listing for first class and priority boarding. There are times when another airline might be slightly less expensive, but you can bet I'm flying United if at all possible. This approach seems appropriate to me. I've shown my loyalty and it makes sense that I get some reward. As opposed to phone companies and cable companies who seem dead set on rewarding fickle customers who are willing to leave at the first sign of something shinier. Which is sometimes how we treat our residents.
What might it look like to draw in new residents while still making longer term residents feel appreciated in more than a token way? There are some great articles on tiered events out there that might give you some ideas. But I want to address the 'why'. Why reward longer term residents when they're probably going to stay even if you don't?
I believe there are many reasons, but the one I'm going to focus on is how it impacts new residents. There is data to suggest that often a new resident often makes their decision about renewal within the first 30 days of move-in. Particularly if move-in wasn't a great experience and the difficulty was not resolved. But what if prospective residents and new residents knew there was a reason to stay? What difference might it make if they felt they were wanted in the community; that you were an organization that understood loyalty?
At Apartment Life, we know that renewal decisions are made with the heart, not just the mind and giving a resident some recognition for their loyalty can change the way they are feeling about renewing from day one.