Increasing rent while maintaining occupancy is both a science and an art. U.S. Residential’s Laurie Lyons explained some of the science in a recent article for NAA. According to Lyons and others, one of the key factors in keeping residents is onsite friendships. Residents will pay more to stay in a community if they are meaningfully connected to others on property. This might mean maximizing resident connections to market to their existing friends or using regional data mining to target marketing to a certain type of potential resident (i.e. wine drinkers or specialty grocery store shoppers).
But there is also the art of friendship. Once on property, helping residents connect is key. Providing targeted, meaningful connection points directly impacts the success of resident referrals and new connections. From summer BBQ’s to cooking classes to wine and cheese nights, a sense of community fostered by authentic friendships is foundational for ROI.
Want some help? At CARES, we work with you to develop a strategy of events that help foster organic connections and new friendships. Contact us to start the conversation.