The Hidden Key to Renewal Success

Earlier this week I attempted to take my paddle board out on a day with a high wave advisory.  It was my day off, I was committed to this activity and was not to be dissuaded by a little thing like weather. This was not a good decision. Thirty minutes later, after being tossed around by waves, humiliating myself in public and losing my sunglasses to the sea, I returned to the shore with a fairly sizable hole in my board. Fixing holes in a fiberglass board is not in my skill set, but fortunately, I have a neighbor who is an expert. As I returned home, my neighbor was outside and I asked if he’d be willing to help me with my board in exchange for me babysitting his two-year old. Problem solved. 

The key to this exchange was both friendship and proximity. It would take a lot for me to relocate, with this kind of community available to me. And, I’m not alone in feeling this way. At CARES, we’ve long known the connection between friends on property and renewal highlighted in Multifamily Insider. That’s one of the reasons we are so passionate about connecting residents. 

More than half of apartment residents (53%) don’t have a single friend who lives on property. Upping their on-property number of friends to just one, increases the likelihood to renew by almost 10% (from 29% to 38%)! And greater numbers of friends continue to increase the payoff. Certainly, amenities, customer service, and speedy service request completion affect how your resident feels about their experience, but we may be overlooking a hidden key to success—the other residents. Contact us to get started enhancing community today!


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