The Growing Importance of Resident Retention in a Challenging Market

Although resident retention has always been a key goal, it is reasonable to assert that it is even more crucial today, given the current market where maintaining occupancy can be more challenging.

In 2023 and 2024, retaining residents became more difficult due to heightened competition in certain markets, with hundreds or thousands of new units becoming available. We approached retention as more than just a metric in these areas by developing targeted renewal strategies tailored to each community. Prioritizing referral bonuses, resident loyalty programs, and strengthening the sense of community remained important and continued into 2025. For operators such as CAPREIT, keeping high retention rates is crucial for operational success, particularly in markets where demand can vary.

Effective communication is essential! By empowering community managers to be proactive and transparent about community policies and events, we demonstrate our commitment to listening and caring.

Maintenance is a crucial service we offer to our residents. This is their home, and when something needs attention or repair, delivering prompt and dependable service affirms our dedication to their comfort.

Offering convenient services like online payments and service requests, opening channels for feedback, and providing personalized renewal options enhance the living experience. CAPREIT has always prioritized community engagement by hosting enjoyable events, creating shared spaces, fostering connections, and making residents feel at home.

Timeliness is vital. At CAPREIT, we emphasize early and clear communication, usually starting renewal discussions 120 days before the lease expires. This gives residents ample time to weigh their options and enables us to address concerns, provide flexible terms, and highlight the benefits of staying. Personalized communication allows managers to listen and address any objections residents may have, serving as powerful tools to reduce turnover and maintain occupancy.

Retention begins from day one, and building a relationship is a guaranteed way to enhance long-term satisfaction. A smooth move-in experience with a clean and welcoming apartment, welcome gifts, and personal touches speaks volumes! Once this foundation is established, maintaining the relationship through prompt communication, community upkeep, and friendly staff is key.

At CAPREIT, we see every interaction as a chance to build trust and loyalty. Investing in both the physical environment and the resident relationship creates communities where people want to remain.