Proof that a Positive Resident Move-In Increases Renewal Rates
Move-in day is typically the day when the sales and leasing processes finally wrap up and the resident retention efforts begin.
It’s no secret that happy residents are more likely to renew, but at what point does a resident cross from being happy to unhappy?
Can it happen as early as move-in day? It sure can.
Kingsley Associates published a case study that details exactly how resident move-in experiences impact renewal rates. In the study, a Kingsley Associates client surveyed residents from multiple communities at three different points in their lease:
Surveyed at move-in
Surveyed at the midpoint of the lease
Surveyed just prior to the lease expiration
The results proved that residents who were satisfied at move-in stayed satisfied through renewal, and those who were dissatisfied at move-in were not likely to become satisfied in time for their renewal.
How many residents who were satisfied at move-in remained satisfied through renewal?
How many residents who were dissatisfied at move-in became satisfied by renewal?
Last but certainly not least, the $1M question: what was the actual renewal rate?
Only 19% of residents who were dissatisfied at move-in became satisfied by their renewal.
The renewal rate for residents who were satisfied at move-in was 59% higher than the renewal rate for residents who were dissatisfied at move-in.
There’s always hope to save a resident who had a bad move-in experience.
The move-in experience matters — put yourself in the position to always start a relationship off on the right foot.
A positive move-in directly impacts your bottom line.
Source: Kingsley Associates
Ash is the EVP of Real Estate for Updater's Insurance Division. He is responsible for all insurance initiatives and partnerships related to Real Estate. Ash has worked in the Property Management Industry for over 20 years. You'll be hard-pressed to hold a conversation with him without hearing about Updater, Apple, and CrossFit.