When looking at the top reasons a resident chooses not to renew their lease, four of the top 10 reasons have to do with “creature comforts.” Besides the usual suspects related to finances or relocation, it’s remarkable that a large portion of the residents who are ready to call it quits could be saved with a small investment by the property management team. Here are the top “creature comforts” that can make or break the renewal decision: Kitchen Appliances Carpeting Kitchen Cabinets Washers and Dryers Resident Comfort’s Impact on the Renewal Decision This is their home. Residents want to feel comfortable. They want to have pride in where they live. So, if a resident has lived there for more than two years and the carpet was already a few years old when they moved in, offer to replace it. You’re going to replace it if they move out anyway, so why not just make the effort and reinforce that pride? Are you rehabbing the property, but it’s going to be awhile until you get to a long-term resident’s home? Why not upgrade something simple in the mean time? Maybe the bathroom light fixtures? Tear out those Hollywood lights, put in some cans. Is the oven ancient and continually needing service? Again, you’d replace it during a turn anyway, so why not replace it now and show the resident you care about their comfort and their residency?
Posted on: Mon, 17 Mar 2014 16:02:37 +0000
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