Three strategies to help drive leases and resident retention in a sea of competition.
At The Eleanor in Los Angeles, Trion Properties positioned several distinctive common areas throughout the property, including this graffiti-themed space,
which was designed to evoke the development's urban setting.
The multifamily sector has experienced tremendous growth and innovation over the past several years. Driven by strong resident demand, the market continues to see increased amounts of apartment construction throughout the country. As a result, the competition keeps intensifying, and multifamily owners constantly have to implement new and innovative strategies in order to differentiate themselves and attract and retain residents.
That challenge is even greater now because today’s residents aren’t just searching for a place to live, but are also seeking quality experiences that cater to a live/work/play lifestyle. And they’re willing to pay a premium for properties that deliver this type of environment. That said, with the rise in competition and the new-supply pipeline, many owner–operators are wondering how they can continue to set themselves apart and keep occupancies high.
Based on our decade of experience at Trion Properties in owning and managing multifamily communities along the West Coast, we’ve found three strategies that are especially effective in driving new leases and resident retention in today’s multifamily landscape.
Read about the three strategies here.
Credit: Multifamily Executive Magazine