If you rent out multifamily properties, it’s a good idea to think about those properties as communities, rather than just buildings or developments. Tenants are hungry for a sense of belonging. They want to feel like they’re at home, even when they’re renting. They feel more valued and appreciated when there’s a strong sense of community where they live.
Venn Neighborhoods conducted a study that was released last year which showed that renters are willing to pay more for a great rental experience.
The study revealed that things like hardwood floors and granite counters aren’t nearly as important to renters as a strong sense of community. In fact, over 80 percent of the 1,500 multi-family renters surveyed reported that they wanted to live in a neighborhood with local businesses, and around 75 percent of those surveyed said they wanted to be more social with their neighbors.
Check out the full survey results here. What we really found interesting is that when tenants have friends or acquaintances in their building or their neighborhood, they’re one and a half times more likely to renew their lease agreement.
There are several benefits to building a strong community in your rental properties. Here’s why it’s important.
