Multifamily Minute Reader Reflections: Keeping Occupancy High
Our Multifamily Minute readers share key strategies for tackling occupancy issues in their apartment building portfolios.
Occupancy is on everyone's mind these days. You mostly hear about it in the context of vacant office space, but it's not an office-only problem.
With the massive amount of new apartments constructed in the past couple years — and an ongoing wave of multifamily completions scheduled for this year and next — you'd better have a plan for dealing with your vacant spaces.
The good thing: It sounds like most of you have thought this through.
A couple weeks ago, I asked you and our other readers of the Multifamily Minute a question: What's the best way to keep heads in beds at your property?
Survey Results
Response | Percent of respondents |
|---|---|
High-quality management practices | 54% |
Competitive pricing | 17% |
Enhancing amenities/services | 9% |
Effective marketing | 6% |
Building better relationships | 5% |
Other | 9% |
The majority of our respondents were clear: High-quality management is absolutely key.
When you're managing a smaller multifamily property, ensuring high occupancy rates often falls squarely on your shoulders — not an on-site management team's.
Don't let that intimidate you. By adopting high-quality management practices, you can keep your units filled and your residents happy, even without a dedicated on-site staff. The key is to be attentive, responsive, and proactive in your approach.
Improving Your Residents Experience
One of the most important aspects of successful management for smaller properties is being accessible to your residents. Make sure they have an easy way to reach you, whether it's through phone, email, or even a property management app.
When maintenance issues arise, address them promptly and efficiently. By showing your residents that you're on top of things and genuinely care about their living experience, you'll foster a sense of trust and loyalty that will keep them renewing their leases year after year.
Another crucial element of high-quality management is creating a sense of community, even in a smaller property. Encourage open communication among residents and consider hosting occasional get-togethers or events, like a summer barbecue or holiday gathering.
When residents feel connected to their neighbors and the property owner, they're more likely to stay put and even recommend your units to others. By going the extra mile to create a welcoming atmosphere, you'll be well on your way to maintaining high occupancy rates and a thriving multifamily investment.
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Our Previous Survey
A couple weeks ago, we talked single family vs. multifamily. Not necessarily a "which is better" type of breakdown, mind you, but a look at the pros (and cons) of both. As you may already know, these two property types can complement each other very well in your portfolio.