How Security Can Help Increase Your Resident Retention Rate
Over the course of 20 months a multi-family complex can experience up to 50% turnover, and within two years can grow to a full 100%. With such high demand for housing, why is it that the turnover percentage is as high as it is?
When it comes down to it, the reason families move on to new housing complexes has to do with the amenities being provided (or not) to them. As renters, residents have access to a number of different amenities such as a swimming pool, fitness center and in some cases a parking garage. But the biggest and most important amenity that residents require is safety.
According to Sal DeRose, a U.S. Army veteran with over 20 years experience in security and information technology, in his new book, Safety, Security and Peace of Mind: Keeping People Safe Where They Live, “prospective tenants will always keep safety at or near top of the list when searching for an apartment, avoiding those communities with high rates of burglaries and vandalism and where management displays no apparent concern for the safety of those who live in the community.”
Every human has basic needs in life that must be met, and the one common denominator for everyone is security. As the property manager of your community, this should be the number one amenity provided to your residents. But far too often this basic need in life goes overlooked. And as you may have guessed, when this happens and your residents feel a sense of insecurity, your retention rate can suffer.
By providing them one of the basic needs in life, you can prevent this from happening and in turn increase your retention rate. As DeRose notes in his book, “the presence of patrol vehicles and uniformed guards provides existing and potential residents peace of mind and deters would-be criminals. At a minimum, an outside security firm will patrol the parking lots and buildings, and check all other facilities and amenities such as laundry and recreation.”
Whether it’s a dedicated officer or patrol service that you choose for your community, providing security as an amenity for your residents will allow them to live with a greater sense of security. And when you’re able to show an investment in your resident's safety, the odds of them staying on your property increases.
Security is something that everyone needs to live their life to the fullest. Providing your residents with that on a consistent basis will provide them with peace of mind to pursue their passions in life.