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Webinar: Executive Roundtable: Resident Retention in 2025 & Beyond
On April 2, 2025, we held a panel discussion with CXOs from operators like JVM Realty, AMLI Residential, MAA, Beacon Communities to understand more about what works for Resident Retention.
You can watch a recording of this webinar above.
The Evolution of Renewal Strategies
Host
Sara Graham
Founder + CEO, Six Dots, Multifamily Growth Advisor, Fractional CMO/CXO, PropTech + CX Champion, CHIEF Member
Speakers
Vidur Gupta
Vidur Gupta, Founder & CEO of Beekin, opened the discussion by emphasizing the increasing importance of renewal retention in the multifamily sector. Highlighting recent data trends, he noted that while rent growth surged post-COVID, retention rates have started to stabilize, indicating a "new normal" where consistent renewals are critical to revenue optimization. Vidur underscored the need for operators to adjust their approach to renewal strategies, ensuring they remain adaptable to market fluctuations.
Steve Boyack
Steve Boyack, COO of JVM Realty, discussed how centralization and specialization are transforming operational models. By centralizing revenue management and leasing functions, JVM has enhanced consistency and efficiency across its portfolio. Steve also noted the integration of Al and automated systems to streamline processes, allowing onsite teams to focus on high-touch interactions with residents. His approach emphasizes that renewal retention is not just a function of pricing but also the overall resident experience.
Ray Thornton
Ray Thornton, Enterprise Managing Consultant at RealFoundations, shared insights into the growing role of Al and automation in renewal processes. Ray discussed how early adopters are leveraging Al-driven tools to manage renewal offers and streamline service requests. By removing friction from the renewal process, operators can increase the likelihood of retaining residents without sacrificing the personal touch that makes a difference in long-term retention. The key challenge, he noted, lies in balancing technology and human interactions to create a frictionless but personalized experience.
Ken Veltri
Ken Veltri, Senior VP of Asset Management at Amli Residential, illustrated how maintenance teams directly impact resident satisfaction and renewal decisions. Through a unique incentive structure, Ken's team has incentivized maintenance staff to actively engage with residents, ensuring that maintenance issues are addressed promptly and positively impacting renewal rates. He emphasized that maintenance teams should be seen not just as problem solvers but as crucial partners in the resident retention process
Best Practices for Improving Resident Retention
Based on the roundtable discussion, the following best practices are recommended for enhancing resident retention in the multifamily sector:
1. Focus on Resident Satisfaction Early
As Ray from Real Foundations noted, providing excellent service well before the renewal decision is made can significantly impact retention. Proactively addressing resident needs and ensuring high satisfaction levels through maintenance requests, community events, and personalized communication can increase the likelihood of a positive renewal decision.
2. Leverage Technology to Remove Friction.
Automating routine tasks like renewal offers, follow-up emails, and payment reminders can remove friction from the renewal process. Additionally, using data to track residents’ behaviors and preferences helps in creating personalized experiences that resonate with each individual resident.
3. Centralize Key Functions for Consistency
Centralizing revenue management, leasing, and renewal operations-as discussed by Steve Boyack-ensures that all teams are aligned and working toward the same goal. This consistency across the board creates a seamless experience for both residents and property managers, increasing the chances of securing renewals.
4. Incentivize and Train Maintenance Teams
The role of maintenance teams in resident retention should not be underestimated. Offering incentives for maintenance staff based on renewal rates and fostering a culture of excellent service can lead to higher satisfaction and retention. As Ken from Amly mentioned, maintenance teams often have the closest relationships with residents, and their ability to quickly resolve issues plays a critical role in retention.
Future Outlook: Driving Resident Retention in an Evolving Market
As the multifamily housing market faces new challenges and opportunities, resident retention has never been more critical. The insights shared by industry leaders during the roundtable have highlighted the need for a comprehensive approach that blends technology, streamlined operations, and strong resident relationships.
By embracing Al, automation, and data-driven decision-making, property managers can significantly improve their retention rates, while also creating a more efficient and effective renewal process. However, it’s essential to recognize that technology should complement, not replace, the human aspects of resident engagement. Successful retention strategies rely on the delicate balance between automation and personalized service, ensuring that residents feel valued and connected to their communities.
The key takeaways from this paper-centralizing functions, leveraging technology to remove friction, incentivizing maintenance teams, and focusing on early engagement-provide a solid foundation for improving resident retention in today’s dynamic environment.
By implementing these strategies, multifamily operators can not only boost renewal rates but also enhance the overall resident experience, contributing to long-term business sustainability. As the industry continues to evolve, staying ahead of trends and adopting innovative solutions will be essential for thriving in an increasingly competitive market. Those who invest in the right tools, processes, and relationships will position themselves for success, driving both retention and revenue growth in the years to come. If you’re looking to improve your resident retention strategy and stay ahead of industry trends, Beekin offers cutting-edge solutions that leverage Al and predictive analytics to help you optimize revenue and keep residents happy.
Contact us today to learn more about how our solutions can help you boost renewals and drive long- term success.
