Redefining Resident Loyalty: The Future of Multifamily Retention Strategies

RealPage^®’s 2024 National Multifamily Renter Study revealed some eye-opening insights about today’s renters: 94% would be willing to pay more if their property management company invested in tech, and 97% said they’d be more likely to renew their lease if it were as simple as shopping on Amazon^®.

Sure, renters still value apartment amenities like swimming pools and fitness centers, but their expectations have evolved. Now, they’re looking for technology that not only streamlines payments and lease signing but also makes day-to-day living easier.

Across ages and rental property types, our study participants responded clearly: Renters think property managers should offer loyalty rewards to help them lower everyday costs—even their rent. In fact, our study confirmed that 96% of renters already belong to loyalty programs, with an average of six memberships ranging from credit cards to grocery stores. Still, only 16% are part of an apartment rental rewards program.

And more importantly, 97% of renters we surveyed said they‘d be more likely to renew their lease if they could earn loyalty points for paying rent. Now they can. Just as your favorite coffee shop keeps you coming back with rewards, apartment communities can see similar benefits from resident loyalty programs. Happy renters stay longer, leading to higher apartment renewal and occupancy rates. It’s a win-win —another reason why it’s time to make resident satisfaction a top priority.

The Role of Reputation Management in Building Renter Loyalty

Our renter study further revealed that 97% of residents would be willing to renew their lease or choose a particular apartment if their property manager were to offer the following perks:

• A loyalty program with points or rewards for on-time rent payments
• Convenient rent payment options
• Flexible rent payment on a bi-weekly basis instead of monthly

If you’re not delivering on these renter preferences, you’re missing a golden opportunity to improve renters’ satisfaction and lengthen their stay in your community.

But residents do more for your community than just renew their lease and pay their rent on time. They talk. And, of course, they share their experiences in online reviews, which can have a lasting effect on your property’s reputation.  Online property reviews still matter quite a bit to prospective renterswhen searching for their next apartment.

Renters’ reviews often call out the technology (or lack thereof) they’ve experienced in their communities. Our renter study underscores the need for technology that starts from the prospect stage and continues throughout the entire renter lifecycle to enable a seamless, end-to-end resident experience. The easiest way to deliver that is through a connected suite of solutions accessible via a single mobile app.

Creating Digital Experiences to Boost Resident Loyalty and Maximize Your Bottom Line

As pointed out earlier, renters love loyalty programs — and who can blame them? Points-for-rent models can be tricky to manage. Until now, the challenge for property managers has been finding a way to make these programs work without overburdening staff or frustrating residents. RealPage is solving that challenge with LOFT™, our fully integrated resident experience platform covering application, leasing, moving and living, and yes, earning rewards — in one app.

Here’s how it works: LOFT enables residents to apply, pay rent, renew their lease, find a mover, connect utilities and participate in a loyalty rewards program — all from the same mobile app. They can earn points for on-time rent payments, regardless of payment method, with the ability to redeem earned points for rewards or even cash back, which are all fully funded by RealPage.

It isn’t just renters who benefit, either. LOFT also makes it easy for apartment communities to fund their own leasing incentives and concessions or give points to drive a specific resident behavior— like leaving a review or referring a friend to the community. 

But here’s what really sets LOFT apart from traditional loyalty programs: it’s not just another add-on feature. Instead, LOFT Loyalty is part of a platform designed to streamline the entire resident experience. Everything residents need, from move-in to move-out, is in one app — right in the palm of their hand.

For property managers, the benefits go beyond happy residents. With LOFT’s Loyalty, you can:

• Save 5-10% on unclaimed rewards.
• Boost apartment lease renewals.

Focusing on the Future of Multifamily Living

Heading into 2025, the multifamily industry faces a convergence of significant challenges — high interest rates are slowing growth and straining cash flow, supply chain issues continue to delay projects and raise costs, shifts in housing demand affect occupancy, and persistent staffing shortages threaten daily operations. Combined, these factors pose real risks to how properties operate, remain financially viable, and ensure business continuity in an increasingly competitive market.

On top of that, technology is now a core component of apartment living, and renters have more options than ever. This means expectations are high, and competitive pressures are making engagement and resident retention mission-critical for property managers. Without an optimized resident experience, properties risk operation inefficiencies, declining resident satisfaction, potential reputation damage, and a significant loss in ancillary revenue streams.  

That’s where LOFT comes in. Designed to deliver frictionless experiences, digitalized processes and seamless integration with property management systems (PMS), LOFT is transforming the resident experience while optimizing operations for over 30 property management companies and 200,000 units that have participated in the beta program since April 2024. Early adopters are already seeing reduced costs, streamlined operations, improved staff efficiency, and — most importantly — an enhanced resident experience that drives both retention and renewals.  

Here’s what Steve Boyack, Chief Operating Officer at JVM Realty, had to say about it:

Learn more about the LOFT resident experience and loyalty platform.