Voices for 2023: Watch the Back Door: Limit Turnover Risk
Now Available On Demand
Resident retention is taking on heightened importance as vacancies increase due to a rapid rise in new lease-up supply and an uncertain outlook for new leasing traffic. Simply put: Apartment operators are in occupancy protection mode. Occupancy equals cash flow, and when it’s unclear how quickly you can backfill a vacated unit, properties will prioritize signing renewals.
Retention rates are normalizing recently after jumping to unprecedented highs in 2021-2022. And retention could drop below the long-term averages in 2023. What are the best strategies to limit resident turnover in 2023? How should operators think about loss-to-lease and renewal offers? How can property managers improve resident satisfaction to increase the likelihood of a renewal?
Join your multifamily executive peers for a discussion led by RealPage® SVP and Chief Economist Jay Parsons to explore best practices and strategies for protecting the back door and preventing higher resident turnover in 2023.
- What are the recent trends in lease renewals?
- Why is retention a top priority for operators in 2023?
- In which markets and asset classes will retention be most challenging?
- How should property managers think about renewal offer letters in 2023?
- How do you increase the likelihood of renewals even before sending out the offers?
Emily Watson brings over 25 years of multifamily experience in operations, training and asset management to her role as Chief Operating Officer at Lantower Residential, where she is responsible for driving operational execution and performance, talent management, marketing and revenue management.
Prior to joining Lantower Residential, Emily was Managing Director for Berkshire Residential, overseeing over 21,000 units in 20 major markets throughout the United States. Previously, she held senior roles at Equity Residential, McDowell Properties and Buckingham Companies.
Jay ParsonsSVP & Chief Economist, RealPage, Inc.
Jay Parsons serves as Senior Vice President, Chief Economist for RealPage, leading the Economist and Industry Principal teams to provide deep insights on market trends and consumer behaviors. He is a frequent author and industry speaker on topics affecting multifamily apartments and single-family rentals, including rental housing investment and asset management strategy, rental housing policy issues, risk mitigation and property management.
Jay has been cited in The Wall Street Journal, Bloomberg, The Financial Times, The Economist, and The New York Times, and he has appeared on CNBC and BloombergTV. His commentaries have been published by Barron's, the Pension Real Estate Association, the Mortgage Bankers Association, the National Apartment Association, American Banker and GlobeSt.