Boosting Retention With Strategic Initiatives Residents Care About

Nearly any operator will tell you that their top priority is the resident experience. But providing an amazing living environment isn’t something that can simply be manifested—it has to be something the operator genuinely invests in. 

For the modern-day resident who craves a more personalized experience, that effort must go beyond flashy amenities such as a resort-style swimming pool. According to panelists at the 2025 Entrata Summit session Boosting Retention With Strategic Initiatives Residents Care About, it also includes robust resident loyalty programs. 

By offering residents points for on-time payments and other positive renter behaviors, operators can create reward programs similar to what consumers experience with credit cards, airlines or dining. According to Entrata data, 97% of renters would be more likely to renew if they could earn points for on-time payments. To that end, operators can experience up to a 25% boost in NOI when achieving only a 5% boost in retention. 

“Broadly speaking, it needs to be personalized, it needs to be valuable, and it needs to be relevant to their journey,” said Everett Lynn, CEO and Founder of Amenify. “This is the age of experience, and your residents are consumers. They’re American consumers, which means their bar is very high, but that creates awesome opportunities.”

UDR leverages rewards for increased renewals, revenue

According to data from UDR, a Denver-area apartment operator, each move-out cost the company approximately $4,000 in turn costs, factoring in lost rent, maintenance and possible concessions to attract a new resident. The company discovered that increasing renewals by a mere 1% across the portfolio led to a $3.5 million increase in NOI.

“When I read that in their annual newsletter, the lightbulb went on,” said Alex Buchanan, Head of Homebody for Entrata. “It prompted me to ask our operators, if a 1% increase in renewals could lead to that much revenue, what levers would you start to pull?” 

UDR utilizes resident loyalty programs, which have undoubtedly assisted in strengthening renewal rates. The company made certain to espouse the benefits of matching any resident loyalty program with tried-and-true renewal strategies, including timely notices and offering the opportunity to relocate within the community. 

Which resident behaviors deserve rewards?

When constructing a loyalty program, residents typically receive points for on-time rent payments. But what else should qualify?

According to the panel, behaviors such as attending resident events, early renewals, survey responses, amenity rentals and shopping with local partners also can factor in. Certain rewards can be community-specific, as well, depending on the unique nuances of the property’s amenities or location. 

Make it simple and customizable

According to Britton Pederson, Industry Principal of Loyalty for Entrata, operators must consider two important aspects when building a loyalty program. First, any such program should be easy to navigate for both the property manager and the resident, each of whom already has plenty of other priorities. 

Secondly, a property “can’t put a loyalty program in a box,” Pederson said. That means it should be completely customizable on a per-property basis. For instance, comps might offer residents 100 points for the same incentive you’re offering 25, so teams must have the ability to modify. 

What’s certain is that loyalty programs are becoming more in-demand for the modern resident. 

“Relative to a year ago, I think it’s drastically different,” Pederson said. “Not in the sense that expectations have shifted so much, but that loyalty programs and general incentives are pretty nascent in multifamily. Now in the last year, as more operators and managers become familiar with how these programs work, the expectations are starting to realize themselves.”