Resident Retention

Glossary

Resident Retention

Resident retention measures how well a multifamily property keeps current residents renewing instead of moving out.

Definition

Resident retention is the practice of keeping current residents at a community instead of having them move out at the end of a lease. It is often measured as the share of expiring leases that are renewed, and it reflects both resident experience and operational performance.

Example

A community with 40 leases expiring in June receives 24 signed renewals. Its June resident retention rate is 60%, and the operations team reviews maintenance response times, renewal pricing, and resident communication to understand why the other 16 households chose to leave.

Why It Matters?

Resident retention helps operations leaders reduce vacancy, make-ready work, and leasing workload. It also protects revenue stability because fewer move-outs mean fewer turns, fewer days vacant, and lower turnover-related costs.

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