Retention

Glossary

Retention measures how many residents renew their leases and helps operators manage vacancy, turnover costs, and resident satisfaction.

Definition

Retention is the percentage of residents who renew their lease instead of moving out. In multifamily operations, it is commonly used to evaluate resident satisfaction, renewal performance, and how well a property keeps existing residents over time.

Example

A 250-unit community reviews upcoming lease expirations each month, contacts residents before their renewal deadline, resolves open service requests, and tracks how many residents sign renewal offers versus give notice to move out.

Why It Matters?

Retention matters because resident move-outs create vacancy loss, turn costs, and additional leasing work. Higher retention can support steadier income, lower operating pressure, and a more predictable plan for staffing, maintenance, and budgeting.

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