MIAMI—Rental prices in Florida creep up in the summer months and many tenants are looking for the next best deal. Tenant retention has never been more vital, despite the rising multifamily rents.

GlobeSt.com caught up with Kristen Gucwa, executive vice president of marketing Richman Group Development Corporation, to get some insights into stemming the multifamily churn in part two of this exclusive interview. In part one, she shared the importance of a sense of community to renters and the reality of high moving prices.

Ultimately, though, the convenience factor may drive many tenants to stay put. And that is not something apartment building owners can do much about. Gucwa tells GlobeSt.com being within walking distance to place of work, family, entertainment is important for many renters. This may be especially true of the Millennial generation.

“We're seeing increased desire in walkable communities,” Gucwa says. “Today's residents prefer urban and suburban-type living in major metros where they can enjoy their city's vibe, including art, eclectic food options and local breweries.”

Richman Signature Properties is developing in both downtown communities and within the suburbs, creating a new option for luxury rentals in these areas. Gucway says the company intentionally looks for areas that offer desirable dining, shopping and walkability features.

(Here are two more ways to stem the tide of multifamily tenant churn.)

“The suburban locations allow us to keep our prices competitive while still offering preferred amenities and programs,” she explains. “As more millennials enter the renter market, demand for walkable communities will continue to grow. In fact, a survey by the National Association of Realtors and Portland State University found that 50% of Millennials consider it 'very important' to be within an easy walk of places 'such as shops, cafes and restaurants'.”

(Here are two more ways to stem the tide of multifamily tenant churn.)

Instant Insights /

Could This be a Key to Multifamily Tenant Retention?

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