How to Retain Tenants During a Construction Boom

Southern California is in the midst of an apartment construction boom, but savvy property managers are hanging onto tenants as new supply delivers. Trion Properties is seeing steady renewal activity at its properties, even as new supply is coming to market. Renewals aren’t the result of luck but rather a strong property management strategy tailored to each location.

“The key to this steady renewal rate is a proactive approach to targeting, and the ability to deliver amenities and lifestyle attributes that fit each community’s specific demographics,” Max Sharkansky, managing partner at Trion Properties, tells GlobeSt.com. “For example, in apartment communities that cater to families with young children, we offer amenities such as after-school programs or day care services. Parents rely on these services, making them more inclined to renew their lease.”

In apartment communities with a strong millennial presence, different amenities become important. “Naturally, our millennial-focused apartment communities feature more tech and service-based amenities, delivering a convenience-first lifestyle that matches the demands of this generation,” says Sharkansky.