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Debbie Willis Debbie Willis

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Tenant retention is a crucial way to drive value at an apartment building. There is a big cost to turning a unit, and reducing those costs can result in significant operational savings. But, with booming apartment development throughout the West Coast, residents have a lot of options for quality apartment living. However, property management companies like P.B. Bell understand the importance of tenant retention and are focused on executing thoughtful tenant-retention strategies.

“When you have lower resident turnover that equates to lower operating costs overall which is the biggest reason why resident retention is so important to the value and success of a multifamily investment,” Debbie D. Willis, president and designated broker for P.B. Bell, tells GlobeSt.com. “When residents stay long term, they are more invested and more involved in their community. There is also the continuity of neighbors and a sense of inclusivity for residents when a community is less transient. Communities with lower resident turnover are often more likely to have residents who talk about their good experiences and they also receive more resident referrals, all of which helps to build value and allow for the success of a multifamily investment.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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