Multifamily property owners are battling rising vacancy rates. According to the AppFolio 2026 Renter Preferences Report, 55% of property managers say that vacancy is their top threat—and it's not an imagined fear. CBRE forecasts softening rental demand this year in response to a weak labor market. Renewals are increasingly becoming a priority to preserve rent rolls.
It may come down to resident experience, says Adam Feinstein, SVP of product at AppFolio. A good resident experience supports lease renewals, makes residents happier, and drives operational efficiencies for property managers.
Lease Renewals Matter Most
Existing residents are a valuable asset, and those renters should be prioritized in the current leasing environment. Lease renewals create stability, eliminate turnover risk and cost, and ensure stable cash flow for the property.
"Every lease you renew is a door you don't have to re-lease, a unit you don't have to make ready, a marketing dollar you don't have to spend," explains Feinstein. "A happy, satisfied resident that's paying on time is the one that you want to retain."
Resident experience is directly connected to lease attrition. It's simple: Happy residents stay; unhappy residents leave. A bad resident experience creates a negative cycle where units are regularly turned, whereas a good resident experience supports increased renewals or even referrals. It drives better occupancy outcomes overall.
Resident Experience Starts on Day Zero
Property managers often think about resident experience too late, after a renter has already moved into the property. A good resident experience actually begins much earlier.
"The onboarding moment matters disproportionately there," says Feinstein. "The first 30 days prior to move-in really set the bar that every other interaction will be measured against. Someone who has a frictionless move-in experience gives you the benefit of the doubt when something goes wrong later." Those early interactions matter. Starting off on the right foot helps create a more amenable renter.
Beyond the move-in, renters are looking for ease and communication. They want to be able to manage the experience from their personal phone—from paying rent to submitting a maintenance request—and they want a fast response from the management team.
Technology Bridges the Gap
Above all, a good resident experience is cohesive and unified. Renters can access everything they need from a single point, like an app, and have all of the tools and information in one easily accessible place. Property owners need a single technology platform to deliver this experience, but that can often miss the mark. The AppFolio Performance Platform is designed to unify the renter journey, from leasing to payments to maintenance, all within one seamless experience.
"Residents' expectations are constantly rising as they engage with the simplicity of apps like Uber, Instacart, and DoorDash," says Feinstein. "Meanwhile, the software property managers rely on is really built for the operator, not the resident. The resident experience becomes an afterthought."
When property managers realize this, they often add tools to help augment staff, creating a tech stack problem. Residents may have to navigate multiple layers throughout their experience, from application and leasing portals to separate apps for e-signing and payments. "It's a 2005 experience being delivered in 2026," Feinstein notes.
For Feinstein, a successful technology platform should meet residents where they are, guide them through their journey, and increase operational efficiency.
"Everything that is an operational touchpoint has an opportunity to really be enhanced through technology," Feinstein says. "And that will create a really positive feedback loop."
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