With rents rising all over the country, up to an average of $1,739 according to Yardi’s latest report, you may think that a community’s amenities aren’t as important as they have been. Prospective residents are banging down the door, right? But smart apartment managers know that amenities are always important for one big reason: retention.

Retention is the key to a profitable property. The average retention rate is around 60%, according to Zego, meaning 40% of the units are being turned over on a yearly basis. That is a lot of down time, so being able to keep that second number as low as possible is the name of the game.

If 40% turnover is the average that means that half of the properties are doing better than that. So, what are those properties doing that the average and below average properties aren’t?

One simple answer is that they are offering amenities and a sense of community that keeps the tenants happy and engaged. Why is it so important that properties try to avoid turnover as much as they do?

What Residents Want

There will always be tenants who move for circumstances like a new job or a change in family situation. Aside from looking for cheaper rent, the majority of prospective tenants are looking for a community that enhances their quality of life.

Some of the most requested features and amenities are found in the units (like stainless appliances, smart thermostats, and laundry). While some other popular amenities are enhancing the social aspect of living in a larger property. Some of these amenities include, top-of-the-line gyms, dog parks/pet spas, package management, events, and media rooms.