Resident Retention Program Ideas

[Joseph Bramante]

Hey BiggerPockets members,

Looking for some input from the larger property owners (100+ units) on what, if any, resident retention programs they have in place. Currently we have none but were toying with the idea of giving back $50+ per lease renewal with ever increasing amounts for multiyear renewals (i.e., 2nd renewal $100, 3rd $150, etc). Would love to hear input from anyone who has has tried something like this with a few years of run time with it and has a proven increase or decrease or no change in the renewal rate.