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Key Takeaways
Community drives business value: A strong sense of community directly translates to higher resident retention, lower turnover costs, a stronger online reputation and improved operational efficiency for multifamily properties.
Renters crave connection: Modern renters view their communities as central to their lives, seeking connection, inclusion and a sense of belonging beyond just a living space.
Small efforts yield big results: Fostering community doesn't require large budgets; consistent, thoughtful actions like simplified communication, personalized experiences and informal events can significantly boost resident satisfaction and loyalty.
Technology scales connection: Smart solutions like SmartRent enable operators to streamline communication, enhance service delivery and provide convenient smart home features, all of which contribute to a more connected and satisfied resident base.
Community is a competitive advantage: In today's market, properties that prioritize and actively build community will have a strategic edge, leading to better resident experiences and stronger financial performance.
Creating a sense of community isn’t just good ethics, it’s good business. Renters want more than four walls and a lease; they want connection, inclusion and a place they can truly call home. For multifamily operators, this is an opportunity to improve resident satisfaction while also driving long-term loyalty, stronger retention and operational benefits that impact the bottom line.
What renters are saying about community (and why it matters)
According to the 2024 Renter Preferences Survey (RPS), 85% of renters say they enjoy living in their community. Even more compelling, 86% feel included and accepted, 85% feel property staff demonstrate respect and kindness and 75% say their wellbeing is valued by community management. These are not just feel-good numbers, they are strong indicators of whether a resident will renew their lease, leave a review or refer a friend.
These survey results reflect a fundamental shift: renters no longer see their apartments as temporary crash pads, but as the center of their lives. When residents feel connected and respected, they’re more likely to stay—and help attract others.
That emotional connection creates measurable business value.
The operator payoff: Why community matters for your bottom line
While resident satisfaction may feel like a soft metric, the downstream impact on operations is measurable.
Here are just a few ways building community pays off for property owners and operators:
Higher retention: Happy residents are more likely to renew. Given the cost of turnover—from vacancy losses to cleaning, repairs and marketing—this alone can drive significant savings.
Lower turnover costs: Industry estimates suggest that every renewal saves between $3,000 and $5,000 in turnover-related costs. Fostering a sense of community can be a powerful, cost-effective way to encourage renewals.
Stronger reputation: Residents who feel good about where they live are more likely to leave positive online reviews and refer friends. In an industry where digital reputation heavily influences leasing decisions, this is a major asset.
More resilient communities: Engaged residents tend to take better care of shared spaces, report issues sooner and even help mediate conflicts. This creates a more harmonious and well-maintained environment, benefiting staff and residents alike.
Operational efficiency: When residents feel connected, they’re more likely to communicate proactively—resulting in fewer emergencies and a more streamlined service experience. Community-building efforts also reduce the strain on on-site teams by fostering mutual respect and collaboration.
How to foster community in modern multifamily properties
Building community doesn’t require extravagant budgets or large-scale programming. It starts with small, consistent actions that show residents they’re seen, heard and valued. Here are some key strategies:
Create opportunities for engagement: From digital platforms to on-site events, properties should offer touchpoints where residents can connect with each other and with staff. This could include community apps, newsletters and regular social gatherings.
Simplify communication and feedback: Use tools like mobile apps, text alerts and in-app messaging to make it easy for residents to stay informed and share feedback. Streamlining maintenance requests and service updates can also reinforce trust.
Personalize the experience: Amenities like smart thermostats and keyless entry make daily life easier and more comfortable. But personalization can also be cultural—celebrating resident milestones, sharing local events or offering pet-friendly features.
Encourage two-way communication: Residents want to feel involved. Offer surveys, virtual suggestion boxes and community forums. Listening (and acting) on resident feedback shows respect and responsiveness.
Simple, low-cost ideas can go a long way toward building resident connection.
Hosting casual events, like movie nights, food truck Fridays or community clean-up days, can create moments of shared experience. Highlighting resident stories in newsletters or social media can reinforce a sense of identity and belonging. A digital bulletin board gives residents space to promote events, services or interest groups. And when communities support resident-led clubs—like walking groups, book circles or pet meetups—connection tends to happen organically. Even streamlining everyday tasks, like submitting maintenance requests or booking amenities, contributes to a smoother, more positive living experience.
How SmartRent helps build connected communities
SmartRent’s platform helps operators support stronger communities through better communication and streamlined service. By simplifying routine interactions, operators can reduce friction and help residents feel more connected to where they live. The SmartRent resident app allows renters to control smart devices, submit service requests and receive updates, all from one place. Paired with smart home features like thermostats, locks and leak sensors, it offers residents greater comfort and peace of mind while helping teams prevent issues before they escalate.
Behind the scenes, SmartRent gives property teams centralized dashboards to monitor and respond to resident needs more efficiently. Operators can send announcements, alerts and personalized messages across their portfolios without creating extra work for staff. It’s not about replacing people, it’s about giving teams the tools to deliver better service, more consistently.
Community is the new amenity
The best multifamily communities don’t just offer space, they offer belonging. As renter preferences shift toward connection and inclusion, properties that foster community will have a strategic edge.
For operators, that translates to higher retention, reduced turnover costs and stronger brand equity. And with the right technology, building stronger communities is both achievable and scalable.
Ready to build a better resident experience? Schedule a SmartRent demo and discover how we can help you create stronger, more connected communities.