Retaining Your Student Living Residents by Building Community

Every current resident in your student living property is worth two in the prospect pool. So how do you hold on to the students who plan to return to school next year in a time like no other? Student living operators are quickly finding that the best way to do it is by creating a strong sense of community online to mitigate the lack of contact in the real world.  Student housing properties are finding they can bring residents closer together and retain them more effectively using the right messaging and platforms like Community Rewards. Two months after COVID-19 enveloped the nation, it became clear that properties best equipped to inform, engage, and build community with residents online were benefiting from their tight bonds. Those leveraging Modern Message’s platform Community Rewards, which fosters connections between resident and staff were able to build a greater sense of togetherness and loyalty. “Properties that engage residents and build a strong sense of community do better in good times and bad,” Modern Message Co-founder John Hinckley says. Engaged student living renters stay longer Recent data from Modern Message shows that residents of student living properties using its gamification platform, Community Rewards, stay 12% longer than residents who don’t engage with the program. That’s a big number when translated into the reduced cost of turns, which includes vacancy and marketing expenses. Creating a strong sense of community through online student engagement also boosts referrals and online reputation, according to Chief Client Officer Audrey Springer, who joined Hinckley on the recent webcast, “Smart Solutions: Elevate the Resident Experience with Community Rewards.” According to the majority of webcast viewers, a good online reputation leads to higher retention rates. But it also helps attract new renters, keeping occupancy up while reducing the costs of marketing to find quality leads. Gamificat...