A sense of community is important to many people, and that includes tenants in your rental properties. When you’re renting out units in a multifamily property or even an apartment building, you have an opportunity to create a strong community. Not only will this benefit your residents and their quality of life, it will also benefit you and the profitability of your investment.
Let’s look at the benefits of building a strong community in your rental properties.
What Are the Benefits to Tenants?
Strong communities provide a number of physical and emotional benefits for your residents. There are social benefits, as well. Your tenants can benefit from an established sense of community in your building or neighborhood by:
Remaining socially engaged with their neighbors. They don’t necessarily have to become best friends, but having a coffee together on a weekend morning is a great way to foster cooperation and community.
Feeling less alone. Read any of the studies that have come out over the last few years, and you’ll see that people are increasingly feeling isolated and alone. Renting an apartment or living alone can feel especially lonely, but when there’s a community spirit at your rental property, those feelings will be less severe and more manageable.
Tenants will feel safer. When they know their neighbors, your residents will feel more secure in your property.
You have an interest in keeping your residents happy and healthy. You’ll find your own work as a landlord is less busy when your tenants are taking care of themselves and each other.
What Are the Benefits to Property Owners?
What does a sense of community mean for you, as the owner of the property where your tenants are living? There are several.
Higher Tenant Retention
Putting together a strong community within your rental property or your building allows you to set up a positive lifestyle and setting for your residents. They’ll get to know people, make friends, and find meaning in where they live. That’s not easy to find, so it will be hard for them to leave. You should expect most of your tenants will appreciate their community and renew their lease agreements. Higher retention and less turnover are good for your earnings. Vacancies are expensive and turnovers can require an investment of time and resources. Higher retention means better stability.
Fewer Tenant Disputes
There’s less of a reason for tenants to fight with each other when there’s a lot of community-building going on. You’ll find that tenants are willing to treat each other better. They’ll resolve their own disputes or avoid potential conflicts altogether. You may have fewer complaints to deal with and fewer disputes to mediate.
Attracting High-Quality Residents to Your Property
Use the community feature as a marketing tool. Tenants who are looking for something like this will be intentional about where they look. If they’re reading reviews online about the great neighborhoods, the supportive environment, and the strong sense of community, they’ll want to come and see the units you have available. Advertise the availability of community events such as socials, potlucks, movie nights, and whatever else you have going on. Let this be part of how you advertise your rental property and set it apart from others on the market.
Better Maintenance
A sense of community can even affect your ability to keep your property well-maintained. Tenants will want to maintain the community they care about. Making repairs and taking care of preventative maintenance will always be your responsibility as an owner, but in a rental property that embraces community, you’ll have residents who want to participate in taking care of their home. They’ll keep it clean, they’ll make the necessary and minor repairs, and they won’t hesitate to let you know when something needs attention.
How to Create Community in Your Orlando Investment Property
What can you do to ensure that you’re establishing a feeling of communal harmony and support at your property? We have some ideas, and even one of these will be a great way to start.
Create Common Areas and Gathering Spaces (Indoors and Out!)
In order to create a sense of community, your residents need a place to come together. Set up some gathering spaces where your tenants can interact, host events, and plan activities. For many buildings, it could be a lobby or a lounge. Larger communities will have clubhouses. Outside, you can provide a park, a community garden, or a courtyard. If you really want to invest in community space, create an art studio or a game room. This will encourage community engagement and provide multipurpose space that tenants can use as they want. Creating such spaces enhances the sense of community by encouraging tenants to engage with each other and create a shared sense of pride in the property.
Invest in and Promote Social Community Events
Once you have the space, put together some events. Create a community calendar with happy hours, potluck parties, and Sunday brunches. Parties are always popular. Invite everyone to gather for big games or to enjoy a movie night. Events like these provide an opportunity for your tenants to interact with one another and develop relationships that can lead to long-term friendships. You don’t have to be responsible for the management of these activities. Once you offer the ideas, let your tenants volunteer to organize and plan. There are always residents who are likely to be very good at it and enthusiastic.
Use Online Tools to Create Community
Technology can help. Create groups on Facebook and Instagram to help tenants find each other and begin to build relationships. Using closed or private groups on Facebook can serve not only as an ideal way to communicate with your tenants but also give everyone a chance to communicate and organize.
Find platforms that will be accessible to a majority of residents. Include as many diverse activities and venues as possible to encourage every tenant’s participation.
We can give you some additional tips on community creation if you’re interested in a stronger and more profitable rental experience. Please contact us at RE/MAX 200 Realty. We manage rental properties in Orlando and throughout the greater Central Florida area, including Orange County and Seminole County.
