When you own rental property, you want to create a place where your tenants can feel safe and at home. You want your residents to appreciate where they live and love the space. You also want them to feel a sense of belonging. This sense of community is an essential element of any residential building or multifamily property. It not only enhances the living experience of your tenants, but it also contributes to the overall success of your investment property.
We’re taking a look at the benefits of building a strong community in your rental properties, and we’re also sharing some effective strategies for creating a sense of community among your tenants, which will lead to them feeling more connected and engaged.
Why a Sense of Community Matters
Here’s a glimpse of why you want to build a strong community in your building or among your tenants:
- You’ll reduce tenant turnover
Tenants will find the connections they make with their neighbors meaningful. As neighbors become friends, it will be hard to leave the community your residents are living in. This sense of community increases the likelihood that a tenant decides to renew their lease agreement. This will be especially true if that tenant gets involved in the activities and the events that create the communal feel around your property.
Longer residencies, of course, are good for your income. Vacancies are expensive, and turnovers are even more expensive. When retaining tenants is a priority for you, it’s important that they feel like they’re at home. They’d need a very good reason to leave their home.
- Fewer fights between tenants
With a strong sense of community, tenants will be more careful with each other. Your own relationships with your tenants will be easier, and their relationships with each other will be better. Create a safe space where tenants are willing to talk to each other. Establishing a community at your rental property will make it more difficult for tenants to be aggressive and unpleasant with one another. You will find there are fewer fights, and minor disagreements will be less likely to escalate into resentment.
- Communities attract new tenants
When your prospective tenants come for a showing or an open house, they’ll get an immediate sense of the community that’s been built, and they’ll be drawn to it. This is a great way to market your property and attract new residents. Advertise the availability of events such as socials, pot lucks, movie nights, and whatever else you have going on.
- Maintenance partnerships
A tenant who feels like they’re part of something bigger will contribute to whatever that is.
You can expect your tenants to do a better job of taking care of their own home and the property in general when they feel like there’s community support and companionship. As the rental property owner, you’ll need to do your part by responding quickly to maintenance needs and prioritizing preventative services. In a strong community, you’ll have residents who take pride in their property. They’ll do a better job of cleaning, they’ll make minor repairs on their own when it’s possible and safe, and they’ll be quick to let you know when something needs attention. All of this leads to better protection of your investment and its condition.
What Can Owners Do to Establish a Sense of Community?
So, what are some of the strategies you can use to make tenants feel like they’re living in a community, and a home? Here are some of the easiest ways to establish the vibe that you’re hoping for:
- Organize Social Events
One of the best ways to create a sense of community is to organize social events and gatherings for your tenants. These events can range from holiday parties to cookouts and game nights. Such social events provide an opportunity for your tenants to interact with one another and develop relationships that can lead to long-term friendships. You can even create a community calendar or a newsletter to keep your tenants updated on these events.
- Set Up Common Areas
Another powerful way to enhance the sense of community in your rental properties is to create shared spaces where your tenants can interact. This could include a community garden or a courtyard, a playground, or a barbecue area. Inside, you might have space for a multipurpose room or a lounge. Creating such spaces enhances the sense of community by encouraging tenants to engage with each other and creating a shared sense of pride in the property.
- Invite Tenants to Participate
Make sure you’re inclusive. Encouraging tenant participation is another effective way to create a sense of community. Consider creating a tenant association or committee that focuses on community building initiatives. Give tenants a sense of ownership in the property by seeking their input on property-related issues. Additionally, communication is key to creating a sense of community. Regularly communicate with your tenants through newsletters, notice boards, and even social media.
- Prepare to Listen
Be prepared to be involved. You’re not living at the property, probably, but when you want to create a sense of community, it’s important to make yourself part of that community. There needs to be some distance, of course, your relationship needs to be professional and respectful. But, when you’re working with a community-oriented set of tenants, you’ll want to quickly address any issues, conflicts or concerns that arise between or among your tenants. Quick resolution of these issues can prevent tensions from escalating and maintain a positive sense of community within your building. Ensure that you are available and approachable when your tenants need you, and always respond to their concerns and issues in a timely manner.
A sense of community is critical to the success of any residential property. By putting together a safe, enjoyable space for your tenants, you’ll be increasing their quality of life as well as the value of your property.
We’d be happy to offer initial ideas based on the unique needs of your Roseville investment property. Please contact us at Action Properties.
