This is a great time to be a renter.

More new rental units were delivered in June nationwide than in any month over the past half-century (over 60,000 units). Not surprisingly, the number of properties offering concessions was up to 33.6% in July, compared with 19.4% in July 2022.

For owners and property managers, this may be an especially good time to reassess your resident sign-up and retention strategy.

Several trends along those lines emerged during the National Apartment Association’s Apartmentalize in June, reports Joe Settimi, senior vice president at Assurant, a Fortune 500 company specializing in risk mitigation for multifamily owners and operators.

Deposit Alternatives

“We identified four trends during the event that impact both residents and property managers,” says Settimi. “Property management companies are always looking for better ways to hold down costs while still attracting quality residents and maintaining high occupancy.”

That frequently starts with the security deposit. “There are several deposit alternatives,” the industry veteran observes. “A surety bond, for example, is a good way to reduce a resident’s out-of-pocket cost without exposing the property management company to extra financial risk.”

It’s a smart deal for both sides of the lease. Settimi cites Assurant’s FlexDeposit product as a popular example. The deposit alternative not only offers a typical one-time payment, but it also provides recurring monthly payment plans that reduces residents’ up-front costs even more.

Renters Insurance

Another common issue is renters insurance. Today just 55% of residents have renters insurance. Without it, multifamily owners and operators may be exposed to substantial liability risks. “Property management companies told us they need ways to simplify tasks for front-line staff, like insurance sign-up.”

Embedded renters insurance, like Assurant’s Cover360 Plus, seamlessly integrates the insurance quote and sign-up in the leasing process, saving property managers and residents time. “Embedded insurance improves resident compliance and lowers liability risks,” observes Settimi.

Tech Support

Two other issues Settimi’s team identified impact resident retention, reputation management, and profitability.

“Nearly 20% of renters need tech help on a regular basis, whether that’s for their smartphones or smart-home devices, and we’re hearing reports that maintenance tickets are spiking because of it,” Settimi reports.

For owners and operators looking to reduce maintenance tickets, an industry-first amenity called Assurant TechPro is available that delivers a high-value technical support solution to residents. “Assurant TechPro is a proven, high-rated amenity that the property manager can make available at little or no cost,” he says.

Debt Recovery

The second issue is familiar to all property managers: debt recovery, another task that frequently can stain a multifamily property’s reputation. “Recouping missed rent payments requires tact and empathy,” he explains. “The community’s reputation must be protected without compromising debt retrieval.”

Assurant’s debt recovery agents, for example, are certified professionals that treat the properties they represent with the utmost respect, knowing “… clients are trusting us with their brand,” as Settimi notes.

Understanding the best methods to attract and retain qualified residents in a soft market can be a challenge. Assurant, a 125-year-old company trusted by four of the top five property management companies in the nation, can assist in advancing business interests.

Learn more about how to mitigate move-in and move-out risks for multifamily communities.