Renewals are undeniably the lifeblood of multifamily property management, offering a cost-effective path to steady revenue. According to the National Apartment Association (NAA), turnover costs average around $4,000 per unit, making renewals far more profitable than sourcing new residents.
Yet, despite clear financial advantages, onsite teams consistently struggle to prioritize renewals amidst daily operational demands. Common barriers like limited time, competing priorities, and challenges in resident engagement can lead to lost renewal opportunities and, ultimately, reduced profitability.
These field-tested strategies, drawn from expert insights shared at ResMania 2025, equip multifamily professionals—from leasing agents to CEOs—with practical tools to embed renewals into daily operations, craft compelling, data-driven offers, and overcome resident objections with confidence and clarity.
Multifamily onsite teams are frequently inundated with maintenance requests, new lease inquiries, and administrative tasks, causing renewals to slip in priority. To overcome this:
Embed Renewal Touchpoints into Routine Interactions:
Automate and Streamline Workflows:
Common Objection: “I didn’t realize my lease was almost up.”
Response Strategy: Anticipate this with layered communication. Send friendly, personalized renewal reminders 90–120 days out via email, text, and resident portals. Reinforce the message during routine touchpoints like maintenance visits or package pickups. Consider adding visuals (like countdown graphics or renewal benefit summaries) to keep the message top-of-mind and increase engagement.
Encouraging residents to renew early—ideally 90 to 120 days in advance—helps stabilize occupancy, reduces vacancy loss, and gives teams more flexibility to manage lease expirations. Here are actionable strategies you can implement.
Craft Customized, Data-Driven Offers:
Strengthen Ongoing Communication:
Common Objection: “I don’t think the new rent is worth it — it’s too much of an increase.”
Response Strategy: Acknowledge the concern and focus on value. Explain what’s driving the increase—such as rising operating costs or recent property improvements—while highlighting what residents gain by staying (e.g., location, convenience, community familiarity). Offset sticker shock with added value: offer flexible lease options, priority maintenance, reserved parking, or exclusive resident perks like loyalty discounts or event access. Framing the renewal as a bundled value—not just a rent number—helps shift the conversation from cost to benefit.
According to the National Apartment Association, resident retention reached an all-time high of nearly 60% back in 2024, reflecting both the rising cost of moving and the increased focus on retention strategies across the industry.
Objections are a natural part of the renewal process. Training your team to address concerns with empathy and confidence can turn hesitant renters into loyal long-term residents. You can tackle these objections in a few effective ways.
Equip Teams with Scripts and Roleplay Practice:
Showcase Community Value and What’s Ahead:
Common Objection: “I’m thinking about moving—I’ve seen cheaper places nearby.”
Response Strategy: Acknowledge their desire to explore options, then pivot to what sets your community apart. Emphasize hard-to-replace benefits like responsive maintenance, safety, upgraded amenities, proximity to work or school, and the hassle-free nature of staying put. If relevant, mention upcoming improvements or changes they’d miss out on. You might say, “We understand cost matters—but when you factor in moving expenses, deposits, and the value of a community you already know and trust, renewing often makes more sense long-term.” Focus on total value, not just monthly rent.
Leadership sets the tone for making renewals a strategic priority. By aligning teams around clear goals, providing tools and training, and reinforcing accountability, executives can shift renewals from a reactive task to a proactive, portfolio-wide initiative. When leaders champion early engagement and celebrate success, teams are empowered to drive stronger retention results.
Establish Clear Goals and Trackable KPIs:
Support with Resources and Tools:
Common Challenge: Limited visibility into renewal activity across the portfolio.
Solution: Implement centralized reporting tools and real-time renewal dashboards that provide portfolio-wide insights. These tools allow regional leaders and corporate teams to identify at-risk properties, track renewal engagement timelines, and intervene early with targeted support—ensuring no opportunities slip through the cracks.
Renewals don’t have to be stressful or time-consuming. When integrated into daily workflows and supported by targeted offers and confident objection handling, they can become one of the most efficient tools to boost revenue and resident satisfaction.
At ResMan, we understand the pressures that property management teams face—especially when it comes to balancing renewals with everything else. Our platform was built to streamline operations and empower teams to manage renewals with clarity, speed, and confidence.
Our intuitive platform simplifies complex renewal workflows—ensuring that onsite teams are empowered, residents feel valued, and operators see measurable improvements in retention.
Ready to simplify renewals and maximize retention?
Learn more about how ResMan can support your team’s success by visiting www.myresman.com or scheduling a demo with our solution experts.
Additional Industry Resources:
NAA – Resident Retention Hits All-Time High in 2024
NAA – 8 Strategies to Boost Renewals and Enhance Resident Retention
If you’re interested in ResMan as a software provider for your daily operations, book a demo to see the product up close.
