What Role Do Community Events Play in Resident Retention?

Resident retention can be challenging for many property owners. In the current competitive market, you need to provide value beyond the property itself to encourage people to rent from your building over another. With high resident retention, you also have a stable and predictable rental income, reduced turnover costs, and the opportunity to build up a strong reputation in your community. 

Introducing community events can be a valuable strategic tool for fostering a sense of community, enhancing overall satisfaction, loyalty, and quality of life. Our blog will explain the importance of community events and their success, benefiting both residents and property owners alike.

What Are Community Events?

Community events can be anything that encourages residents to interact with one another. These could be trivia nights, cooking classes, workout groups, and more. You can even create a physical or online suggestion box for ideas to gauge your residents’ interests. Every person has unique hobbies and pastimes, so asking for suggestions may reveal ideas that never occurred to you.

Community Event Ideas

The best community events are those that encourage participation, inclusivity, and most of all, are fun! Whether they’re casual gatherings or more structured activities, these moments give residents the chance to connect, share experiences, and feel invested in their neighbourhood by doing something they enjoy, or trying something new altogether. Some out-of-the-box ideas we recommend include:

• Outdoor movie night: Bring families and friends together in a relaxed setting, such as a rooftop patio or nearby green space.
• Community clean-ups: Foster pride and build feel-good moments while improving shared outdoor spaces.
• Potluck dinners: Allow residents to showcase their culture and recipes.
• Cooking competition: A fun cake testing competition or pie baking contest could be a fun way for everyone to try a delicious dessert and allow the community’s top baker bragging rights.
• Trivia and bingo nights: Encourage friendly competition and laughter; residents could donate items as prizes to win.
• Skill-building workshops: Providing residents with the opportunity for personal growth with gardening, crafting, or fitness classes.
• Donation drives or charity events: connect residents to a greater purpose while supporting local causes.

What to Remember When Planning a Community Event

There are seven stages for event planning, which include:

1. Idea generation
2. Budgeting
3. Scheduling
4. Promotion
5. Execution
6. Evaluation
7. Follow-up

This ensures that no detail is overlooked and that any organized activities are successful. By mixing fun with meaningful initiatives, property managers can create events that resonate with diverse groups and keep communities thriving.

Understanding the Impact of Community Events

With a large demographic of remote and hybrid workers, the importance of community engagement cannot be overstated. While social spheres in the past used to be populated by coworkers, it’s becoming more common to get to know your neighbours as the people nearest to you. Community events can also foster a sense of belonging and encourage involvement beyond those events, leading to an improved quality of life for all residents.

The Importance of Variety

Your community will be filled with a range of different interests, so including a diverse lineup of events can help everyone feel included. Following up a cooking class with a movie night, for example, can help engage new groups of people in community life. You can also hold different levels of classes, such as beginner to intermediate crafting groups, to give people an opportunity to join in on new activities while also speaking to their experience level.

Measuring Community Involvement Success

As a property manager, it can be challenging to determine whether your efforts for community events have worked and whether residents are actually enjoying them. 

1. Send out a survey to those who attended your event.
2. Use their feedback to suggest improvements.
3. Repeat. Apply those improvements and continue asking for feedback.

Listening to the information and feedback you receive is crucial for incorporating it thoughtfully, particularly if you aim to increase resident retention.

Building a Resident Retention Strategy

Community events are just one part of an effective overall retention strategy. Monthly classes cannot replace good property management, communication, and prompt maintenance services. They are complementary – they can be as important and effective as other amenities and services. A proactive and resident-first approach encourages people to stay in the same community for longer. 

At CLV Group, we understand the importance of building a resident retention strategy through good property management, and community events are just a part of that strategy. Property management is not just a combination of optional ‘extra’ services but is part of a comprehensive strategy that centers on your tenant’s needs. Connect with us today to learn more about CLV Group’s property management services.