The Importance of Building Community in Multifamily Housing

In today's world, community is the most coveted amenity, and it is essential to create a sense of it through shared experiences that foster belonging and connection.

According to SatisFacts Research 2023 Biennial Online Renter Study, a sense of community remains the #1 driver for perception of value.

The gap between expectations (3.93) and reality (3.34) highlights an area for improvement within the multifamily industry.

Community may not always be considered an amenity, but it has a significant impact on residents.

According to the NMHC/Kingsley Apartment Renter Preference Report, 60% of residents indicated that their living space reflects their identity.

This emphasizes the importance of community in helping residents feel connected to their surroundings.

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The COVID-19 pandemic has highlighted the need for connection, support, and solidarity, making community more critical than ever.

Three of the main reasons for increased community and connections are isolation and loneliness, a sense of belonging, and a sense of normalcy.

Creating experiences that evoke emotions, create memories, facilitate connections, or provide unique and beneficial outcomes can help rebuild community life post-pandemic.

The "resident experience" encompasses the overall quality, satisfaction, and lifestyle provided to residents.

Tip 💡: Experiences can enhance resident retention through emotions, memories, connections, distinctiveness, and fostering relationships.

Cole Cason, Director of Training with LMS Investment Group, shares:

“The most important aspect of the property management mindset is retention. Residents are more likely to stay in our communities if they have had a more positive “experience.”

He further explains, ”most of our friends have never excitedly told us about breakfast on the go, but if the event mindset is changed and slightly more geared towards creating a lasting memory/experience, those tend to be the ones we all remember, and that pulls us to want to stay at that business or community.”

One of his communities took the idea of traditional Donuts on the Go and created an ”Experience” where the residents participated in stacking the most donuts and went for the Guinness Book of World Records for the highest stack of donuts.

As a resident, who wouldn’t want to participate in this experience?

Residents who didn’t have a chance, I am sure, missed out, and those that did participate had the opportunity to build something special with their neighbors and create community.

In multifamily housing, creating an experience that touches all our senses leads to a community where residents want to share their experience. Allow residents to share their community experience.

Use social media to create reels, resident takeovers, videos, and more.

The Key: When residents fell apart and are included they will feel connected to the community leading to resident renewal and even referrals.

Tip 💡: Let's move our mindset from an "event" we must do for our residents to incorporating our residents into an experience, fostering a sense of belonging and community.

It is no coincidence that the color of 2024—PANTONE 13-1023 Peach Fuzz—is a warm and cozy shade that highlights our desire for togetherness with others.

It represents a fresh approach to a new softness, bringing a feeling of tenderness and communicating a message of caring and sharing, community, and collaboration.

This color can be incorporated into residents' experiences, creating a warm and cozy atmosphere that promotes togetherness and community.

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