For multifamily property owners and operators, both operating costs and tenant expectations are on the rise. These shifting dynamics are squeezing margins and prompting owners and operators to rethink their approach to increasing occupancy without investing in major capital projects.
Fortunately, smaller operational changes can deliver significant and often more immediate results, especially when they’re targeted and scalable. The most effective strategies today focus on driving efficiency, optimizing expenses, and uncovering untapped revenue — without requiring a massive budget. We’ve rounded up three of these strategies below.
1. Leverage Technology to Automate Operations
Manual processes take time, strain teams, and leave room for costly errors. Automating manual tasks can help reduce labor costs and minimize the impact of human error. It’s also a way to lighten the load on your property staff, so they can focus on getting heads in beds rather than chasing down paperwork.
For example, automated compliance management solutions like Foxen’s renters insurance compliance program eliminate the time-consuming process of tracking renters insurance, and ensuring residents have provided proof of renters insurance. This allows your team to spend less time chasing documents and more time driving occupancy. Another example is using AI-powered chatbots to handle routine resident inquiries 24/7. This frees up on-site staff to prioritize high-value, face-to-face interactions that improve your resident experience.
The result? Hours saved for your property staff every week and reduced risk of lapses in things like renters insurance that could result in out-of-pocket costs.
2. Increase Resident Retention Through Experience Upgrades
Resident turnover can be costly, from vacancy losses to make-ready expenses, it can quickly eat into your bottom line. That’s why focusing on resident retention is one of the most powerful ways to improve NOI.
Consider offering value-added services like rent reporting which help residents build credit through on-time rent payments while generating ancillary income for your property. Personalized communication--both from your property and your vendor partners--enhances the resident experience, making them feel more connected. Building a strong relationship through this messaging can go a long way when renewal season approaches. Thoughtful updates to shared spaces, flexible renewal options, and a strong amenity offering can all contribute to higher satisfaction and lease renewal rates.
Even modest improvements here matter: A 5% increase in resident retention can result in a significant NOI boost.
3. Introduce Strategic Ancillary Income Streams
Introducing ancillary revenue streams offers a low-friction way to grow NOI and deliver meaningful amenities to your residents without raising rent prices.
Examples include reserved parking fees, pet rent, EV charging stations, and rent reporting services. All of which can be offered to residents for a nominal monthly fee. Foxen Rentistry, for instance, provides renters the opportunity to report their on-time rent payments and build their credit. It’s a win-win that drives both retention and revenue growth.
Small Changes, Big Impact
In 2025, improving NOI doesn’t necessarily require massive renovations or significant capital investments. It’s about making smart, consistent changes across your operations — and letting those improvements compound over time.
From tech adoption to resident engagement and new ancillary income streams, the opportunities are abundant for those who take a strategic approach.
Want to see how your properties stack up? Foxen offers a complimentary audit of your compliance and rent reporting programs — contact our team to get started today.
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