3 Proven Strategies to Attract and Retain Renters in a Competitive Market

In today’s crowded rental market, standing out is more challenging and more critical than ever before. As rental demand grows, properties must go beyond offering a fair rent price to attract and retain high-quality residents. With competition intensifying across every region, apartment communities need to deliver more than just a roof over someone’s head, they need to create an experience that feels like home.

With over 44 million renter-occupied households in the United States, the opportunity is immense, but so is the competition. Property owners and operators face steep costs associated with resident turnover, making retention not only a smarter investment but a necessary strategy.  

So how can you set your property apart? Focus on what today’s renters are really looking for: meaningful amenities, thoughtful upgrades, and a sense of community. Below are three proven strategies to help your property rise above the noise—and become a place residents are proud to call home.

Strategy #1: Offer Amenities Residents Actually Want

Modern renters are selective, and they’re looking for more than just square footage in a good neighborhood. Today’s residents want value beyond the physical space. To attract and retain these renters, your property should offer lifestyle-enhancing amenities that deliver everyday benefits.

One of the most in-demand services is rent reporting. Research from Transunion suggests that 67% of renters would choose a property that offers rent reporting over one that doesn’t. Rent reporting helps residents build or improve their credit by reporting their on-time payments to credit bureaus, but it also positions your property as one that cares about their financial well-being.

Other in-demand amenities include:

• Flexible lease terms (such as 12, 18, 24 months) allow residents to choose living arrangements that suit their needs.

• Smart thermostats that let residents control comfort and reduce energy bills with ease. These tech-forward touches are often seen as standard expectations among today’s renters.

• High-speed internet packages through trusted providers, offering residents a seamless onboarding experience and eliminating the friction of shopping around.

• Package lockers, which provide safe, secure 24/7 access to deliveries, meeting the expectations of millennial and generation z residents.

By offering conveniences like these, you’re meeting residents where they are, helping improve their daily lives, and creating a competitive edge for your community.

Strategy #2: Upgrade Units to Improve Resident Experience

While luxury renovations can be a long-term goal, small, consistent upgrades can significantly elevate the resident experience and enhance your property's value. These updates send a clear message, you care about quality and take pride in maintaining your units.

Ideas for starting small:

• Repainting walls or cabinets in neutral tones can brighten and refresh a unit instantly.

• Upgrading cabinet or bathroom hardware adds a clean, modern finish with minimal investment.

• Replacing outdated light fixtures with LED lightbulbs improves aesthetics and functionality, especially in kitchens, hallways, and bathrooms.

When budget allows, consider higher-impact upgrades:

• In-unit washer and dryers are among the most-requested amenities. This upgrade removes the hassle of shared facilities.

• Replacing older appliances with modern, energy-efficient models not only boosts resident satisfaction but can also reduce maintenance calls and utility costs.

Thoughtful upgrades—both big and small—show residents that your property is continually improving, giving them more reasons to renew their lease.

Strategy #3: Build a Community

Amenities and upgrades may attract residents, but a strong sense of community will make them stay.

Creating a vibrant, connected living environment encourages resident satisfaction and retention. When residents feel like they belong, they’re more likely to renew, refer friends, and engage with your property in positive ways.

Here’s how you can foster that connection:

• Host movie nights, fitness classes, or BBQ socials to bring neighbors together in a relaxed, enjoyable setting.

• Create coworking areas with comfortable seating and high-speed internet to support remote workers.

• Maintain open lines of communication with residents via email and SMS to build trust, promote events, and stay ahead of concerns.

The goal is that residents start to form relationships with their neighbors, and feel more emotionally invested in your community.

The Trifecta: Financial, Physical, and Emotional Value

When you implement all three of these strategies, smart amenities, consistent upgrades, and authentic community building, you’re delivering value on three critical fronts:

• Financial, by helping residents save money or improve credit through rent reporting and energy-efficient upgrades

• Physical, through well-maintained, updated spaces and functional conveniences

• Emotional, by building real human connection within the community

This trifecta creates a compelling resident experience that not only attracts but retains renters. It’s a strategic advantage that builds loyalty, increases renewals, and strengthens your reputation in the market.

Start Small, Think Big

Standing out in a competitive rental landscape doesn’t require a massive overhaul, it requires strategic, resident-focused action. By implementing just one of these approaches, you begin the process of transforming your property from a place to live into a community.

And you don’t have to do it alone. Companies like Foxen help properties deliver best-in-class amenity programs—like rent reporting—that enhance the resident experience and position your community for long-term success.

Start small. Choose one strategy. Stay committed. With the right approach, you’ll not only meet today’s renter expectations, but you’ll also exceed them.

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